Best Practice Tips For Implementing Dynamic Discounting and Other Trade Financing Programs [PRO]
Earlier this year, I spoke to the head of what is probably the most successful and mature dynamic discounting program in North America today. His story provides one of the most compelling cases to prioritize the implementation of trade financing programs over other procurement and accounts payable initiatives in terms of driving hard-dollar savings as well as in reducing supplier chain risk by providing a longer tail of suppliers access to capital on a consistent basis. In this analysis, we investigate some of the key best practice tips from this implementation and others we’ve explored in recent months. There is no single ingredient behind the success of dynamic discounting and other trade financing programs. Rather, it’s a combination of many items and the “chemistry” of how and when to combine them (yes, the order matters). Spend Matters PRO subscribers can read on for a list of best practice tips for basic business considerations and contracting strategy, as well as tips on technology and supplier enablement.