Industry: Banking & Finance
Location: Australia Wide
Size: 810 Site Locations

Company Bio

This leading banking and financial institution have over 800 sites with hundreds of contractors visiting their sites regularly to perform repair and maintenance work.

Verified delivered a solution that held our contractors accountable and assured the executive team were getting value for money.
- Banking Client

Overview

A large banking and financial institution, implemented Verified to standardise their quote management processes, capture accurate contractor data, and validate their quotes and invoices. Each time a defect issue or repair request was raised for a site, the company could request quotes from multiple contractors through Verified. 

 

With the implementation of Verified, the company received quotes in the same format which made them easily comparable, and where relevant, instantly validated against the contractors’ prices as stipulated in their overarching contract. The company gained significant transparency, immediate visibility and validation on actual versus quoted pricing, and maintained integrity in the lifecycle of their procurement and quote processes.  

 

Background – The Problem with Quote Processes

 

Facility Managers appoint contractors to provide Preventative Maintenance (PM) services. When it comes to Reactive Maintenance (RM) or repairs, they will  only request a quote from the incumbent PM contractor, relying on the initial contracted labour and parts rates. Generally, they will not get a comparative quote from the market.  This creates the following issues: 

  • There is no comparative quote 

  • The labour and parts rates must be remembered by the FM when approving quotes. Impossible, especially when dealing with lots of contractors. 

  • Opportunistic contractors exploit labour costs by increasing hours 

  • Approval personnel have limited ability to understand what is required for the job and therefore cannot validate it 

 

Opportunistic contractors often exploit facility managers by submitting inflated quotes or overcharging for the services provided. Contractors may manipulate prices, quote above market rates, or overcharge for time spent on site, exploiting the facility manager’s lack of market knowledge, urgency, or close monitoring. Further, suppliers use different formats, terminology, and pricing structures. Due to the lack of quote standardisation and accurate data capture, facility managers struggle to compare and evaluate quotes, leading to confusion and a lack of transparency in the quoting process. 

 

Improving Contractor Accountability

Recently a Preventative Maintenance task onsite identified a defect where entry ramp anti-slip tape was heavily worn and required replacing. Defect information and photo evidence was uploaded into Verified’s Contractor Management module by the technician. A contractor reviewed the defects information provided and generated a detailed quote outlining the estimated time, sixteen hours of out-of-hours labor at $100 per hour, and materials (the safety tape) required for the job. The Facility Manager approved the quote and work began.  

Upon completion of the work, the contractor submitted an invoice for payment in full, as per the initial quote. Luckily the client had implemented Verified. Using the Quote Management module, the client was able to track the entire process from quote inception to work order completion. Specifically, the client could compare the work quoted against the number of hours onsite and the work completed. 

Due to the link between the initial quote and the follow-through of this information into the work order, the client could unmistakably confirm the work had taken only four hours for completion, and was done in normal working hours. There was obviously a large disparity between information recorded in Verified and the contractor’s invoiced amount.  

 

Verified’s Solution

 

As a Verified client you have a superior and centralised approach to quote management. The module includes features such as: 

  • Systemised quote generation and tracking for increased efficiency 
  • Quick and easy validation of quotes 
  • Full lifecycle tracking from creation to approval 
  • Easy forwarding of quotes to stakeholders 
  • Robust and accurate audit logs and history 
  • High configurability and customisation options for contractors 
  • 24/7 availability of quotes for review and approval 
  • Management reporting and dashboards for strategic decision-making 

 

 

With our platform, you can expect a transparent and validated quoting process that maintains integrity and offers enhanced flexibility for all parties involved. To learn more, schedule a demo and see how you can improve your quote management processes. Contact us at 1300 133 950 or send an email to learn more.

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