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Exceeding

WorldRemit

A complete review of the procurement function

About WorldRemit.

WorldRemit is one of the fastest growing financial services businesses in the UK, offering an online service enabling its customers to send money in any currency, to any country by using a bank transfer, mobile payment or even making it possible to collect cash at an agreed destination. Since 2010, the company has grown to serve over 4 million customers, using 90 different currencies, across 150 countries worldwide.

Overview.

After a period of rapid growth, WorldRemit was keen to understand whether they needed to put more controls in place or to have a more structured procurement function.

After working with them for a short amount of time it became apparent that there was a strong entrepreneurial spirit, and a culture within the organisation to empower their employees.

Our review was extremely positive and found that their more agile decision-making processes and procedures were working well and were more than adequate for this stage of their growth. We made some light touch recommendations for improvements, but we acknowledged that too much control over buying processes would challenge their culture.

As part of this review we identified a potential risk, as they planned to set up a contact centre in the Philippines. We went on to help to manage that risk by providing expert consultants, with local market knowledge, to assist with pricing and contract negotiations with local suppliers as well as overall project management.

The challenge.

We identified 3 key challenges which needed to be addressed as part of the project:

Best practice
Following unprecedented growth, they wanted to understand their performance against best practice.

Maintaining culture
With a culture of empowerment, they didn’t want formal processes to undermine that.

Market knowledge
Without the internal knowledge, they needed to source local suppliers within tight deadlines.

The solution.

eXceeding ran a review of WorldRemit’s procurement function, using the following key steps:

  1. First, we looked at what they were spending and with whom, their internal procurement processes and procedures and the resources available internally to manage procurement. A big part of this process was to engage with stakeholders from different areas of the organisation to collate and centralise procurement data.
  2. We found that their agile process was working well for them and our recommendation was that – at this stage in the business’ growth it was not necessary to put strict controls in place or to have a dedicated procurement function.
  3. We made some ‘light touch’ recommendations for process improvements, in order to de-risk their supply chain, ensure more consistency and increase visibility for senior stakeholders.
  4. During this process we identified a potential risk in their supply chain in the form of a new contact centre in the Philippines. Our consultant – who was experienced in conducting business in this region – went on to assist in sourcing local suppliers, ensuring market value and managing the process until the centre opened.

Highlights.

9-month
contract term

Regional expertise
to ensure local market value

On time
and on budget

Full review of procurement
processes and procedures

The future.

WorldRemit received the reassurance required that the current model was fit for purpose and adopted some small changes to refine and improve.

Their approach allows them to address the next phase of growth with confidence. The spend review supports the view that they are currently receiving good value for money and can use that as a benchmark moving forward.