Accenture Identified as Top Player in Finance Procurement Outsourcing

NEW YORK–(Business Wire)– Accenture (NYSE: ACN) has been named the leader in procurement outsourcing services within the financial services industry by Everest Research Institute, part of Everest Group, a leading global consulting firm specializing in sourcing
strategy and implementation. Accenture topped the list because of the company`s
experience, breadth of service offerings and 95 percent market share by
annualized contract value.
A total of 17 major service providers across the globe were evaluated for the
report, entitled, “Procurement Outsourcing in Financial Services: From Wall
Street to Martin Place.” As part of the study, Everest Group reviewed multi-year
contracts that involved the outsourcing of three or more activities ranging from
sourcing to payment.
Procurement outsourcing is considered a “gold mine” for financial services
institutions because of the sheer amount of savings that can be realized, said
Katrina Menzigian, vice president of Everest Research Institute.
“Our research indicates that procurement outsourcing can save a $10 billion
financial services organization between $50 and $100 million a year,” she said.
“We believe that banks, capital markets firms and insurers, confronted by
unprecedented cost and profitability pressures, will become major adopters of
this practice.”
According to Everest Group, financial services institutions typically outsource
procurement to help achieve savings targets and accelerate returns on
investments in their procurement technologies. In addition, procurement
outsourcing can foster efficiencies of greater centralization, as the
procurement operations of most large financial firms are highly fragmented
across geographies and business units.
According to Accenture, procurement outsourcing has contributed significant
value to financial services firms.
“Procurement savings is a critical shareholder value lever in today`s economic
environment,” said Terry Moore, a managing director in Accenture`s Financial
Services operating group in North America. “Our experience shows that even the
most well run financial institutions can quickly gain accretive, material
savings through new operational strategies and procurement BPO services. These
strategies and services optimize vendor contracts, automate procurement
processes, and enforce spending and invoicing rules.”
For a copy of “Procurement Outsourcing in Financial Services: From Wall Street
to Martin Place,” go to the Everest Group website. Learn more about Accenture`s procurement BPO services.
About Accenture

company. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world`s Accenture is a global management consulting, technology services and outsourcing most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. With approximately 177,000 people serving clients in more than 120 countries, the company generated net revenues of US$21.58 billion for the fiscal year ended Aug. 31, 2009.