Financial Services Vendor Risk Management
BB&T Punts on Ariba, Scores Touchdown with Hiperos to Tackle Compliance Headache
This case study analysis is based on commentary presented by BB&T and Hiperos at the Sourcing Interests Group (SIG) spring summit in 2013.
BB&T (NYSE: BBT) is a large regional bank, predominantly active in the US southeast and Texas – over 31,000 full-time employees, and close to a $20B market cap. BB&T has used Ariba for six years and is now in the process of implementing SAP. From a financial industry perspective, there were issues with the bank’s approach to managing suppliers – and a new approach was on their drawing board. When it turned out that Ariba couldn’t support their specific industry and internal requirements – especially in the scorecarding and supplier risk management areas – BB&T started looking elsewhere.
Luckily for Hiperos, their Chief Strategy Officer, Michele Flynn, was at the SIG Summit in New Jersey in March of 2012 and there she met with Rohan Ranadive, BB&T’s VP of Enterprise Spend Management. This one chance meeting certainly paid off for Hiperos, who is now displacing Ariba in this area. Who says face-to-face connections don’t matter anymore!
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