What makes a supply chain finance program successful? What are the common points of failure? Historically, answers to these questions have focused on factors like platform ease of use, availability of funding and geographic reach. One aspect, however, has been routinely overlooked – the support and education of procurement and suppliers.
Few procurement teams are given the appropriate support and education required to extend payment terms across a broad group of suppliers. It’s a point lost on many supply chain finance vendors (including financial institutions) that spend months training procurement teams to use portals and platforms, but little time preparing them to message and sell the actual extension to suppliers.
Backed by its experience optimizing cash flow for more than 30,000 customers across the globe, PrimeRevenue recognizes that successful supplier payment term extensions only happen when procurement receives the right training and ongoing support.
In this white paper, we investigate how strong procurement support and education accelerates and elevates supply chain finance program success. Topics covered include:
- Common barriers to supplier payment term extension success
- Key components of an effective supplier payment term extension program
- How procurement teams can leverage supply chain finance to demonstrate greater value to the organization