Comerica Incorporated (NYSE: CMA) today announced it has awarded a procurement services contract to Accenture (NYSE: ACN). Financial terms of the seven-year business process outsourcing agreement were not disclosed.
The agreement is designed to reduce Comerica's costs for purchased goods and services through improvements to supplier relationships, procurement operations and technology, and spend management.
"We believe this agreement will reduce our operating expense base, enhance our current procurement capabilities, and enable more efficient growth," said Elizabeth S. Acton, executive vice president and chief financial officer.
Under the agreement, Accenture will provide Comerica with a full range of source-to-pay capabilities, including strategic sourcing and category management, requisition-to-purchase-order processing, invoice processing, and travel and expense processing. These capabilities will be supported by Accenture's source-to-pay technology platform.
The initiative will be managed under the leadership of David Bennett, senior vice president and chief procurement officer, who said, "This agreement will bring further expertise and capability that will accelerate the execution of our procurement strategy and provide an operating model that fits well with our Comerica culture."
Accenture is a global management consulting, technology services and outsourcing company with $19.7 billion in net revenues for its fiscal year ended August 31, 2007.