driving differential business value...but two events in 2012—the appointment of a new chief...

One financial services organization’s procurement transformation journey

Driving differential business value

July 2016

kpmg.com

2 | Driving Differential Business Value

Despite inroads made by some firms, the procurement function has a long way to go before it is a widely recognized strategic partner to the business. For example, 73 percent of the 2,500 senior executive respondents to KPMG International’s 2014 global Power of Procurement 2.0 survey reported they do not believe their procurement functions deliver real value to their organization.

The procurement department within a leading global provider of financial services technology solutions was viewed internally through this same negative lens. But two events in 2012—the appointment of a new chief procurement officer and the alignment of procurement’s reporting relationship from the business into the finance organization—paved the path for procurement to embark on a strategic, value-driven transformation journey. Now, three years into the five-year transformation, the client’s corporate procurement group has achieved:

— Recognition as a leader in providing high-quality customer service for the enterprise

— Achieved more than 16 percent savings with direct bottom-line impact

— Improved spend transparency, coupled with enhanced capabilities in category management and strategic sourcing, to maximize the value of the procurement service

— A standardized and fully integrated source-to-pay process enabled by a leading e-procurement platform to drive process efficiency and effectiveness

— Acquisition of new talent and upskilling the competency of the existing procurement personnel to implement and sustain the new center-led procurement operations model

Based on KPMG LLP’s (KPMG) established reputation in procurement advisory, the client engaged KPMG to assist with transforming its procurement function via a holistic, sequential, multiyear voyage to drive revolutionary change.

The procurement transformation approachKPMG built its program around four broad, carefully sequenced phases: baseline and vision, design, execution, and communications/compliance/change management.

The transformation formula

Baselineand vision

Baseline the current state and benchmark capabilities against selected industry peers to identify gaps and developa vision androad map for the future state

Design

Design the optimal category target operating models with enabling processes and technologies and develop aroad map to determine the path forward

Execution

Execute the defined road map, supported by cultural change

Communications,compliance,and changemanagement

Help ensure compliance with processes and technology supported by change management and communications.

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Executive summary

© 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 527708

Driving Differential Business Value | 3

ExcellenceLeadingEstablishedFoundation1 2 3 4

4 levelProcurement Maturity Curve

Today Future

Rooting transformation in sustainable valueAs the client had experienced eroding benefits in similar initiatives in the past, the procurement transformation program focused on all levers of value generation and sustainability across strategy, organization, people, process, and technology. Beyond cost savings, the value levers included process optimization, sourcing, risk mitigation, technology, people dimensions, talent management, metrics, governance, master data, and enhanced supplier relationship management. It emphasized a change in the conversation from cost to value, thereby clearing the way for procurement to gain a seat at the table.

Progressing up the procurement maturity curveThe engagement enabled the client with the strategy, knowledge, road map, and confidence it required to increase its functional maturity and progress along its procurement transformation journey. While procurement originally held a foundational place on the maturity continuum, the business units it serves and the overall enterprise now consider it a true, value-adding business partner. Its progression along the maturity curve was enabled by execution of a detailed transformation road map that articulated generation of incremental benefits; leading practice execution with support from key stakeholders; and knowledge transfer.

The following pages detail key elements of the client’s procurement transformation journey and how KPMG supported the company throughout the engagement.

We used KPMG as our business partner on our multiyear procurement transformation program that began with defining an overall vision and plan. What struck me about KPMG was their ability to support the full spectrum of consulting services— from strategy through execution to sustainment. They brought thought leadership and relevant insights to the program and were willing to roll up their sleeves to work alongside our people to make the vision real. What I found different about KPMG was their focus from day 1 on leaving behind an organization that could sustain the change delivered through the program.

– Vice president of procurement at leading financial services firm



The first step was to establish a current state baseline. To accomplish this, KPMG utilized two proprietary firm assets: its Procurement Maturity Assessment (PMA) and its balanced 360° Review.

KPMG’s PMAThe goals of the thorough PMA are to determine the client’s current state and benchmark gaps between it and that of other leading FORTUNE 500 companies.

The thorough assessment consists of a mix of quantitative, executive, and qualitative surveys that addressed 4 key clusters and 11 critical dimensions (see Figure 1).

Baseline and vision development

PMA

Strategy Organization Process Enablers

Clu

ster

Dim

ensi

on

Strategy & Change Management

Regulation &Compliance

Governance &Control

StructureCategory

Management Cycle

Source-to-Contract

Supplier Life cycleManagement

System &Technology

Master Data & BI-PIPeople

Operation Process

Figure 1


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Balanced 360° ReviewKPMG’s balanced 360° Review for the client (see Figure 2) consisted of surveys to obtain the voice of procurement, voice of suppliers, voice of internal customers, and voice of executives (across the company) to gain a holistic view of the current state issues and challenges.

To gain additional insights for the transformation plan, KPMG conducted multiple workshops among the core procurement team and key stakeholders to identify and establish a set of future state, mission-focused guiding principles for the client’s procurement function.

Procurement ExternalSuppliers

SeniorExecutives

InternalCustomers

Figure 2

Guiding principlesThe agreed-upon guiding principles were:

— Align procurement’s strategy with the business through enhanced collaboration

— Manage spend by leveraging the purchasing power of the enterprise

— Develop and foster strategic partnerships with key suppliers and internal customers

— Enhance spend visibility and procurement process transparency

— Increase process efficiency through elimination, simplification, and standardization

— Maximize automation of procurement transactions and adoption of enabling tools

— Ensure conformance to preferred contracts, processes, and tools

— Optimize the corporate procurement organization to deliver measurable, sustainable value to the business

— Attract, develop, and retain highly competent procurement professionals

— Manage supplier risk in accordance with the enterprise risk strategy.



Key resultsArmed with the data and insights from the PMA, the 360° Review, and the guiding principle workshops, KPMG was able to:

— Determine the client was at a foundational maturity level

— Establish a procurement strategic framework, vision, mission, and clear objectives for the procurement organization

— Identify a broad set of 70 improvement opportunities—in the categories of business alignment, contract management, organizational effectiveness, procurement operations, sourcing, and supplier management

— Create a detailed, five-year future state transformation vision road map (see Figure 3)

— Assess quick wins to drive immediate impact.

Definetotal valuedelivered

model

Transformation road mapThe maturity assessment unearthed improvement opportunities that we captured in a multiyear road map that reflected the business priorities and interdependencies among the initiatives.

2012 2013 2014–2017

Pro

cure

men

t o

per

atio

ns

Su

pp

lier

man

agem

ent

Rapid repricing

Streamlinesourcingprocess

Implement supplier approval process

Central supplier repository

Definesourcing

waves

Implement a procurementoperations compliance

framework

Improve ease of usefor work flow

functions

Improvebuyingchannel

management

Conductduplicatepaymentanalysis

Supplierdiversity program

Sourcing waves

Implement“No PO, No Pay”

Develop and implement content management

strategy

Develop supplier segmentation and oversight process focused

on spend, risk, value

Develop 2-way supplierscorecard

Stakeholder road map

Develop and communicateprocurement policies and

proceduresDeterminecontractingstandard/templates

Identify tophigh-risk contractsto renew/rework

Conduct contractcompliance auditsfor top suppliers

Streamline, standardize,and enhance contracting

process

Assess and consolidate contracts, convert to electronic form

Supplier contractpolicy/processEstablish function of

contract managementteam/manager

Formalize goal settingand business planning

Supplier auditing program

(physical and informaion)

Develop spend

analysis

Vendor master setup

process

Evaluate and captureearly pay discounts

Revisit P-cardstrategy and

policy

Configureoperationalsourcing

capabilities

Implementsupplier portal

Singlesign-on

Tech enable: Enable extendedbusiness functions w/invest

in procedurementtechnology software

Tech enable: Implementleading CM application

Sustainabilityprogram

Report/celebratesuccess

Integrate CM to the purchasing

application

CLM toolselection

Continuous trainingprogram

Develop and implementknowledge

management strategy

Talent management

strategy

Skills assessment

Clarify roles and responsibilities

Business alignment Contract management Organizational effectiveness

Str

ateg

icso

urc

ing

To be recognized as a leader in providing

high-quality sourcing capabilities for our

customers

Assess global sourcing

capabilities and responsibilities

Develop supplier market

intelligence

Develop communicationand marketing strategy

Figure 3


From strategy through execution | 7 Driving Differential Business Value | 7 © 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 527708


To enable the client to achieve its future state vision, KPMG designed a target operating model.

KPMG began by conducting a thorough spend analysis to understand the purchasing entities, the current assignment of categories and spend volume, the sourcing regions, and the full breadth of suppliers and contracts.

Next, KPMG built a spend taxonomy around purchasing categories including corporate real estate, corporate services, information technology, communications and marketing, travel and meetings, and other spend (e.g.), customer refunds, donations, contributions, and government taxes and fees). This effort helped provide the client, for the very first time, with an enterprise-wide view of its spend profile. It also served as a foundation for the future target operating model design discussion.

KPMG utilized its proprietary Category Ownership Framework to determine the right operating model that would govern the management of each category of spend. Four primary operating models were considered (see Figure 4). For each model, KPMG worked with the client to determine the division of responsibilities to help ensure efficient delivery of procurement services to the business. Based on the analysis across all third-party spend and keeping in mind the need to balance customizer proximity with standardization and control, it was determined that the center-led model was the desired dominant operating construct.

For the client, a center-led category management operating model would leverage an enterprise-wide sourcing team with specialized functional experience, offer consistent guidelines, define rules of engagement for the business, coordinate supplier and contract management, and aggregate spend to enable aggressive pricing negotiations. It would also enable the consultative collaboration required to position procurement as a value-add partner to the business units.

KPMG next performed a thorough assessment to evaluate the competencies and skills across the procurement team. This helped set a baseline measure for subsequent training and development plans to meet the demands of the new operating model.

Finally, KPMG identified six enablers to support the implementation of the new center-led target operating model:

— Category alignment – Transformational design of the client’s procurement function to a category-centric model to enable increased focus, depth, and consistency in execution of procurement activities in a consolidated, collaborative, uniform way across business units

Target operating model design

Figure 4


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Decentralized Collaborative Center-led Centralized

Responsibility for most procurement

activities ofa category is

dispersed across the organization

A business unit is responsible for procurement activities of a

category on behalf of itself and other

business units

Category managers coordinate most

procurement activities within a category and advise business unit

requisitioners as needed

Responsibility for most procurement

activities of a category resides in

procurement

Category Ownership Framework



— Roles and responsibilities – Including detailed responsibility assignment matrices and process role summaries to drive efficiency and accountability

— Processes flows – Including a broad procurement process delivery framework containing planning and execution process maps to enable effective decision making and management of the procurement function

— Governance structure – Consisting of procurement executives and category councils, a procurement advisory council, an IT infrastructure governance council, etc., to underpin, inform, and guide procurement’s future operations and activities

— Policies and procedures – To promote efficiency, effectiveness, and consistency for all spend areas enterprise-wide

— Performance measures – To provide the key procurement management metrics to drive performance and deliver constant, dashboard-based spend analytics and business performance reporting

Key results — A new operating model that addressed process, tools, data/metrics, governance, people/culture, and organization structure to improve procurement department effectiveness

— A taxonomy that enabled supply market-facing categorization across third-party spend

— Enterprise-wide spend visibility using a common taxonomy

— Refined collaborative category management and sourcing processes to improve service delivery

— Development of transformation road map to enhance capabilities across the procurement organization

— Identification of up to 12 percent savings.



Execute the center-led modelDuring the execution phase, KPMG helped with the detailed design and deployment of a leading category life cycle management process (see Figure 5).

KPMG also assessed the client’s existing sourcing process, identified gaps and deficiencies, and, in tandem with the client team, developed a category management playbook, tools, and templates that mapped out and facilitated the category management-based procurement process. Further, KPMG worked with client procurement and key stakeholders to determine the roles and responsibilities for each of the category life cycle management process steps.

Before implementation, KPMG and the client collaboratively selected two categories for a category management implementation pilot: IT hardware (laptops/desktops/peripherals) and professional services (contingent labor/IT consulting/management consulting).

Analysis of current spend data found that consulting services presented a prime opportunity to implement sound category management processes and capture tangible value. In the laptops/desktops category, the data demonstrated an opportunity to make a true step change across the organization by transitioning to a value-added reseller model.

KPMG then guided development of a category management strategy and plan for both pilot implementations, including a phased growth plan with key levers to manage each of the categories. To help ensure effective knowledge transfer, KPMG adopted a “two-in-a-box” approach by teaming one of its procurement professionals with a client category manager being groomed to manage the pilot categories.

Coupa e-procurement implementationTo ensure the savings generated through category management were delivered to the bottom-line, the client implemented a cloud-based e-Procurement platform (Coupa) to enable and enhance its Purchase-to-Pay processes. The tool’s user-friendly interface fostered broad user adoption amongst the requisitioners and buyers across the organization. This, in turn, provided better spend visibility and improved controls by ensuring compliance to a preferred supplier against agreed upon service levels and contractual pricing.

Key results — A realized value of 16 percent cost savings between the two pilot categories during the course of the three-month implementation phase of the engagement

— A new organizational structure that enabled the client to be successful in the deployment of the category management processes across future categories

— A full set of enabling processes, tools, and templates

— An official P2P governance program — A supplier master governance plan — A broad collection of financial and operational metrics and KPIs including:

– Category cost savings against target – Category cost avoidance against target – Category cost savings as a percentage of project baseline spend

– Percent of category spend under influence – Buying challenge compliance percentage – Project baseline spend as a percentage of available category spend.


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Figure 5

Category management executionImplemented the category management life cycle for two target categories: IT hardware and professional services

CategoryManagement Cycle

Sustain

Tran

siti

on

Implement

Select

Develop

Analyze

Category management life cycle

— Analyze – Analyze for opportunities to enhance value

— Develop – Develop and vet opportunities into initiatives

— Select – Select supplier via the strategic sourcing process

— Implement – Implement/Onboard new processes and/or supplier initiatives

— Transition – Transition obsolete suppliers and contracts

— Sustain – Sustain value delivery via structured management of the category



To help ensure realization of savings enabled through the new center-led operating model and category life cycle management, KPMG conducted a full assessment of the current state P2P environment against peers’ leading practices and benchmarks.

The assessment addressed all the levers that collectively drive P2P compliance:

— People and talent: operating model and organizational construct, including roles, responsibilities, and people supporting the process

— Process: P2P processes, activities, and tasks for each of the client’s buying channels

— Controls: areas of consideration to mitigate P2P risks within the business and in the supply base

— Governance and metrics: policies and procedures that govern the use of the P2P

— Master data: quality and maintenance of data and controls to drive P2P processes, including suppliers, users, items.

— Technology: tools and applications that were in place to enable, automate, or optimize the P2P process

Once the assessment was completed, KPMG focused its efforts on standardizing relevant components in all the evaluated areas.

KPMG began by standardizing the sourcing and P2P processes for the client—thereby helping ensure consistency regardless of who performed them—and developing a methodology and supporting tools and templates to drive the activities in the

function. To support the new target operating model, KPMG defined the roles and responsibilities in the P2P function and conducted a skills and talent assessment to determine gaps. The identified gaps were quickly filled through a combination of training and upskilling current staff and hiring from outside the organization.

Leverage change management throughout the journeyTo help the client effectively prepare for and achieve understanding of, buy-in, and compliance with procurement’s new center-led operating model, capabilities, technology, and rules of engagement, KPMG developed and led a wide range of change management initiatives throughout the transformation journey.

Stakeholder engagement road showOne key initiative was a series of jointly conducted road shows. In one stream of road shows, KPMG and client executives visited customers with voice of the customer messaging to actively communicate the new vision/mission and system, demonstrate capabilities by reviewing transformation components, and gain consensus and buy-in. In another road show, they met with the procurement team members with voice of the recipient messaging to solidify the construct and goals of the transformation initiative and quell concerns.

Change agent networkAnother major effort was development of a change agent network to support the sustained benefits and understanding of the program. By establishing and leveraging this network of “change champions”

Ensure compliance through change management and communications


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across the client’s geographic footprint, local know-how was built to support the transition to the center led operating model. These local contacts were able to speak to the transformational effort within their spheres of influence and create awareness so that organization-wide messaging was well received and understood. Further, they naturally became front-line support for these change agents and de facto liaisons to the larger procurement organization.

Other major change management initiatives included executing a realignment of procurement roles—driven by the assessment conducted during all key phases of the engagement—and developing a standardized supplier enablement strategy to accelerate supplier outreach, contract enablement, supplier network onboarding, and training.

To secure early stage stakeholder buy-in, KPMG leveraged a couple of tools to deliver targeted communications:

Communication SharePoint platformDue to active solicitation and analysis of feedback from the organization, KPMG completely revamped and rebranded the procurement section of the client’s shared intranet platform from a community page to an end-user-focused page with actionable content. To achieve this, KPMG established design principles, conducted workshops, and then built and tested the new platform with end users representative of different segments of the organization.

u-CollaborateTo help clearly demonstrate the benefits of the transformed procurement organization and facilitate discussion with each of the road show audiences, KPMG utilized its u-Collaborate methodology. This methodology based on recent research on systems thinking, leadership, and group decision making, and it can create broad organizational alignment to act on the decisions made during the process.

Key results — Developed a metrics program, “Metrics that Matter,” that established the executive, operational, and tactical metrics to measure P2P process efficiency and effectiveness; how to calculate them;

their sources; their hierarchy; their frequency; the methods in which they should be communicated; and how to best leverage the data

— Made recommendations on design and implementation of:

– A plan to help ensure documented and sustainable policies and procedures to drive enterprise-wide value and consistency

– Delineation of the capabilities required to better serve the business units’ needs

– An outline for a consistent, reliable, and integrated approach to interacting with suppliers

– Formal reporting alignment between and service delivery model operations and expectations of the corporate procurement department and the offshore financial shared services center

– An enterprise-wide training program for all involved in the P2P process

— Optimized buying channel design and streamlined the existing P2P process with enabling Coupa e-procurement technology

— Accelerated the client’s time to benefit by approximately three months by transferring knowledge to the company’s system administrator at the very start of the implementation phase

— Impacted over 10,000 employees through the change management program

— Raised awareness and encouraged adoption of the new processes and Coupa system through an aggressive, structured change management campaign

— Ameliorated negative system sentiments and significantly increased internal and external user adoption rates

— Completed a full redesign and rebranding of the procurement SharePoint site into a customer-focused procurement portal

— Established metrics to measure communication and engagement, change readiness and workforce transition, and training effectiveness for the purchasing organization.


Driving Differential Business Value | 13 Driving Differential Business Value | 13 © 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 527708

14 | From strategy through execution

Seven contributors to procurement transformation success

There is no question that today’s procurement departments have the opportunity to become a strategic partner to the business and to drive sustainable value across the business.

Following are the critical success factors KPMG has identified for procurement to achieve these goals.

14 | Driving Differential Business Value© 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 527708

Take the time to fully understand your customers’ needs, desires, and pain points. Doing so should enable you to define and develop the right service delivery model to address your business’ unique situation.

Develop an integrated case for change. From a quantitative perspective, present real data on the bottom-line impacts of the transformation initiative. Qualitatively, detail the ways in which the program aligns with the company’s strategic priorities.

Secure visible executive sponsorship within procurement and the business units. Otherwise, you will end up with a well-defined model that stays on paper, is only partially implemented, or is actually “shadow” undermined by subgroups.

Speak the language of business and procurement. To gain buy-in and adoption of the new processes, and translate category savings into EPS impact, you need to use terminology that is directly relevant and motivating to each audience. For example, faster contract turnaround times will resonate well with the business, while procurement will respond positively to enhanced responsibilities and ability to better serve the business.

Design efficient buying channels for each spend category. You must understand what you are buying, and then design the best way to buy it. For example, purchasing small cost, nonstrategic items should be simple and straightforward, while the approval process for engagement with a strategic alliance partner should involve multiple parties.

Actively engage key suppliers. Your strategic suppliers are also key stakeholders in your transformation and its success. Thus, you must not only clearly communicate to them about the initiative, but also engage them in brainstorming discussions to help drive more mutual opportunities and benefits.

Leverage technology to automate routine activities and improve spend controls. Doing so provides data transparency and accelerates procurement intelligence reporting to enable more timely decisions.

Driving Differential Business Value | 15 © 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 527708

To learn more about KPMG’s Procurement Advisory capabilities, please:

Read FUTUREBUY: The Future of Procurement

Visit our Procurement Advisory web page

Read High Impact Procurement Operating Models

Read Making procurement a competitive advantage

Contact usFor more information on KPMG’s Procurement Advisory capabilities, please contact:

Samir KhushalaniPrincipalT: 713-459-2236 E: [email protected]

Jie ZickDirectorT: 734-358-8992 E: [email protected]

About KPMG’s Procurement Advisory practiceKPMG has an extensive capability in Procurement Advisory with more than 750 professionals in the United States driving sustainable improvements to address the most complex procurement challenges our clients face. As part of the KPMG global network, these professionals have access to a global Procurement Advisory Center of Excellence as well as a global community that includes more than 600 dedicated professionals focused on advising clients in improving their third-party spend management.

Our mission is to make the procurement function a competitive differentiator for our clients. We work collaboratively with our clients to understand their needs and develop approaches that can create sustainable benefits. KPMG’s experienced practitioners have the domain knowledge and industry insights to tackle complex client challenges and provide genuine functional insight.

Analyst recognitions

Gartner Leader in Business Operations Consulting in 2014 Magic Quadrant

Spend Matters Almanac Top 50 Providers to Know – 2016, 2015, and 2014

ALM Intelligence Vanguard Leader of Sourcing & Procurement Consulting 2015

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Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.


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