Ariba, Inc. (NASDAQ: ARBA) is expanding its stronghold in the global financial services sector. The company, today, announced that it has been selected to power a comprehensive spend management initiative for Aviva in India. Aviva is the world’s fifth largest insurance Group. Under the terms of a new agreement, Ariba will use its technology to help Aviva India streamline its outsourcing process and drive savings that will positively impact its bottom line. Six of the world’s top 10 securities firms, four of the top 10 commercial banks and now four of the top ten insurance companies in India rely on solutions from Ariba to improve their profits and gain competitive advantage.

“The Indian banking and financial institutions segment (BFSI) is expanding at a rapid pace, and in order to keep up and maximize our opportunities for growth, we must diligently manage our expenses,” said Mr. Abhay Johorey, Director, Transformation & Services, Aviva India. “Leveraging Ariba’s solution and expertise, we have implemented a more efficient process for outsourcing that has improved our productivity and lowered our costs. We have implemented this recently and we have already seen a significant change in our ROI, identifying savings in the range of eight to 32 percent across key categories such as information technology, printing, travel, training, infrastructure and transportation.”

Using a combination of Aribaâ Analysis™, Ariba Sourcing, Ariba Category Management™, Ariba Contract Workbench™, Aviva India aims to source more than $50 million (Rs.200 crores) in spend and increase its savings in the next 12 to 18 months.

“Spend Management is a critical business imperative that an increasing number of banking and financial service firms are embracing, “said Mr. T Sivakumar, Group Director, Ariba Asia South. “Through our industry-leading technology and spend management expertise, Aviva India can effectively manage its costs, reduce risk, drive compliance ultimately, increases its advantage in the competitive global marketplace.”

Sourced From: Text 100 Public Relations Consultancy