How Concertiv’s Procurement Expertise Helped Coller Capital Save Over $500K

Key Takeaway

• Coller Capital struggled to manage travel expenses within its budget and was dissatisfied with its travel partners' service quality and lack of white-glove options.

• Coller faced rising Market Data costs and a growing administrative burden posed by the vendor and contract management process associated with their Market Data relationships, but their purchasing power limited their ability to negotiate effectively.

• Concertiv extended its exclusive hotel and travel rates to Coller, providing the best available pricing at over 25,000 locations worldwide and in addition to bespoke 'white glove' services for their leading frequent travelers.

• Leveraging Concertiv’s procurement platform, group purchasing power, market intelligence, and expert recommendations and curation, Coller was able to reduce spend, optimize the procurement process, and save valuable time.

“Concertiv has been instrumental in helping us manage the increasing scale and complexity of the firm’s market data assets and travel needs.”

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Kevin Muller

Head of Business Change & Services

Coller Capital

Overview

UK-based Coller Capital, a specialist investor in the secondary markets for private capital, has been steadily growing since 1990, with over 260 employees and six offices across the globe.

Initially, Coller Capital struggled to control travel expenses. The firm contended with inconsistent service levels from various travel agencies, none of which could offer the bespoke 'white-glove' service essential for their key personnel, including the company's founder.

Coller faced difficulties outside of Travel as well. The firm's relatively small market data spend did not provide any leverage in vendor negotiations, and a lack of coordinated operational strategy around vendor management and contract renewals posed a serious administrative burden. Vendor contracts spanned multiple departments, such as operations, finance, deal teams, and IT, and there was no designated overseer accountable for outcomes.

With soaring costs, escalating administrative complexities, and limited bargaining power in vendor negotiations, Coller Capital recognized the need for expert procurement services. While evaluating Concertiv's travel offerings, it became clear to Coller that Concertiv could also uncover savings and unlock efficiencies in other areas of the company. This realization prompted a strategic shift, with the goals of the engagement expanding from simply curtailing travel expenses to also optimizing Market Data spend, thereby aligning their spending strategy with the broader business objectives.

Travel

Unparalleled Leverage With Existing Travel Brands Increased Coller’s Savings Without Sacrificing Comfort

Coller Capital initially engaged Concertiv to address a prevalent challenge in their sector: substantial travel expenditure paired with limited purchasing power. Operating across three continents with a team of frequent travelers, Coller found it challenging to manage costs globally. This fragmentation also hindered their ability to secure consistent "white glove" services for their most traveled team members and raised uncertainties about obtaining the best possible rates.

Concertiv collaborated with Coller and its travel agency to analyze travel patterns and identify savings opportunities. Concertiv integrated its global hotel and airline discount programs with the travel agency's services, aiming to centralize travel spend and lower costs for the global team. This strategic intervention ensured consistent access to discounted rates for all Coller employees while maintaining the high standards of business travel they were accustomed to. Further elevating the experience, Concertiv introduced exclusive white-glove services for Coller's top-tier professionals. These initiatives enhanced the travel experience and seamlessly wove Concertiv into Coller's operational tapestry. This move signifies a partnership beyond the typical vendor-client relationship, positioning Concertiv as a critical player in driving cost efficiencies while upholding standards in Coller's corporate travel.

Market Data

Beyond Purchasing and Vendor Management. Reducing the Administrative Burden for a More Organized Approach to Market Intelligence

Coller Capital's engagement with Concertiv was initially driven by a desire to enhance its Travel program benefits while controlling spend. However, they soon discovered the broader advantages of Concertiv's suite of services. While Coller's Market Data management was commendable, the firm encountered significant challenges in addressing ad-hoc Accounts Payable and troubleshooting requests, exacerbated by the absence of a dedicated stakeholder overseeing these cross-functional administrative tasks. Responsibilities were shared across multiple departments and teams, creating inefficiencies in process and accountability, resulting in higher costs and significant administrative burdens for the company.

Concertiv revolutionized Coller's market data procurement and vendor management by consolidating its vendor data into the Concertiv360 procurement platform. Integrating vendor contracts and licenses into a unified contract management system alleviated Coller's administrative load, streamlining the management of market data and vendor agreements. This shift reduced the company's operational burden. It led to cost-saving opportunities by unveiling unused, redundant, and overlapping subscriptions, making access to essential Market Data tools and feeds efficient and financially advantageous.

Leveraging deep industry insights and peer benchmarking expertise, Concertiv effectively negotiated pricing during renewals and for new product acquisitions, achieving savings of $110,000 across 28 contracts within the first year. By the second year, these savings escalated to $438,000 across 33 contracts, underscoring Concertiv's instrumental role in optimizing Coller's Market Data expenditure and contract management processes.

Conclusion

In Travel and Market Data, Concertiv has been a game-changer for Coller, delivering a staggering $630,000 in cumulative savings and an impressive 4.2 times lifetime return on investment. Leveraging their deep-seated expertise in market data, Concertiv skillfully managed the entire spectrum of renewal processes and curated new product offerings, effectively streamlining the administrative tasks and complexities of managing Market Data contracts and vendors. Concertiv's expansive services have also revolutionized the client's process for onboarding and offboarding team members with a more efficient license and entitlement process. Furthermore, Concertiv has seamlessly integrated into Coller's budgeting work streams, delivering meticulous detail to each individual subscription within the Market Data realm, ensuring unparalleled financial clarity and strategic planning.

The tangible financial savings realized by Coller represent just the beginning of the value proposition Concertiv offers to the firm. Concertiv's holistic approach to managing Market Data and Travel requirements optimized Coller's financial efficiency and significantly enhanced its operational and strategic capabilities. The role of Concertiv extends beyond a mere savings platform; it embodies a team endowed with a deep understanding of the product landscape and an indispensable resource for administrative support.

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