In last week’s webinar, Ron New, VP Finance, and Gary Silsbe, Director of Finance Operations, of TELUS told their story of how they transformed their Payables Department Into a Revenue Generator.
Before implementing a dynamic discounting, supplier self-services and eInvoicing solution, TELUS faced many challenges in their financial supply chain. First, their 2/10 net 45 payment terms only captured discounts from a small portion of their suppliers. Second, invoice processing was both costly and time consuming for both TELUS, and their suppliers. Finally, answering telephone inquiries and requests from vendors took a large portion of the department’s day, leaving them little time for strategic initiatives.
Questions from the audience:
- What is the reaction from vendors to launching a supplier portal?
- Can you group suppliers based on their financial situation to have the same APR and liquidity threshold?
- What if a company does not have cash to fund a vendor portal and early payment discounting program?
Watch the full webinar to learn the answers to these questions and to discover:
- What key points to include in a portal policy that will result in stronger supplier relationships and higher portal usage
- Which department needs involvement at the beginning through the end of implementation
- How to strategically set goals and which metrics matter most in a revenue generating Payables Department