Swiss procurement company Chain IQ lands a big fish in the banking industry.
Pictet has entered into a partnership with the Swiss company Chain IQ, sources told finews.asia. Repositioning procurement activities to drive down costs is behind the decision.
Because Chain IQ manages procurement for several companies, it can help Pictet achieve purchasing efficiencies it wouldn't be able to on its own. An added benefit is putting in place a uniform and efficient global procurement process which will help with simplifying compliance.
The implementation of the partnership is still in the early stages and is expected to take the next nine months. Pictet's current procurement process will remain unchanged for the time being. Once the implementation phase is complete, all Pictet employees and suppliers will be informed about the new procurement process.
UBS and Credit Suisse as Clients
Chain IQ is a Swiss company created from a UBS spin-off, active in more than 20 countries, serving more than 60 major clients, including UBS and Credit Suisse. Within Asia, it has offices in Singapore, Tokyo, Shanghai, Mumbai and Pune.
According to the latest available information, Chain IQ manages a purchasing volume of around 50 billion Swiss francs ($56.7 billion).
«Overall we should be able to realize considerable commercial savings opportunities and more effectively manage our cost base. We will retain a small internal procurement team to manage the relationship with Chain IQ and serve as a liaison to them,» Pictet said.
