Mid-size Regional Financial Institution
|Client||Mid-size Regional Financial Institution in the upper Midwest of U.S.|
|Geographic||37 Branch Offices|
|Total Equipment Maintenance Spend since inception||$1,051,038|
|Current Hard-Dollar Cost Savings||$220,800 (21.0%)|
|Administrative Savings (Client verified)||$161,370|
|Total Invoices to be processed by SU Group||1,793|
Senior Bank Officers recognized the need to centralize the on-going management of equipment maintenance to reduce both the administrative burden and ever increasing cost.
The client had over 100 separate contracts with more than 20 vendor relationships on nearly 500 pieces of equipment spread through 5 separate charters. Additionally, the existing contracts had various expiration dates and in some cases, similar vendors servicing the same equipment at the same location. With the existence of separate charters, the result was a decentralized process for maintaining maintenance contracts represented by different decision makers with separate budgets and forecasts. With the existing challenges, senior Bank Officers selected Specialty Underwriters to conduct a financial review of the entire organization.
“The on-going management reports provided by SU Group has enabled management to pinpoint areas of equipment failures (within their branch network) to make informed decisions as it relates to new equipment purchases”.Bank Chief Financial Officer
Through the financial analysis, SU Group was able to formulate a comprehensive maintenance program that addressed the organization’s initiatives to centralize maintenance under one program resulting in reduced maintenance costs and administrative tasks (i.e., Purchase Order issuances, Invoice audits and reviews and vendor payments processing).
The program delivered:
- A universal process for requesting service repairs
- Increased efficiencies in equipment performance
- A predictable budget forecast to control maintenance expenditures
- Reductions in administrative redundancies
- Improved response time, and consequently, less equipment downtime
By capturing and analyzing contracts across different equipment categories, SU Group’s proprietary SUMIT™ software easily identified equipment types for conversion to a SU Group managed maintenance program. In addition, SU’s proprietary TELESERVE™ Dispatch program allowed the organization a vehicle to achieve their goals for a one-stop solution for service repair requests.