Nationwide Building Society goes live with Hubwoo's B2B network, sourcing, and procurement solutions in the cloud Nationwide transforms its procurement process, putting 100% of Spend Under Management
PARIS, Sept. 13, 2012 /PRNewswire/ --Hubwoo (Euronext: HBW.NX), a leading global provider of B2B buying and selling solutions in the cloud, today announced that Nationwide Building Society is live with Hubwoo's B2B network, sourcing, and procurement solutions in the cloud, integrated to Nationwide's Oracle enterprise solutions, putting 100% of spend under management and projecting benefits to exceed GBP 26million per annum.
Nationwide Building Society, headquartered in Swindon, UK, is the largest building society in the world. Nationwide's initiative is to transform the efficiency and end-user experience for the sourcing and procurement process across the company, with the key objective of driving bottom line savings. An extensive selection process resulted in the decision to implement Hubwoo in the cloud via a five year subscription for cloud technology and services.
Barry Hooper, Head of Procurement for Nationwide stated "This is going to change the way that Nationwide Procurement operates. We have chosen Hubwoo as our cloud procurement provider, because of their ability to integrate with our back office processes and help drive rapid and sustainable value to our business."
Nationwide had been working with a procurement process that was largely manual. This had resulted in over 80% of purchases being off-contract and constrained spend visibility or analysing spend against category. Nationwide wanted an integrated process across sourcing, contracts and buying to allow requisitioners to perform their own buying while still allowing procurement management to control and track spend.
In order to maximise user adoption, the chosen solution was presented to Nationwide in February with the approach of a mock auction for a space rocket. Teams of internal buyers were pitted against each other to bid for a rocket after being treated to live demonstrations of each of the core systems – iAnalyse, iSource and iBuy (Nationwide's names). The mock auction proved to be an effective method for showing the organisation how the new systems can be leveraged to optimise the sourcing and procurement processes. Nationwide have over 20,000 users in the Hubwoo solution.
Nationwide has already migrated over 1,500 historic contracts and cleansed historic spend data working towards a goal of getting 80% of spend on contract by Summer 2013.
Supplier rationalisation has started with 12,000 suppliers being managed down to 2,000 and now 80% of spend goes through just 40 suppliers allowing optimum contract negotiation.
Nationwide estimates that the total hard and soft benefits of the new improved process will exceed GBP 26 million per annum.
Solution scope for Nationwide
- The Business Network - Hubwoo's market-leading B2B collaboration network - accelerates value by mass enabling thousands of trading partners electronically through a guaranteed onboarding commitment
- Hubwoo eAnalyze - Spend analysis service offering via the cloud - identifies savings potential, priorities and supply risk
- Hubwoo eSource – Sourcing and supplier information management via the cloud - negotiates savings through RFx and reverse-auction processes
- Hubwoo eContract - Contract lifecycle management via the cloud - applies sourcing savings via repeatable and compliant contract management
- Hubwoo eBuy - eProcurement solution via the cloud - realises savings by bringing maverick spend on-contract
- Hubwoo Catalog & Search - Best-in-class cloud catalog content authoring and search capabilities - increases spend under management through automation and consumer-friendly search experience
- Hubwoo Services Procurement – Cloud solution that shrinks services spend by bringing simple and complex services under management
- Master Data Exchange – Cloud integration framework that reduces administration through master data exchange between the cloud and Nationwide's on-premise Oracle solutions
About Hubwoo (www.hubwoo.com)
Hubwoo is a leading global provider of B2B buying and selling solutions in the cloud. The Company manages a Business Network with over 300,000 active businesses and over 100 major international corporations as buyer customers of which 50+ are in the Global 1000. Significant customers include Honeywell, Shell, Evonik, EDF, Nokia, Monsanto, Michelin, Henkel, Statoil, The Hershey Company, CONSOL Energy, EcoPetrol, Carl Zeiss, Burton's Foods, and The Dow Chemical Company.
Hubwoo has major operations in France, multiple U.S. centers, Germany, the U.K., Philippines, Belgium, and Eastern Europe.Listed in Compartment C on the Euronext Paris Eurolist.
ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP