The Client
One of the largest banks in the country. Think marble floors, gold-plated pens, and the kind of place where the phrase “risk-averse” is tattooed on the office walls.
The Challenge
For years, this bank had been in a committed relationship – not with a person, but with a supplier. And like all long-term relationships, things had gotten a little too comfortable. Pricing had crept up, terms were stale, and Procurement was starting to wonder: “Are we really getting the best deal?”
Enter the RFP (Request for Proposal) mandate – a structured, transparent way to assess the market and compare suppliers using a balanced scorecard approach. The challenge? Running an RFP is no small feat. It requires meticulous data analysis, hours of stakeholder alignment, and an uncanny ability to decipher corporate jargon. The bank needed help.
Our Role
That’s where JOLT came in. We took the RFP process off their plate, managing every detail from criteria development to final evaluation. We ensured suppliers were assessed fairly, leveraging data-driven insights rather than going on gut-feel and handshakes over expensive lunches. Our methodology streamlined the process, saving the bank hundreds of man-hours and ensuring they had the insights needed to make a well-informed decision.
The Results
Hundreds of man-hours saved because Procurement had better things to do than drown in spreadsheets.
A competitive market-related rate ensuring the bank wasn’t overpaying for loyalty.
R400,000 per month in savings! That’s R4.8 million per year, proving that due diligence pays off.
The supplier stayed on but this time, at the right price and with a renewed commitment to value.
The Takeaway
Sometimes, the best decision isn’t switching suppliers—it’s holding them accountable. By running a structured RFP, the bank didn’t just confirm they were with the right provider; they ensured they were getting the right price.
The result? A Win-Win: cost savings, efficiency gains, and a procurement team that looked like heroes without having to part ways with their long-term partner.
