Bank Muscat advances its procurement operations with BravoSolution

06/11/2017 20:26 AST

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 organisations 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 per cent reduction in overall cost on a single project.

With assets worth over $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 and 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.

“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 Dan Quinn, Senior Vice President at BravoSolution MENA.

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 one local support to businesses in Oman. The BravoAdvantage platform is hosted locally in Oman at ODP’s Data Centre.

“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,” said Said Al Aufi, Group Deputy General Manager–Projects & Infrastructure at Bank Muscat.

BravoAdvantage is the strategic procurement platform that enables organisations to generate more value, influence innovation and reduce risk.

CPI Financial