PrimeRevenue Congratulates Customers Genuine Parts Company and Boston Scientific on their 2022 Alexander Hamilton Award Wins

Genuine Parts Company was granted the Gold Award and Boston Scientific the Bronze Award in the Working Capital and Payments category.

ATLANTA, June 29, 2022 /PRNewswire/ — PrimeRevenue, Inc. the leading platform for working capital finance solutions, announces that two of its customers, Genuine Parts Company (GPC) and Boston Scientific have been awarded in the Working Capital and Payments category of the prestigious 2022 Alexander Hamilton Awards.

Genuine Parts Company (GPC), a global service organization engaged in the distribution of automotive and industrial replacement parts, received the Gold Award for the project on “How to Improve Financial Position and Supplier Health.” When the global pandemic hit, there was heightened pressure on companies in the industry to shore up liquidity and navigate fluctuations in supply and demand. However, GPC grew its PrimeRevenue-led supply chain finance program to support specific goals to improve Days Payable Outstanding (DPO) and cash conversion cycle metrics.

“In partnership with PrimeRevenue, GPC’s supply chain finance strategy has delivered substantial working capital improvements driving strong operating cash flow. The company’s DPO has improved from 39 days to 129 days since the inception of its supply chain finance program in 2004. Additionally, the company’s cash conversion cycle has improved by 88% since the start of the supply chain finance program (from 133 days to an impressive 15.8 days),” said PJ Bain, Chief Executive Officer.

Boston Scientific, a global leader in medical technology, has been awarded the Bronze Award for the project, “Supply Chain Finance to Fuel Growth and Alleviate Supplier Pressures.” The company implemented a supply chain finance program, led by PrimeRevenue, as they needed a new commitment to grow the program from the inside out – from training procurement on how to leverage the program with suppliers, to onboarding new suppliers’ participants – due to the many challenges presented during the COVID-19 pandemic, where many suppliers needed access to low-cost liquidity to overcome supply chain shortages and shutdowns.

“PrimeRevenue worked with Boston Scientific to quantify the working capital optimization opportunity and identify supplier targets, as well as develop supplier messaging, onboarding processes, and flexible training options,” said Jason Green, Senior Vice President, Global Customer Success. “Providing a way for suppliers to get paid early for a nominal fee can help offset the need for suppliers to borrow from banks at a significantly more expensive rate. It would also give suppliers visibility into payment processing by allowing them to see which invoices were approved, for which amount, and the date payment would be remitted.”

The Alexander Hamilton Awards from Treasury & Risk recognize companies taking big leaps forward in treasury, finance, and/or risk management through process innovations and technology implementations.