The power of outsourced procurement
We build sustainable supplier relationships and find cost reductions quicker, enabling our clients to focus on growing revenue.
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Not only have we achieved significant cost reduction, our expertise has helped achieve the right service levels and legal terms.
The Challenge
Jellyfish is a digital partner to some of the world's leading brands including Ebay, Spotify, Ford, Aviva Investors and UGG. Today, Jellyfish represents a new kind of digital business, where agency services are combined with consultancy, training and cutting edge technologies to deliver the best possible outcomes for clients.
As a digital organisation, reliance on industry leading platforms has been critical to Jellyfish’s global success. However, as the industry moves so fast, Jellyfish needed procurement support.
Despite investment in a full time procurement person they still couldn’t realise the savings and implement the processes needed during their period of growth and acquisition. The BridgePro PaaS proposition ticked all the boxes in terms of cost reduction and contract governance.
Jellyfish set out some contracted KPIs tracked on a monthly basis
£1m
Savings target
70%
£10k+ contract renewals to include improved payment terms
10x
ROI (savings vs fees)
90%
£10k+ contracts loaded and renewals tracked
The Solution
We are tracking contracts at least six months prior to renewal, allowing us to consider other solutions, right size contracts and negotiate improved terms
Our first step was to assemble a senior governance team to ensure prompt decision making and escalation procedures. This team would be responsible for managing all contract renewals and sourcing strategies for new purchases.
BridgePro were key to developing the right custom end-to-end procurement platform (from supplier onboarding to PO payment). We set about agreeing must have commercials and working closely with stakeholders to determine usage and optimisation.
We implemented workflows to ensure the right people were approving the right contracts and we’ve been supporting the soft launch of NO PO NO PAY to ensure POs are raised correctly. New suppliers are now correctly vetted and compliant with Jellyfish policies and procedures.
The Outcome
Within 12 months (2023) we exceeded our KPIs and are set to do even better in 2024
£1.3m
savings achieved in 2023
15x
ROI (savings vs fees)
90%
Renewals with improved terms (60 days and quarterly invoicing)
95%
of £10k+ contracts loaded and renewals tracked (c100)
15%
of active suppliers reduced
70%
No PO No Pay delivered to the business so far.
“BridgePro redrafted and restructured our client agreements making it easier and quicker for our clients and sales to finalise deals, and they understood the commercials of the contract better than a lawyer”