Collections visibility, faster access to cash and no transaction fees seen driving 80+ percent participation rates in supplier network
Pleasanton, CA — September 27, 2005 — Order-to-pay software company Xign Corporation is reporting record participation rates in its shared supplier network, pointing to 80-plus percent participation rates among suppliers targeted for enrollment in the network.
Xign operates an electronic settlement networks for business-to-business commerce, with more than 25,000 suppliers, more than $60 billion in transactions processed and Fortune 1000 customers in industries such as automotive and equipment rental, insurance, telecommunications, retail, consumer packaged goods (CPG), pharmaceutical and healthcare.
The solution provider said that its ability to provide value to suppliers, including facilitating collections and improving cash management, remains key to the network's expansion.
"The collections forecasting feature in the Xign supplier portal has really improved the way we manage incoming cash," said Pam Acosta, inventory and revenue representative at Nokia, a supplier signed up for the Xign network. "In addition, Xign's ability to provide detailed remittance information allows us to post payments promptly across different business units."
Donald Lasley, vice president of operations for another Xign supplier, Rosario Phillip Technology, a telecommunications services company based in Tampa, Fla., called the Xign Web application "easy to use and mistake-proof." "With Xign, we know the status of every invoice and payment," said Lasley. "The system is a 100 percent improvement over our previous process. I wish all of our customers would use the Xign service."
According to Xign, suppliers are also using the network to accelerate payments from participating disbursers. During the second quarter of 2005, suppliers participating in accelerated payment programs averaged a 15-day reduction in days sales outstanding, or DSO, which is an important financial indicator showing the age in days of a company's accounts receivable and the average time it takes to turn the receivables into cash.
"Having the ability to accelerate payments on demand is a great feature of the Xign service that helps us maintain a steady cash flow," said Alan F. Brookes, chief financial officer at Xign supplier Trayer Engineering of San Francisco. "In addition, the visibility into invoice and payment status that the Xign service provides is very useful. It gives us the ability to look into a customer's [accounts payable (AP)] records ourselves, so we know the exact date when we will be paid."
Xign said it provides an on-demand service for managing the electronic transmission of purchase orders, invoices and payments across the Internet. Unlike EDI and other fee-based networks, Xign said its service delivers value to suppliers, including real-time transaction visibility, delivery of detailed remittance information with every electronic payment, no transaction fees and the opportunity to get paid faster.
In addition, the Xign service features multiple invoice submission options, including electronic file, purchase order "flip" and a simple Web form, so that any supplier, regardless of size or level of technical sophistication, can use Xign for electronic settlement.
Buyers, Xign said, rely on the network to compress and streamline the settlement cycle, reducing processing costs and maximizing additional savings from prompt pay discounts. As a hosted application, Xign can be deployed quickly and requires virtually no maintenance. All that's required for operation is a personal computer and an Internet connection.
"Suppliers are flocking to Xign for a simple reason: we help them get paid," said Linda Piazza, Xign director of supplier services. "The Xign service lets suppliers access payment status from a Web browser and accelerate payments on-demand, with no transaction fees. It's a compelling value proposition that appeals to suppliers of all sizes."
Additional Articles of Interest
— For more information on the current state of the payment solutions market, see the article "The Analyst Corner: Payment" in the December 2004/January 2005 issue of Supply & Demand Chain Executive.
— P-cards continue to advance, and e-payables solutions are making headway, but the convergence of the financial and physical supply chains is still a work in progress. Read more in "Enabling the Financial Supply and Demand Chain," in the April/May 2005 issue of Supply & Demand Chain Executive.
— A survey of consumer healthcare decision-makers shows opportunities for manufacturers to gain competitive advantage by focusing on some key points in their supply chains. Read more in the SDCExec.com In Depth article "Leveraging the Supply Chain for Competitive Advantage."
Pleasanton, CA — September 27, 2005 — Order-to-pay software company Xign Corporation is reporting record participation rates in its shared supplier network, pointing to 80-plus percent participation rates among suppliers targeted for enrollment in the network.
Xign operates an electronic settlement networks for business-to-business commerce, with more than 25,000 suppliers, more than $60 billion in transactions processed and Fortune 1000 customers in industries such as automotive and equipment rental, insurance, telecommunications, retail, consumer packaged goods (CPG), pharmaceutical and healthcare.
The solution provider said that its ability to provide value to suppliers, including facilitating collections and improving cash management, remains key to the network's expansion.
"The collections forecasting feature in the Xign supplier portal has really improved the way we manage incoming cash," said Pam Acosta, inventory and revenue representative at Nokia, a supplier signed up for the Xign network. "In addition, Xign's ability to provide detailed remittance information allows us to post payments promptly across different business units."
Donald Lasley, vice president of operations for another Xign supplier, Rosario Phillip Technology, a telecommunications services company based in Tampa, Fla., called the Xign Web application "easy to use and mistake-proof." "With Xign, we know the status of every invoice and payment," said Lasley. "The system is a 100 percent improvement over our previous process. I wish all of our customers would use the Xign service."
According to Xign, suppliers are also using the network to accelerate payments from participating disbursers. During the second quarter of 2005, suppliers participating in accelerated payment programs averaged a 15-day reduction in days sales outstanding, or DSO, which is an important financial indicator showing the age in days of a company's accounts receivable and the average time it takes to turn the receivables into cash.
"Having the ability to accelerate payments on demand is a great feature of the Xign service that helps us maintain a steady cash flow," said Alan F. Brookes, chief financial officer at Xign supplier Trayer Engineering of San Francisco. "In addition, the visibility into invoice and payment status that the Xign service provides is very useful. It gives us the ability to look into a customer's [accounts payable (AP)] records ourselves, so we know the exact date when we will be paid."
Xign said it provides an on-demand service for managing the electronic transmission of purchase orders, invoices and payments across the Internet. Unlike EDI and other fee-based networks, Xign said its service delivers value to suppliers, including real-time transaction visibility, delivery of detailed remittance information with every electronic payment, no transaction fees and the opportunity to get paid faster.
In addition, the Xign service features multiple invoice submission options, including electronic file, purchase order "flip" and a simple Web form, so that any supplier, regardless of size or level of technical sophistication, can use Xign for electronic settlement.
Buyers, Xign said, rely on the network to compress and streamline the settlement cycle, reducing processing costs and maximizing additional savings from prompt pay discounts. As a hosted application, Xign can be deployed quickly and requires virtually no maintenance. All that's required for operation is a personal computer and an Internet connection.
"Suppliers are flocking to Xign for a simple reason: we help them get paid," said Linda Piazza, Xign director of supplier services. "The Xign service lets suppliers access payment status from a Web browser and accelerate payments on-demand, with no transaction fees. It's a compelling value proposition that appeals to suppliers of all sizes."
Additional Articles of Interest
— For more information on the current state of the payment solutions market, see the article "The Analyst Corner: Payment" in the December 2004/January 2005 issue of Supply & Demand Chain Executive.
— P-cards continue to advance, and e-payables solutions are making headway, but the convergence of the financial and physical supply chains is still a work in progress. Read more in "Enabling the Financial Supply and Demand Chain," in the April/May 2005 issue of Supply & Demand Chain Executive.
— A survey of consumer healthcare decision-makers shows opportunities for manufacturers to gain competitive advantage by focusing on some key points in their supply chains. Read more in the SDCExec.com In Depth article "Leveraging the Supply Chain for Competitive Advantage."
- More articles about Xign.
