PrimeRevenue Congratulates Customers Genuine Parts Company and Boston Scientific on their 2022 Alexander Hamilton Award Wins
By 4 minute read• Published June 29, 2022 •
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.
PrimeRevenue’s supply chain finance solutions help organizations in 90+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue’s diverse multi-funder platform processes more than USD 300 billion in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/
Founded in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. The Company’s Automotive Parts Group distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the United Kingdom, Ireland, Germany, Poland, the Netherlands and Belgium. The Company’s Industrial Parts Group distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the Company serves its global customers from an extensive network of more than 10,000 locations in 15 countries. Genuine Parts Company had 2020 revenues of $16.5 billion. Further information is available at www.genpt.com.
Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 40 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.
Genuine Parts Company Media Contact:
Senior Director, Strategic Communications