A TCG Consulting client sought to benchmark their global payment program to determine its ranking among peers and those recognized as best-in-class. They knew they had a solid traditional program, but were unsure how they appeared in their industry and among their peers. Our customer also expressed a desire to clearly understand their financial benchmarking, and be well prepared for 2019 budgeting and planning. A clear path forward that recognized the changing dynamics occurring in the payment space would allow them to take their program in a new, strategic direction.
TCG created an analytical roadmap to determine the client’s financial benchmarks as they related to seven (7) near competitors in the market. We considered the various program structures, individual bill pay, and implications across the industry. Our team spent quality time exploring the broad implications of the Total Cost of Ownership (TCO) around individual bill pay, company bill pay and standardization. It became clear that due to the structure of the client’s enterprise, there was a strong need for integration and clarity around spend management across the company. Standardization needed to happen.
Because the diverse entities within the corporation required local market acceptance through a top down management approach, it was important to ensure that if a team at the “bottom” discovered an efficient method for spend management, that information was shared upward to the leadership. We wanted to help innovate and clarify the expense management through pilot programs started in smaller parts of the organization.
Our client was thrilled to have an expert resource validate their practices and ensure improvements could be made to procurement processes across the company.
Additional recommendations included creating a global governance council with cross functional participation that would allow all global stakeholders to have representation at different levels and intervals throughout the company. This will allow them to continue to listen, innovate, and grow.
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