Joe Payne, Senior Vice President of Source-to-Pay for Corcentric, is a sourcing and procurement expert. He has spent his entire career working with many different companies, ranging from mid-sized and large companies to the Fortune 100, to optimize their sourcing and procurement strategies. As a strategic sourcing consultant, he has worked to identify a company’s unique sourcing needs, identify optimal areas for improvement, and ensure a tailored approach that drives performance improvement.
From this author
The global COVID-19 pandemic put supply chain management and procurement in a very bright and positive spotlight for keeping life moving as normal as possible during all the shutdowns, disruption and general uncertainty.
It also highlighted that business and supply chain disruption are ongoing facts of life – such as ongoing extreme weather events globally and a megaship blocking the Suez Canal for weeks, to name just two. And the impacts created a snowball effect on other...
All organizations are interested in improving their working capital. One popular method of doing this is through the reevaluation of supplier payment terms. There are clear benefits to paying invoices later – for the organization requesting the extensions.
The practice may be less beneficial to the suppliers involved, depending on how the process is enacted. Extending payment terms essentially kicks the payment can down the road. What’s good for...