MyBiz wins the highly coveted Procurement Consultancy Project Award at the World Procurement Awards 2019 for its work with CIMB Group, one of ASEAN’s top universal banks.
The World Procurement Awards, in association with SAP Ariba, are the most celebrated and sought-after awards in procurement, recognising the most progressive people, projects and organisations across the globe. All entries endure a thorough three-stage judging process, to ensure complete transparency and guarantee that the winners really are the best of the best.
MyBiz Solutions, a Malaysian company which helps firms compete by optimising their expenditure for cost savings and increased profit.
“Our purpose is to transform businesses and support them in their journey to reach their maximum potential, through innovative technologies developed under our roof. We have managed to save our clients hundreds of millions in cash thanks to our automated and easy-to-use modules. Being recognised at the distinguished World Procurement Awards means a lot to all of us at MyBiz as this proves that we, a Malaysian business, can deliver results and compete among the other giants of the world,” said Cheong Yuk Wai, Chief Executive Officer of MyBiz Solutions Sdn Bhd.
In 2015, the CIMB Group publicly announced its T18 Regional initiative focused on streamlining Operating Costs, recalibration of its Business Priorities and realignment of its Organisational Culture. The cost reduction programme was internally named ‘Project KAIJU’, to tackle the “monster” of escalating cost (In March 2015, CIMB had a extremely high Cost-to-Income ratio of 58.1 percent, up from 56.8 percent in 2014).
MyBiz conceived RODAN (Regional Optimisation by Design, Analysis and Normalisation) to implement strategic procurements across CIMB’s divisions. This was MyBiz’s plan – to fight a monster with a monster of its own.
The results delivered by RODAN are indisputable. With an investment of under RM10 million, CIMB saw an impressive RM130 million in extra savings in the first year alone and RM600 million in procurement savings by April 2018.
“In just two years, with the successful implementation of our regional procurement system together with other strategic cost savings initiatives, we have achieved cumulative procurement savings of more than RM317 million contributing to a lower Cost-to-Income ratio of 51.8 percent (for FY17).
Our strategic sourcing initiatives have been well received by both businesses and enablers in CIMB and the cross-functional teamwork has been exemplary. We have also managed to inculcate a mindful-spending culture in Team CIMB” says Tengku Datuk Zafrul, Chief Executive Officer of CIMB Group.
I am very proud of the work delivered by the Group Strategic Procurement department and we will continue working with them to unlock more opportunities to optimise Spend.” he adds.
Through RODAN, MyBiz was able to optimise CIMB’s expenditure. “Our service value proposition walks the line between procurement business consulting, ground-breaking tech tools, and spend analytics that have helped our clients save hundreds of millions in cash. Every facet of a business requires scrutiny for it to perform at an optimal level, and that is the service we are proud to offer. After all, every ringgit saved is a ringgit earned,” Cheong concludes.
MyBiz is also part of the Malaysia Digital Economy Corporation’s (MDEC) programme to expedite the government’s vision to build local technology champions. The programme, called the Global Acceleration and Innovation Network (GAIN), has supported MyBiz on its trajectory of rapidly becoming a global player.