VANQUIS BANKING GROUP
This increased visibility then enabled category members to effectively confront the problem of dual running costs by optimising what was in the supplier base . “ We were able to support the business in its goals to reduce third-party spend ,” Steven adds .
“ And we had a new CFO that joined who had a more ambitious plan for rationalising the supply base and empowered procurement to go out and do this . We then created a much more targeted strategy on reducing suppliers .”
Because Steven had built up preparedness in the procurement team by standardising processes , integrating teams and migrating to more efficient platforms they were also able to further reduce organisational costs .
“ We went out to the business and managed to get a huge lowering of the supply base costs and a huge reduction in the number of supply numbers ,” he explains .
“ We wouldn ’ t have been as fast to react and as agile as the business needed us to be . Therefore , yes we would have delivered , but we wouldn ’ t have delivered as much in the time that we had .”
Zoot : an integral partnership Steven credits his biggest inspiration as his father , who worked as a London black cab driver . “ He taught me the value of having a work-life balance because he was self-employed and worked whenever he wanted ,” he explains .
“ He just basically enjoyed life when not at work . His advice was to enjoy life today , as you ’ ll never know what ’ s around the corner . These are the words I try to live by .”
Wise words with a lot of truth in them . While the transformation of Vanquis Bank has been gradual and strategic , we all experience rapid and unexpected forms of change in our lives . Nothing is ever fully guaranteed , which is why it ’ s critical to live authentic lives filled with honest people and valuable relationships , a philosophy that applies to the working world too .
Vanquis started its partnership with Zoot in 2020 after cracks showed in its current partner ’ s ability to deliver a large product critical to the running of a major division . “ The repercussions of that failure would mean that the whole division would come to a grinding halt ,” Steven explains .
96 August 2024