Financial_Services

What’s Next? How Financial Services Can Make a Procurement Plan for the Long-Term

Almost every article summarising the landscape of financial services in 2022 recognises that this is a period of turbulent and tentative recovery. It is also a time of heightened risk and inflation that is reaching levels unprecedented for decades.

Risk managers at financial institutions have seen an economy-shaking pandemic and a European conflict, both occurring within the space of three years. Add to that intimidating mix continual climate breakdown and a record-setting future of unrecoverable debt, and you can perhaps understand why many institutions feel paralysed to know what to do.

From insurance to retail banking, pension specialists to accountancy firms, most businesses operating under the umbrella of financial services are looking at ways to simply survive these turbulent times. For many, the instinctive knee-jerk reaction might be to put cutting-edge ideas on the back burner and focus on what has proved profitable in the past.

Are they right to do so? Not always.

In fact, the opposite is often true. By adopting bold new ideas, your company may fair better than one that shies away from them.

Organisations that maintained their focus on innovation throughout the 2008 financial crisis, for example, emerged stronger than those who didn’t.1

Your goal should be long-term thriving, rather than short-term surviving.

But to adopt those ideas and change your strategy for the future, you need capital.

This is where Expense Reduction Analysts can help. Download our insights today.

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Our specialists have been optimising procurement and finding opportunities to redistribute savings towards innovative solutions for 30 years. In that time, three cost categories that require particular attention stand out. Download our latest whitepaper to discover more.

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"In the UK, for example, the inflation rate hit 9.4% in June, its highest level since 1982, when the Soviet Union was entering its twilight years and banks were entertaining the high rates as a flawed method of fighting unemployment.

Near-double-digit inflation is being driven, in large part, by skyrocketing energy prices. In the first two weeks after Russia invaded Ukraine, the prices of oil, coal and gas went up by approximately 40%, 130% and 180% respectively, and while those prices have - experts think - peaked, it will take a considerable amount of time for them to fall to pre-invasion levels."

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