Client Situation
A leading bank headquartered in Bahrain with International operations in Kuwait, India, UAE & Turkey was on a transformation journey to automate its Procure-to-Pay (P2P) process globally.
Cedar’s Approach
Cedar took a thorough approach, analyzing the bank's strategic requirements for the Procure-to-Pay (P2P) process. This involved examining business, IT, functional, and application blueprints, aligning with business needs throughout the P2P journey, from identifying needs to making requisitions and vendor payments. Cedar performed the following key steps:
- Capability & Requirement Analysis Workshops: Conducted an in-depth assessment of the bank's current and future needs related to P2P functions. This involved detailed and thorough requirement analysis workshops, including stakeholders from multiple departments, including Procurement, Finance, Accounts, Tax, and IT, to identify vital cross-functional requirements for the P2P process.
- RFP Design & Issuance: Designed and assisted in issuing a comprehensive RFP, including all functional, technical, commercial, and contractual requirements to vendors providing P2P solutions.
- System Evaluation: Facilitated detailed in-person product walkthrough between the bank’s key stakeholders and shortlisted vendors. All key functional and technical capabilities were included in this review and Cedar assisted in scoring vendors across the same.
- Way Forward Recommendation: Implemented Cedar’s proprietary Financing to Value (FTV) evaluation framework and above assessment, Cedar provided a holistic view on all the options and recommended a way forward.
Outcome
As a result of Cedar's engagement, the bank was able to introduce the key automation initiatives to transform their P2P process journey through:
- Building an extensive repository of 120+ functional and technical capabilities in this domain.
- Evaluating 6 shortlisted suppliers and arriving at 2 best-fit vendors providing for P2P solution.
In conclusion, Cedar's expert guidance encouraged the bank to fast-track their P2P digital transformation journey.