Every so often, we have a discussion with an organization and come away with page after page of insights. Such was the case with a recent interview with a P2P process owner at a large Fortune 500 food/beverage company that had worked with 2 different vendors (Taulia and Xign) over multiple years for supplier enablement and enrollment for connectivity, invoicing and planned trade-financing activity.
Category Archives: Trade Financing
Earlier this morning, Edmund (Edi) Truell, group CEO at Tungsten, kicked off the core of the US edition of Tungsten Insights 2015, the e-invoicing and trade financing provider’s customer conference. Before the first keynote and a quick introduction to the attendees from Rick Hurwitz, CEO of Tungsten Americas, I had the chance to talk to a couple of customers at breakfast, who were interested in global expansion of their supplier connectivity and e-invoicing programs (global appears to be a key theme). Check out our live coverage from the event!
Spend Matters recently spoke to a P2P process owner at a Fortune 500 beverage company. The hour-long conversation turned out to be a treasure trove of tips and tactics for improving the supplier enablement and onboarding process for e-invoicing and trade financing. Today, we continue the analysis looking at how this organization got more from the careful use of carrots rather than sticks as it brought suppliers up and running with Taulia (after previously using Xign). With supplier enablement and trade financing programs, this large food and beverage company found that carrots (and frequent, active and friendly communications) tend to work better than sticks, especially with strategic suppliers.
This Friday, April 17, Spend Matters Founder and Managing Director Jason Busch will join David Gustin, editor and co-founder of Trade Financing Matters, for The State of Trade Financing Technology, an Ask the Expert webinar, open to Plus and PRO members. The webinar, taking place at 10:30 a.m., will touch on a number of topics – you wont want to miss it.
Today we conclude our Q&A series with Taulia’s new CEO Cedric Bru. Spend Matters recently had the chance to ask Cedric some questions about his new role at the Saas financial technology vendor, the company as a whole and his take on the market. (You can check out Part 1 and Part 2, as well.) To wrap up our discussion, we ask Cedric for some of his expert advice.
Spend Matters recently had the chance to ask Cedric Bru, the new CEO of Saas financial tech vendor Taulia, some questions about his new role and his views on both the company and the current market. We began this Q&A series yesterday (make sure to check out Part 1). Today we continue our conversation with Cedric, in which we discuss financing and more. Also, stay tuned for our final post on this series
Cedric Bru was recently named Taulia’s new CEO. Cedric joined the SaaS financial tech company in 2013, first serving as chief sales officer. He also brought more than 2 decades worth of financial services and software industry experience with him to Taulia. Spend Matters recently had the chance to ask Cedric some questions about Taulia, his role at the fast-growing company and the sector as a whole. This is Part 1 of our Q&A session with Cedric, stay tuned for additional posts in the coming days.
Procurement organizations may be able to take advantage of volume discounts or quarter-end spends with their largest suppliers – if they can make it happen. Procurement may not be able to get the funding to make this a reality as treasury may not want to tap into its revolving credit facilities. So what are you to do? Check out the full article over on our sister website, Trade Financing Matters.
In terms of data collection and management, the individual elements that factor into a trade financing onboarding program for suppliers will vary depending on the individual initiative/type, geography, etc. But who should companies turn to for supply chain financing and invoice discounting enablement generally?
In our view, the vast majority of domestic companies should outsource significant parts of the supplier onboarding and enablement program to partners, just as they outsource payroll. Said in a less technical way: Don’t be foolish and do this internally, at least not within a corporate or business unit setting. There are technical and non-technical reasons not to tackle the challenge yourself. Process nuances also factor into why partners are critical.
Regardless if the US government's SupplierPay initiative is successful or not, many Global 2000 corporations have developed a menu of early pay solutions. Buy-side techniques are centered around payable finance methods. Purchase-to-pay, e-procurement, e-invoicing and supplier network propositions are becoming more established together with early pay finance techniques. Large global corporations that use these networks to manage suppliers will enable their suppliers to receive early payment.
My colleague David Gustin (Trade Financing Matters) likes to say that supplier onboarding success is measured in 3 simple ways: The success rate onboarding suppliers you targeted, the success rate in having suppliers use the service and the retention rate after a period of time. These metrics are a perfect starting point to measure the success of supplier onboarding initiatives in buyer-led trade financing, regardless of program type.