FINANCIAL SERVICES USE CASE

High-performing procurement for the financial services industry.

See how financial services organizations can use Workday Strategic Sourcing to boost efficiency, drive supplier collaboration, and keep costs in check.

Workday Strategic Sourcing auction dashboard example for financial services industry.

Key use cases.

  • Stakeholder request intake—enable procurement teams to partner with business stakeholders for sourcing initiatives. Use intake request forms to capture essential project details for sourcing fulfillment from stakeholders.
  • Project execution and savings tracking—manage and prioritize initiatives, drive collaboration, and measure sourcing impact all in one place.
  • Sourcing events—execute sourcing processes for goods and services. Set up and publish RFPs/RFIs/RFQs, establish bidding activity with suppliers at scale, and determine the optimal award scenario.
  • Reverse auctions—manage pricing for goods or services with reverse auctions, enabling suppliers to compete for bids in real time.
  • Supplier negotiations—analyze side-by-side comparisons of supplier bids and calculate savings based on the best possible business outcomes within your supply base. Use actionable data and current market trends to provide real-time feedback to suppliers on ways to improve bids.
  • Contract management—centralize contracts in a common repository, gaining full visibility into your entire ecosystem of agreements. Collaborate on contract creation and revisions by seamlessly integrating with Microsoft 365®.
  • Supplier risk and compliance—manage onboarding and data collection activities for all downstream transactions. Ensure critical supplier data is kept up-to-date for compliance and assign risk scores based on various attributes.
  • Supplier performance—close the loop on the sourcing process through performance management activities, including quarterly business reviews and development plans.
  • Savings validation—understand exactly where savings are realized and where to expect cost avoidance. Attribute savings to specific categories or project owners.

See how we serve financial services organizations.

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