During an organisational restructure, commercial, purchasing and financial processes relating to all vendor contracts, subscriptions and services were aligned under a single function. However, the inherited system wasn’t developed to handle the new workflows, nor provide the total visibility CalPERS needed across its inventory.
Based on a fit for purpose analysis, it didn’t make sense for CalPERS to move forward with their legacy system that wasn’t built for their new operating model. A third-party research and consultancy firm, Cutter Associates, recommended a enterprise subscription spend and usage management solutions from TRG Screen as the best available on the market, saving CalPERS from having to fund a re-engineering of their system estimated at an investment upward of $2m.
FITS spend management was prioritized in concert with ResearchMonitor for usage management and Quest for enquiry management. Phase two was to later include DART and XMon usage management products to build a total picture of their vendor environment.
As a result CalPERS has experienced significant workflow and process efficiencies, greater
visibility and control over vendor contracts and complete transparency over subscription cost and value. In just 8 months following initial implementation, around 600 contracts had already been set-up, including market data services, external investment manager and investment consulting services, and other subscription services.