E-Invoicing and Supply Chain Finance Solution Offers Companies Improved Cash Flow and Lower Costs
OB10 and PrimeRevenue explain how companies can reduce working capital requirements and increase cash flow while shortening the invoice to payment cycle.
Atlanta, GA (PRWEB) November 11, 2009
OB10, the market leading global e-Invoicing network and PrimeRevenue, the leading global Supply Chain Finance (SCF) platform and services provider, joined forces to host a webinar titled E-Invoicing & Supply Chain Finance: The Intersection of Two Best Practices. By demonstrating how companies can shorten the procurement-to-pay cycle and reduce working capital requirements, the two companies offered participants an attractive solution for improving cash flow at a time when organizations are scrutinizing every dollar.
"Supply Chain Finance supports corporate working capital initiatives while at the same time improving cash flow and reducing costs throughout the supply chain," said Robert Kramer, Vice President of Working Capital Solutions - Prime Revenue. "Given the current economic environment, working capital efficiency and cash flow are clearly top priorities among Global 2000 organizations."
Three primary drivers for many companies are the tightening of procurement controls, eliminating working capital inefficiencies, and improving the visibility and timing of cash flows.
"The current state of the economy has driven companies to look for additional ways to decrease costs while increasing efficiency," said Thayer Stewart, Vice President, Marketing and Business Development - OB10. "OB10's e-Invoicing solution, combined with PrimeRevenue's Supply Chain Financing capability, allows companies and their suppliers to take advantage of a streamlined process; permitting customers to hold onto their cash longer while offering suppliers the opportunity to get cash sooner."
With OB10's e-Invoicing solution, companies can take advantage of expedited invoice delivery into their customer's ERP system - enabling shortened cycle times and offering customers payment flexibility.
"Paper invoices significantly slow the entire process. It's not unusual for a supplier's paper invoice to take weeks to be approved" said Stewart. "Electronic invoicing reduces the time and expense of the approval and payment cycle."
But electronic invoice delivery is only the beginning of a more streamlined P2P process. Settlement and financing options at the end of the process accelerate supplier payments while customers have the opportunity to hold onto cash longer.
"Supply Chain Finance gives suppliers visibility into exactly when and how much they will be paid as well as the ability to select early payment at very attractive interest rates," said Kramer. "The lifeblood of any supply chain is visibility and cash flow. A solution that includes OB10 on the invoice delivery side and PrimeRevenue on the settlement side significantly reduces a supplier's uncertainly and improves the financial health of the supply chain while allowing buying organizations to generate significant cost savings and working capital improvements"
To listen to the entire webinar, including the Q&A session, go to the OB10 Web site and choose the link - e-Invoicing and Supply Chain Finance: The Intersection of Two Best Practices at http://ob10.com/Country/US/Webinars_2 (http://ob10.com/Country/US/Webinars_2).
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