The chaotic economy of the past few years has spurred big businesses to stash their cash. Yet with interest rates at rock bottom, that cash is likely to collect more dust than earnings. Fortunately, more companies are discovering that Dynamic Discounting can deliver a greater return and benefit suppliers who are eager for faster payments to reinvest in their businesses.
Drew Hofler has evangelized Dynamic Discounting for years, educating companies on how it can deliver a return on investment within a matter of weeks. He is leading two breakout sessions at Ariba LIVE in Washington, D.C.:
- Supercharge your Ariba Investment with Dynamic Discounting and Value Engineering!
- Lessons Learned from a successful & mature global e-Invoicing Program
I talked with Drew about what Ariba LIVE attendees can expect to learn from his breakout sessions at the conference.
Drew, what business trend is having the greatest impact on companies today?
In two words – business networks. Suppliers need cash flow to cover costs, payroll and reinvest for growth. Yet big companies who buy are sitting on their cash. Business networks enable both suppliers and buyers to connect and collaborate directly to drive quicker cash flow. Suppliers get better visibility into the buyers’ payment cycle to track payout for their invoices. Buyers can see which suppliers are willing to offer a discount on invoices for a quicker payment. And they can do all of this without involving traditional third-party players, such as banks.
What “must know” practices will attendees learn from your sessions?
Attendees will hear how dynamic discounting can fuel transformative initiatives by accelerating ROI. Ariba has worked with companies who have captured savings in a matter of weeks – and these savings are continuous. The results demonstrate immediate ROI to executives and can be used to fund transformative initiatives. One company was able to fund their three-year Ariba contract with the savings gained through their dynamic discounting program.
We’ll also talk about how to utilize managed services to quickly deploy a dynamic discounting program. Ariba’s Working Capital Services team works directly with a company’s suppliers to educate them about dynamic discounting and on-board them into the program. This allows companies to focus on their core business while gaining the benefits of a rapidly deployed solution.
Joining me during the breakout sessions are Ariba customers UPS, AXA, ONEOK and John Wylie, who will each share their insights and experiences about using dynamic discounting.
As a dynamic discounting guru, has your skill for discovering savings led you to extreme couponing or other “savings” hobbies?
No – but I applaud anyone who masters the art of getting a good deal.
Be sure to add Drew’s sessions to your Ariba LIVE agenda. To learn more about Drew’s views on dynamic discounting and working capital management, read his postings at The Networked Economy blog.
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