CHICAGO--Webster Bank, one of the nation’s 33 largest banks, is working with BravoSolution, the leading global strategic procurement provider, to obtain greater visibility into its spend data, shorten sourcing cycle times and improve procurement performance. Webster Bank’s partnership with BravoSolution is a multi-year agreement to deploy the BravoAdvantage sourcing and spend analysis platforms.
“We were looking for a strong platform and experienced team of sourcing and technical professionals to help us deploy smoothly, with a goal of delivering an exponential ROI,” said Mark Wan, vice president of strategic sourcing, procurement of Webster Bank, which today manages more than $24 billion in assets. “BravoSolution’s upgraded platform is comprehensive, user-friendly and provides us key tools for optimizing our expense and capital spending. The partnership helps us drive thoughtful decision-making with our business partners and leverage technology to ensure integrity throughout our bidding processes.”
With BravoAdvantage Spend Analysis, Webster Bank cleanses and categorizes spend data to obtain and maintain an actionable view of its spend under management. The increased visibility positions Webster Bank to better track savings initiatives, identify new business opportunities, and analyze trends across its core markets. BravoSolution also works with Webster Bank to increase efficiencies and automate sourcing processes. By leveraging a new RFx template within the BravoAdvantage Sourcing platform, the bank has realized significant improvement since launching live auction capabilities.
“In today’s constantly changing procurement landscape, the golden standard for value is enabling organizational growth, agility, innovation and risk management,” said Bill King, director at BravoSolution. “By gaining deeper insight into spend data and advancing its sourcing processes, Webster Bank can now make smarter, data-based procurement decisions that support transformation and drive lasting business value.”
BravoSolution is a leading global strategic procurement solution provider. Our procurement technology platform and practitioner experience help more than 600 companies and 100,000 procurement professionals in over 70 countries unlock the power of procurement to drive financial performance, develop procurement organizational excellence, manage risk and influence innovation.
BravoSolution’s approach to strategic procurement consistently delivers business outcomes to enable customers to outperform their market. BravoSolution has direct operations in 18 offices located in 12 countries across 4 continents, employing more than 600 procurement experts. To learn more, see http://bravosolution.com, read our blog, follow us on Twitter @BravoSolution and connect with us on LinkedIn.
About Webster Bank
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $24.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 180 banking centers and 353 ATMs. Webster also provides telephone banking, mobile banking, and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including pas press releases and the latest annual report, visit the Webster website at www.websterbank.com.