Cloud based procurement

Bringing procurement to the cloud

Many businesses are taking their applications to the cloud, but for organisations that work with confidential and sensitive data handling rules, there’s added complexity. Security is a pre-requisite for all highly-regulated organisations looking at cloud technology, given the repercussions to reputation and bottom line of the business should a breach occur. So it comes to no surprise that highly regulated organisations are highly sceptical when it comes to putting business data in the cloud.

One such historically risk averse industry is financial services, but is also one that we’ve recently seen a shift in thinking. Some of the leading banking and financial organisations, including the Coventry Building Society (CBS), are embracing the latest cloud technology security issues. As a rapidly growing business, CBS realised that manual procurement processes could no longer keep up with the ever-increasing demands of the business, and they invested in our web3 Source to Pay (S2P), a best of breed cloud procurement technology, to cope with growth securely and sustainably.

We helped CBS to identify areas to improve processes, whilst creating an environment that allowed the buying teams to access the right products and services from the right suppliers at the right price – all via a single, secure, online platform. Backed by the ISO27001 accreditations, the solution meets the stringent security requirements set by CBS with the following measures:

  • Virtual private network (VPN) established between Wax Digital and CBS to ensure secure access at all times
  • SSL security installation on the website for all users
  • Single Sign On allows CBS users to securely log onto web3 with their network account
  • Full end to end encryption of all integration files as well as the integration communication channels
  • Sensitive data encrypted within the database
  • Regular penetration testing
  • Secure development principles applied throughout the project

“We have a zero to very low tolerance when it comes to potential security issues and Wax Digital allayed any of our concerns over adopting a cloud-based eProcurement system.”

Rachel Lasisi, Head of Procurement, Coventry Building Society

With a secure and close integration with CBS’s existing IT systems, the S2P software was rolled out to over 400 users. With the intuitive interface coupled with user workshops, staff quickly overcame any initial reservation about using the system, resulting in exceptionally positive user uptake. CBS realised many benefits including improved efficiency and better control over all buying activities – from initial tender through to supplier onboarding.

Read the full case study to follow CBS’s journey and see how web3 Source to Pay securely transformed organisation-wide procurement.

We take data security and process compliance very seriously. In fact, we’re more highly accredited than any other UK provider. Click here if you want to know more about our data security information.