Strategic sourcing saves $7m for Principal Financial Group. (The Telecom Buy).(Brief Article)

Purchasing, June, 2002 by Avery, Susan

By negotiating an agreement with a new telecom supplier, the strategic sourcing operation at The Principal Financial Group reduced its voice services costs by more than $7 million.

Voice services is one of the company's more critical buys. Headquartered in Des Moines, Iowa, The Principal Financial Group provides its customers globally with financial products and services-retirement and investment services, health and life insurance and mortgage banking. (In fact, it provides administrative services to more 401k plans than any other provider in the U.S.) All told, the company serves more than 11 million customers from more than 250 locations including offices in Asia, Australia, Europe, Latin America and the U.S.

So, when Brad Simpson, assistant...

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