OXYGEN OVERVIEW WHAT HOW

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1 OXYGEN OVERVIEW Oxygen Finance is an innovative Supply Chain company, working with buyers and suppliers to enhance their business relationship by improving Purchase to Pay (P2P) process and invoice payment performance. WHAT Work with clients to enhance the P2P process Maximise efficiency throughout their supply chain via both technical and people driven improvements Enable our clients to accelerate payments to their suppliers and increase working capital within their supply base. HOW Our own resourcing and expertise Provide a complete end-to-end service Deliver excellence in process & change management, Invoicing (e-invoicing) and Early Payment Technology P2P know-how Early Payment Technology Resourcing Financing

2 PAYMENT PERFORMANCE & SUPPLIER INCENTIVE SCHEME South Tyneside Council has launched the Supplier Incentive Programme to improve the ordering, invoice management and payment processes for the benefit of all parties: Pay suppliers faster Reduce a supplier's cost of collection and overall financial risk Increase supplier's visibility of and confidence in early payment Combine cash-flow benefits with improved business relationships Generate new value for STC from existing transactions to re-invest in front line services Process change, supplier engagement & technology to calculate rebates Executive sponsorship 2

3 SUPPLIER BENEFITS IN DETAIL Programme benefits can be split into 4 core categories: Cashflow Faster, more predictable invoice payment Business Relationships Improved business relationships Increased visibility of payment Improved financial stability Process Efficiency Free (and simple to use) e-invoicing Expedited query resolution Increased automation / less human intervention / less chasing More time, less friction Executive contact, Named business contact, Case studies, Supplier Events Customer Satisfaction Improved visibility within STC Formal recognition of support on STC s website Play a part in supporting STC s growth agenda ambitions Dedicated and prioritised invoice processing Process enhancements to support improved order compliance and visibility 3

4 EARLY PAYMENT REBATES HOW DO THEY WORK? Invoice Date Invoice Paid # Days Invoice Date to Invoice Paid Acceleration Contracted Payment Date The Rebate is calculated dynamically based on the actual number of days each invoice is accelerated Everyday of acceleration counts: 4

5 SIP ~ PERFORMANCE TO DATE SIP operating for 3 months New suppliers continue to sign up each month and new tender evaluations / awards are coming through For the last 3 months, the average invoice acceleration where a rebate was taken was 16 days Suppliers who have joined the SIP were paid on day 14 after the invoice date E-Invoicing is now operational and being rolled out, improving payment acceleration further Feedback from suppliers on the SIP has been very positive and relationships have improved Suppliers who elected not to join the SIP - All future invoices are paid on contractual terms and not before - Will have their invoices processed to contracted term, behind those of the PSS suppliers - Will not have access to an e-invoicing solution 5

6 STC SPONSORSHIP OF THE SUPPLIER INCENTIVE SCHEME The Supplier Incentive Programme helps the Council in meeting one of its key priorities of growing the economy by helping our suppliers with their cash flow. Cllr Iain Malcolm Leader of the Council The Supplier Incentive Programme is a win-win initiative for the Council and its suppliers. It helps suppliers with their cash flow, and supports the protection of vital local government services. Cllr Ed Malcolm Lead Member for Resources and Innovation Getting the best value for the Council whilst also enabling suppliers to take advantage of early payment is a very positive development. Martin Swales Chief Executive Building positive business relationships with our suppliers is key to ensuring our procurement is efficient and effective. John Hewitt Corporate Director, Business and Resources I am very pleased to support the Supplier Incentive Programme. Stuart Reid Head of Finance 6

7 NEXT STEPS Any questions? Oxygen team are on site today For current supplier s to STC (subject to this being acceptable), confirm Agreementin-Principle to join the Supplier Incentive Scheme - Sign Up today - Agree a start date - Start transacting and receiving all the benefits of the Supplier Incentive Programme STC are committed to driving value from their improved payment efficiency in order to help protect front line services. Participation is currently voluntary, but as contracts are renewed joining will be a contractual requirement in the majority of contracts. Accordingly, participation is being incorporated into all future tender processes 7

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