BMO Financial Group named one of the World’s 50 Safest Banks: April 2012 by Global Finance http://www.gfmag.com/tools/best-banks/11661-worlds-50-safest-banks-april-2012.html#ixzz1oMpqiNjE The World Economic Forum has ranked Canada’s banking system as the most sound in the world, four years in a row.(World Economic Forum, Global Competitiveness Report, 2008, 2009, 2010 & 2011)By 2017, Toronto will surpass London to become the world's financial centre, according to Moody's Analytics. Canada currently employs 320,000 in its banking sector, while London employs 400,000.
BMO operates internationally in major financial markets in Canada, the US and 23 other jurisdictionsBMO Strategic AgendaOur Vision: To be the bank that defines great customer experience.Our StrategyDirect our full energy to the pursuit of our vision.Leadin N. America and maintain a strong and growing presence in select global markets where our customers do business.Leverage the strength and visibility of the BMO brand across every business and customer segment.Compete on value and lasting relationships. We are a relationship bank. Make money make sense: Give our customers confidence by helping them control their spending, grow their savings, borrow smartly and invest wisely.Ensure our strength in risk management is recognized as a defining characteristic of the bank.Our Priorities Drive quality earnings growth across all N. American personal and commercial banking businesses by focusing on industry-leading customer experience and enhancing operating and sales force productivity. Accelerate the growth of our wealth management businesses by helping our broad range of clients meet all their wealth management needs and by continuing to invest in our N. American and global operations. Build deeper client relationships in our capital markets businesses to deliver growth in net income and strong ROE, while maintaining an appropriate risk/return profile. Develop our business in select global markets to grow with our clients, expand our capabilities and reach new customers. Sustain a culture that focuses on customers, high performance and our people.
Coding based on Op procerss rather than what was bought – Temp labor, Counting, Contractors, etc.. anther bad exampleToday’s focus on some of the ways we’ve address these challenges and driven beyond savings through better leveraged
Pre-transform data prior to up-loading to minimize complexity & QA Use flexible organization reference tableCan realign Business Units as needed to account for organization changesInclude Finance Contacts provide users with a business contactIncorporate both Legal and Operational Org data into ModelLeverage existing in-house taxonomyCross walking custom taxonomy to UNSPSC/Ariba ACT taxonomy created flexibilityTag taxonomy with Addressability: e.g. Addressable, Not Addressable, Out-of-ScopeCreate supplier segmentations (e.g. Critical/Strategic/Preferred and Employee)Concatenate sub-details to increase visibility (e.g. Accounting Codes)Repurpose “Parts” table to capture additional Corp Card detailsCapture information to identify potential payment process improvements (e.g. Invoice workflow dates and payment method)
Importance of finding advocates in business & regions to QA data and establishing simple user feedback processesDashboards & ReportingPower in getting “on the same page”Focus on “simple” to drive adoptionLeveraging spend with Market Intelligence to gain insights Parent Child Relationships (e.g. Unleveraged spend & Intercompany allocations)Diversity ReportingUsing both Enriched & Original data (e.g. locations, bankruptcy) to gain risk insightsIdentifying suppliers that should be shifted to P-CardsBalance of Trade: Working with sales to understand customer/supplier relationshipsM&A/Divestment Support: Gained/Lost Spend Leverage AnalysisCompliance & Demand Management: Spend Vis data key to governance programCurrency Exposure: Use original invoice currency to identify risks / opportunitiesSupporting other Corporate InitiativesSocial Responsibility (e.g. Environmental Impact: Carbon Footprint)Tax optimization
Interlink enriched supplier spend data with supplier SIM profilesGoal is to have sustainable way to conduct 360 degree supplier reportsPotentially expand enrichment to sales data to better assess Supplier/Customer relationshipsImprove understanding of Payment SystemsSegment GL codes as Capital vs. Expense to better identify spend patternsRefine Account Coding usage with Finance (e.g. Temps, Independent Contractors vs. Consulting)Continue working with AP & T&E systems to improve identification of EmployeesExpand Market Intelligence enrichment to improve Category & Risk Mgmte.g. Tag suppliers with D&B DUNS and LN Dossier Numbers enabling broader enrichmentContinue identifying un-enriched suppliers that need to be grouped under Global ParentsFind ways to better analyze reseller and suppliers with pass-through spendContinue refining classification model through stakeholder relationships (especially in smaller non-English speaking regions and with smaller suppliers)
Need to add Speaker’s Notes for Jim’s welcome.
Efficient Spend Analytics to Drive Sourcing Pipeline and Savings