The Challenge
Exegy provides resilient, low-latency solutions for normalized market data, connectivity, and real-time trading signals for financial firms. As a leader in delivering high-performance technology to the financial sector, Exegy relies heavily on efficient hardware procurement to meet the demands of their clients.
Before implementing Opstream, Exegy faced significant challenges in their procurement process. Initially using Smartsheet, their process eventually devolved into a chaotic system of emails and pings across Zoom and Teams, leading to inefficiencies and delays. According to Sam Hou, VP of Financial Planning & Analysis, the lack of a streamlined system resulted in:
- High Volume of Emails: Each procurement request required multiple email exchanges and pings, with Sam receiving six to seven requests daily, each needing two to three follow-ups.
- Approval Bottlenecks: Approval workflows were managed through emails, causing delays and confusion in tracking approvals and issuing purchase orders (POs).
- Manual Tracking: Budget tracking and managing POs were manual and error-prone, often taking days or even weeks to complete a request.
The Solution
Exegy turned to Opstream to overhaul their procurement process. The onboarding and integration of Opstream were smooth and efficient, significantly reducing the learning curve for the team. Key aspects of the implementation included:
Seamless Integration
Integration with NetSuite was straightforward, with synchronization completed within 24 hours, allowing Exegy to quickly begin using Opstream.
“It was a breeze because of the easiness of just having the code, the activation code at the activation key, get that from NetSuite, put it into Opstream and then it was a matter of 24 hours to sync and we had it ready to go,” said Sam Hou.
User-Friendly Interface
The platform’s ease of use, including pre-set templates and customizable questions, allowed Exegy to tailor the tool to their specific needs without extensive customization efforts.
Direct Procurement Efficiency
One of the most significant impacts of implementing Opstream has been on Exegy’s ability to handle direct procurement efficiently. Exegy frequently procures high-value hardware such as servers, cables, and power supplies to meet the urgent needs of their clients in the financial sector.
“We are a very hardware-heavy organization. Once the request comes in, the team can punch it into the template, the quantity goes to my FP&A team, and the budget owner approves it quickly. We have a PO in a matter of minutes if everyone is online,” Sam Hou highlighted.
This swift turnaround is a stark contrast to their previous process, which could take days or even weeks due to multiple approval layers and manual follow-ups. The faster procurement cycle enabled by Opstream allows Exegy to respond promptly to client needs, enhancing customer satisfaction and strengthening client relationships.
“The speediness and responsiveness to the requester make us responsive to our clients. It gets me back to doing more important stuff like reducing additional costs or implementing more revenue,” added Sam.
The Results
The adoption of Opstream brought about transformative changes in Exegy’s procurement operations:
- Increased Efficiency: The automated workflows and approval processes drastically reduced the time required to generate POs. What used to take days or weeks could now be accomplished in minutes, provided all stakeholders were online.
- Enhanced Budget Tracking: The ability to tag budget owners and integrate seamlessly with NetSuite improved budget tracking and accountability.
- Reduced Manual Effort: By cutting out non-value-added time between steps, Exegy significantly reduced the manual effort involved in procurement, freeing up the team to focus on more strategic tasks.
The return on investment (ROI) with Opstream was evident in both time savings and operational efficiency. The tool’s ability to streamline processes allowed the team to focus on reducing costs and driving revenue, ultimately impacting the bottom line positively. The user-friendly nature of Opstream also ensured quick adoption and minimal disruption during the transition.
“Saving time adds to the bottom line in all ways,” said Sam Hou.
Are you ready to streamline your procurement process and achieve significant ROI like Exegy? Contact us today to learn more about how Opstream can transform your procurement operations and deliver substantial value to your organization.
