Lloyds Banking Group / TWS, Cutting the Gordian knot – how to achieve market-leading rates and quality commitments from panel suppliers
Obtaining access to key digital development skills (engineers) is critical to the strategic success of Lloyds Banking Group (LBG). Since the concrete upcoming projects (nor even their size and number) are unknown at time of sourcing, LBG requires framework agreements with a panel of selected suppliers. This poses major challenges, with prominent projects having undefinable scope and risk of cost creep. LBG and their partner TWS developed an innovative sourcing approach leveraging game theory concepts, which delivered exceptional results on both price and quality. This project is a blueprint for any organisation requiring the sourcing of a panel.