Royal Bank of Scotland has contracted with FreeMarkets for the implementation of its B2B Global Marketplace e-procurement system. The Scottish bank will be the first European financial services organisation to use FreeMarkets as a platform for sourcing goods and services.
Ed Smith, director, group purchasing operations for The Royal Bank of Scotland, believes the introduction of the technology will enable the bank to reduce the costs of sourcing goods and services and the time it takes to procure them. "The cost analysis information extracted from the auctions provides RBS with a key to long term sustainable cost reduction plus creating a competitive advantage for the group," he says.
Pittsburgh-based FreeMarkets says it has executed 9200 online auctions for more than $14 billion worth of goods and services and created estimated savings of over $2.7 billion for its customers.