As one of the world’s top-performing companies, Michelin launched a company-wide program to reinforce its leadership position as an innovator in sustainable mobility and financial, environmental and social responsibility. One core objective was to deliver $1B in additional free cash flow.
To meet its goal, the company turned to PrimeRevenue’s supply chain finance solution. This would allow Michelin to strategically extend supplier payment terms, while giving suppliers a way to get paid early. Eager to increase its own cash flow, as well as for suppliers, Michelin worked with PrimeRevenue to get the program up and running in record time – helping the company meet its strategic goals.
Key takeaways include:
- Implementation of a global, multi-funder program launched in just 90 days
- Successfully extended supplier payment terms by an average of 30 days
- On track to meet goal of generating $1B in free cash flow
- Stronger alignment between finance, procurement and suppliers
- Awarded Best Customer Implementation of a Supply Chain Financing Solution by Global Finance Magazine