Mastercard uses Octerra for better visibility and a more proactive auditing process of creative production projects.
Mastercard applies the same commitment of delivering innovation and value to their creative sourcing process as they do to their stakeholders. In addition to working with ad agencies and running a global in-house studio to deliver creative content that resonates with key stakeholders, Mastercard uses a cost consultant to ensure that work is done accurately and efficiently. However, the cost consultant needed more visibility into the activities of the bidding process to identify spend management improvements.
The Mastercard cost consultant introduced Octerra’s bid management software into the agency production workflow to enhance reporting capabilities and improve spend management. The aim was to capture data about bidding and production activities into a centralized location so they could in real time:
- access historical data on demand,
- evaluate if projects are being single or triple bid, and
- identify process improvements for cost saving.
After 18 months of using Octerra as part of their cost management toolbox, Mastercard’s cost consultant has been able to:
- access documents, budgets, and communication associated with all production projects,
- encourage competitive pricing by ensuring projects were triple-bid according to mandate, and
- use reporting insights to reduce production costs by 48% and post-production costs by 30%.