Should Xign Customers “Rexign”?
Fact: Taulia has some of the most clever marketing in the procurement and A/P sector. Their “Most Remarkable Man in AP Automation” series on YouTube (see Episode 1, Episode 2, and Episode 3) is a work of amateur genius (as it should be – if it was any more polished, it would not be as funny).
Incidentally, Taulia took our idea (see our related “Most Interesting” recordings here, here, and here) but we’ll forgive them because they pulled it off far better than we did. But perhaps the best ode to their efforts is Rexign.com, their playful website that encourages Xign customers to “not be the last ones to turn out the light.” Alas, that was a prescient statement, given the recent news we covered last Thursday: JPMorgan Chase to Shut Down Xign
Taulia is not alone in the e-invoicing and discounting sector. There are a lot of good options to chose from. But if we’re talking witty marketing– including a willingness to play with trademark fire – we have to hand it to Taulia as the most fun marketer in this space. But unfortunately their sardonic wit provided itself to be overly accurate regarding JPMC’s latest decision. Still, Taulia is throwing out the lifejacket to customers. While we expect others to offer a Xign “safe passage” type of solution as well, Taulia is first out of the gate with this offering, which it announced on Friday.
According to the press release, the Xign Supplier Assurance initiative is “designed to provide comprehensive and uninterrupted services to current customers and suppliers within Xign’s buyer network, following the dissolution of J.P. Morgan’s Xign.”
Here’s what it comes with:
- All suppliers guaranteed to be using Xign’s invoicing and payment solutions will be rapidly and successfully transitioned to Taulia’s invoice, payment, and dynamic discounting platform within 12 weeks.
- A “Million Dollar Guarantee” that “promises savings of at least one million dollars in discounts captured within the first year.” If Taulia fails to hit this, the solution is free.
- “Remaining Xign customers would join several other converted Xign customers who have made the switch to Taulia over the past year, including one of the world’s largest telecom providers and a world-leading automobile manufacturer.”
We should remember that Taulia is by no means the only game in the dynamic discounting and e-invoicing town (even if their marketing is the most fun). On the supplier network/platform side of the house, OB10, IBX, Hubwoo and Tradeshift, among others, offer e-invoicing enablement and discounting capability (and in certain cases bring — or will bring – financing options to the table as well). Moreover, a range of software/SaaS providers including Ariba, Basware, Coupa, SciQuest, Verian, and GEP offer discounting capabilities – with varying levels of sophistication – that are tied to a broader P2P suite (and in the case of GEP, related A/P BPO services as well).
Yet, for now we give Taulia the marketing prize for making the rather dry subjects of e-invoicing, dynamic discounting, and receivables financing fun. And clearly they’re doing something right on the customer front, judging by some of the growth numbers contained in their recent funding round press release (which we have no reason to dispute based on our own findings talking to Taulia customers and the general knowledge of their traction in the market).
But it is important to note that over the years, Spend Matters has had to call BS numerous times on claimed vendor growth numbers (customers, spend, etc.). And there are those whose press releases we discount because of it. As a final aside, a personal favorite of ours was when Emptoris claimed to have analyzed over 40% of world GDP in their spend analysis tool based on claimed numbers.
We’re still not rexigned to taking that one on face value.
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