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Optimising contracts for better financial services partnerships

Challenge

Our client is one of the largest long-term savings and retirement businesses in the UK. They had an existing, long-term relationship with a supplier which was up for renewal.
They needed to ensure that a contract renewal was both contractually sound and the pricing represented value for money and would allow them service flexibility.

Approach

  • We gained an understanding of stakeholder requirements. One of the key items was that the contract could scale across other group brands.
  • Our team of sourcing and technology experts reviewed the existing agreements to understand the solutions being offered.
  • Additionally, we assessed the contract schedules and MSA against best practice and recommended changes to core terms.
  • We prepared the client for the negotiations.

Outcome

  • We identified the areas for negotiated and ensured that our client renegotiated from a position of clarity and strength.
  • The benchmark of services led to significant savings (c20%) compared to the original contract.
  • A market competitive contract was agreed between the parties for a further 5-year term, without the need for a lengthy and costly process.
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Industry

Financial Services

Geography

UK

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