“Jubilant FoodWorks has been partnering with Priority Vendor for the last 3 years and are extremely pleased with the results of the programs. Priority Vendor’s dynamic discounting solution helps suppliers to get paid earlier than usual on their receivables by giving a cash discount on approved invoices. This allows suppliers to access liquidity in a seamless way, as and when they need it.
Until earlier this year, Jubilant Foodworks used to run an early payment option once a week for its suppliers. Based on the success of the program and the feedback from our suppliers, we extended this to a wider base of suppliers and now run the event daily. Moreover, we have configured the program such that suppliers are able to get paid on the SAME DAY they give discounts! The same day payment option has seen excellent acceptance from our suppliers. The volume of discounting has increased substantially in the first half of 2018 compared to the previous year both in terms of value and no of participating vendors.
From a supplier’s perspective, the certainty of getting paid on the same day as they give the discount is a big pull to discount their receivables and takes away the uncertainty of any payment delay. From our perspective, we have been able to support our supplier's requirement for easy access to working capital and generate additional savings by way of the cash discounts.
By investing in our own supply chain, Priority Vendor has helped us increase returns and save costs. We recommend their solution highly and wish them the very best of luck in their future endeavors!”
Dabur has partnered with Priority Vendor for more than couple of years now to run a very successful early payment program for its vendors. The program covers all raw material and packaging material vendors and allows them to accelerate their receivables payment in a completely digital manner. The cash discounts given by the suppliers for receiving the early payment has helped Dabur generate additional savings in a risk-free manner thereby improving margins.
Priority Vendor’s Supplier Engagement team takes care of any queries the suppliers may have and ensures that the suppliers are able to use the product in a seamless manner. As a result, the acceptance of the program has been strong and it has only increased over time. The positive feedback from the suppliers has helped us strengthen our existing relationships.
Given that the solution is agnostic to type of suppliers, we are currently in the process of rolling it out for our contract manufacturers and advertising partners. Priority Vendor’s team has been working closely with our supply chain and finance teams to roll out the next stage of our engagement. We wish Priority Vendor all the success and hope to see more such innovative solutions from them.
Priority Vendor is our trusted partner in facilitating early payment solution for our vendors in fully automated manner. We have been working with Priority Vendor for close to three years now and are extremely satisfied with our partnership. The Priority Vendor program has developed over the years and runs on a daily basis currently.
This has become a great support for our suppliers when in need of immediate working capital, with no documentation involved. The strong feedback from our vendors and internal stakeholders has prompted us to take the solution to geographies outside India as well.
We would like to wish the highly motivated Priority Vendor team to scale greater heights of success and build more such seamless products to streamline the supply chain of businesses globally.
Our partnership with Priority Vendor for early payment solution has been a great support for our vendor network. By supporting our vendors’ working capital requirements through accelerated payment of dues, not only have we able to strengthen our existing relationships with the vendors but also benefitted in the form of cash discounts voluntarily offered by the vendors for the early payment.
The key enablers for this program have been the continued personal engagement with the vendors to identify their working capital challenges and offer bespoke cash discounts generated through their proprietary machine learning and AI driven algorithm. The level of engagement with the suppliers is best in class. They use their expertise in the Financial Markets and the fund requirement of each business sector to get the new suppliers on board and retain the existing suppliers with best suitable bid. In addition, Priority Vendor has a agile team to respond to changing business environment and provide ERP integrated technological solutions to create a win-win proposition for us as well as our suppliers.
We are extremely pleased with the continued success of this program over the years and look forward to widening the scope of the program to support more vendors.