Vanquis Bank – P2P Implementation

October 10, 2023
Matthew Hardaker
Case Studies
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Vanquis Banking Group, previously named Provident Financial plc, is a British bank headquartered in Bradford, England. It specialises in credit cards, loans, and consumer vehicle finance. VBG supports 1 in 5 people who can’t get access to credit products through mainstream banks or building societies. The bank also provides fixed-rate and notice savings accounts under the trading name Vanquis Savings. It is publicly listed on the London Stock Exchange.

VBG embarked on a company wide transformation programme, which would see the centralisation and digitisation of its (P2P) supplier and expense management processes and systems.

Challenge

The client faced three distinct challenges:

Limited resource capacity within their existing Procurement and technical functions to provide the level of governance and transformational support needed.
Limited experience and capability within the Finance and Technology teams to be able to define clear requirements of how they will transform and expand the use of their ERP and P2P platforms.
Assurance that the technology deployment would represent the best and most pragmatic approach to controlling and managing expenditure; our client wanted a partner who possessed both the technical expertise, but also had lived and breathed experience in procurement and commercial management.

Solution

To achieve our client’s objectives, we provided senior procurement and technical practitioners, supplementing the in-house ERP/P2P platform architects. The Barkers team were well versed in delivering and managing complex system changes within a multi-faceted business that had heavy levels of Regulatory scrutiny.

The Barkers methodology, which incorporates key enablers such as supplier enablement and change management, alongside robust project management skills, was structured to ensure that all areas of the project were progressed and implemented in a controlled and measured way.

Deployment of Platform Solution Architects, all with a background in Financial Services and Regulated procurement environments.
Deployment of Technical Architects; all Subject Matter Experts within the clients chosen ERP environment.
Overarching change management and project management service wrap.

Results

Cost Savings: The kick-start and systemisation of a group-wide procurement approach, reducing maverick spending, enabling better deals and a more attractive value proposition to suppliers.
Visibility and Control: The provision of real-time visibility into procurement and spending activities, allowing Vanquis to monitor and control their expenses more effectively. 99% of invoices are now PO backed (previously this was only 25%).
Integration: Integration with other enterprise systems, such as ERP and user controls, to create a seamless procurement-to-payment workflow.
Streamlined Procurement: A streamline of the entire procurement process, from requisition to payment. Automation of manual tasks, reduced paperwork, and accelerated approvals, making the process faster and more efficient. In May 2022 VBG had no automated invoicing, by March 2023 this had risen to 60% automation and rising. The Requisition Approval Cycle time was also cut dramatically to just 3 days.
Compliance and Risk Management: Robust monitoring to ensure compliance with procurement policies and regulations. It also offered tools for risk assessment and mitigation, enhancing overall governance.
Scalability: A scalable platform which will accommodate the needs of the Group as it continues its growth journey.