Results overview
$3.9 million in
first year savings
$300,000 annual subscription savings
in with the bank’s biggest vendor
$2.8 million first
year cost avoidance
Story
A US-based multinational investment bank was struggling to manage its subscriptions to hundreds of different publications across the globe. There was lack of compliance oversight and cost was spiraling out of control. Williams Lea has a well-established relationship with the bank and was approached to find a solution.
Challenge
The bank was spending $6.2 million on subscriptions across 329 different vendors, and they wanted to reduce spend and consolidate providers. There was a lack of visibility on subscription usage and user logins were being shared between multiple employees, creating potential contract breaches.
Solution
Williams Lea’s team of experts put together a comprehensive solution with a focus on process workflow, contract negotiation and invoice management. A detailed audit process was established to track subscription usage and identify savings. Single sign-on was launched to eliminate multiple users sharing one login, thus eradicating compliance breaches. Today, a centrally managed team supports all subscriptions relationships. The team negotiates rates with vendors based on active users and produces regular reports on savings, expenses and budget/forecasting. In the first year, our team saved the bank $3.9 million, including contract value savings of $1.1 million and cost avoidance of $2.8 million and continues delivering savings annually.
Relevant Services
Publications and Subscriptions Management
Business Information Services (BIS)
High Volume Pitchbooks and PresentationsHow we help
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Access global support capabilities
Providing 24/7, follow-the-sun support that delivers consistent, uninterrupted service
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Improve team productivity
Boosting productivity using workflows and performance analytics
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Improve speed to market
Meeting demand through optimized start-up, production and turnaround
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