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At Zycus Horizon 2024, George Charalambous, Enterprise Sourcing & Procurement Analyst at Bank of Cyprus, shares the bank’s digital procurement transformation journey.
As Cyprus’s largest bank, operating in one of the most regulated industries, the Bank of Cyprus faced inefficiencies with manual procurement processes, contract management, and compliance reporting. Historically, sourcing relied on Word, Excel, and internal paper-based approvals, slowing operations and increasing compliance risks.
Recognizing the need for automation, the bank launched an RFP process, evaluating leading procurement software providers before selecting Zycus CLM. The transformation streamlined contract lifecycle management, automated workflows, and reduced invoice processing workloads from 11 full-time employees to just 2.
Beyond efficiency gains, Zycus CLM enabled the bank to meet strict European Central Bank (ECB) regulatory requirements, particularly around outsourcing agreements, GDPR compliance, and risk mitigation. The session highlights the importance of automation in regulated industries and how AI-driven procurement solutions help banks ensure transparency, efficiency, and cost savings.
This case study offers valuable insights for finance, procurement, and risk management leaders looking to future-proof their organizations with digital procurement solutions.
