Dubai – BravoSolution, a strategic procurement company, today announced Bank Muscat has signed a three-year extended agreement for its strategic procurement solutions.
Bank Muscat, the flagship financial services provider in Oman, currently manages its tendering activities through BravoSolution’s strategic procurement platform BravoAdvantage as well as receiving lean targeted procurement consultancy to further increase their business impact. The extension follows a successful four-year relationship between the two organizations in which Bank Muscat has been one of the first in Oman’s banking domain to run a reverse auction through the BravoAdvantage platform which resulted in a 20% reduction in overall cost on a single project.
With assets worth over USD 28 billion, Bank Muscat maintains leadership in Corporate Banking, Retail Banking, Investment Banking, Islamic Banking, Treasury, Private Banking and Asset Management. The bank has the largest network comprising 149 branches, 645 ATMs & CDMs and more than 18,000 PoS terminals. With extensive operation, the bank was looking for a viable procurement solution that provides a fully automated strategic procurement platform that could enhance market access and provide an easy to use interface.
Oman Data Park (ODP), a joint venture between telecom major Omantel and data centre major 4Trust LLC, is the reseller of BravoSolution products in Oman, and has a long business partnership with BravoSolution to provide Level 1 local support to businesses in Oman. The BravoAdvantage platform is hosted locally in Oman at ODP’s Data Centre.
Dan Quinn, Senior Vice President at BravoSolution MENA, said: “We are pleased to be continuing our partnership with Bank Muscat. Over the last four years of working together, we have successfully been able to perform dynamic real-time negotiations in a completely secure and transparent manner. This platform empowers Bank Muscat to improve their decision making and streamline their asset spend to positively impact their bottom line.”
Said Al Aufi, Group Deputy General Manager – Projects & Infrastructure at Bank Muscat, added: “We are proud to join hands with BravoSolution for its strategic procurement sourcing application suite. With this solution, we were able to achieve one of the first eAuctions of its kind in the banking sector in Oman, in keeping with the spirit of our ‘Let’s Do More’ vision.
“We continue to demonstrate that we are a leader in adopting technologies that not only make our financial services more efficient, but also make the procurement process more proficient. Financial technology is changing the future of banking and Bank Muscat has seamlessly progressed from traditional to innovative digital banking to enhance our customer experiences, reengineer operations and achieve growth,” he concluded.
BravoAdvantage is the strategic procurement platform that enables organizations to generate more value, influence innovation and reduce risk.
BravoSolution provides a market leading global strategic procurement platform that helps more than 650 companies and 150,000 purchasing professionals worldwide. For more information on BravoSolution, please visit: http://mena.bravosolution.com/
BravoSolution is a leading global strategic procurement solution provider. Our procurement technology platform and practitioner experience help more than 650 companies and 150,000 procurement professionals in over 70 countries unlock the power of procurement to drive financial performance, build procurement organizational excellence, manage risk, and influence innovation. BravoSolution’s approach to strategic procurement consistently delivers business outcomes to enable customers to outperform their market. BravoSolution has direct operations in 18 offices located in 12 countries across 4 continents, employing more than 650+ procurement experts. To learn more, see http://bravosolution.com.
© Press Release 2017