The Royal Bank of Scotland has renewed an existing agreement with FreeMarkets to use its e-procurement software to source a variety of direct and indirect goods and services from suppliers.
The bank began using FreeMarkets as a platform for strategic sourcing last year and to date has sourced in excess of $100 million through FreeMarkets, and identified potential average savings of 20 per cent. Items sourced by the bank include computer stationary, temporary and permanent employment services, various promotional items, and telecommunications.
Ed Smith, director, group purchasing operations for The Royal Bank of Scotland, notes: "By leveraging the technology, information, and services provided by FreeMarkets, we have not only reduced the costs of goods and services we source, but have successfully enhanced supplier adoption corporate-wide."