A leading African Financial Services Group with corporate customers across key market segments in 14 countries expressed their desire to review an in-flight programme driving the annualised expense-saving initiative into 2024.
Target savings for 2023 was projected to be circa ZAR313m (c. £13.7M) with an actual year-to-date saving achieved of ZAR77m (£3.2m); as a result, the target annualised gap for 2024 is ZAR236m (£10.3m).
In order to address the requirements, TORI assigned a senior transformation consultant to baseline the opportunity for 2024 savings, to syndicate and agree on the savings acceptance criteria, and agree a commercial model.
What We Did
- Performed various sessions with key stakeholders to identify macro-opportunities
- Consolidated opportunities with a view to significantly improve contracting disciplines
- Identified decommissioning cost saving opportunities relating to duplication of workflow systems
- Identified quick wins and priority actions
Outcome & Results
- Presented clear recommendations to ensure the delivery of the ZAR119m (£5.2m) savings in 2023 (38% of 2023 savings opportunities)
- Provided recommendations and mitigation actions to achieve an additional ZAR150m + (£6.5m) savings in 2023
- Delivered recommendations that were essential to commence fiscal planning to enable the achievement of cost saving opportunities in 2024
- Made further recommendations that greater ownership of cost savings opportunities should be borne by key stakeholders and that a cultural shift was needed on finance and spend, to ensure greater oversight on the consumption cost within each business area