The UK's fifth ranked supermarket by market share is leading the way in setting payment standards by reducing the time it takes to pay its small suppliers.
From September 11th, the German retailer Aldi will reduce the time it takes for small suppliers to be paid, to just 14 days. With the market average at around 62 days, Aldi is setting the standard and other companies will need to keep up with this level of cash flow movement.
This commitment will go a long way to support their supply base and ease the cost pressures that smaller businesses in particular may be feeling, and should leave their competitors questioning some of their own processes and standards. Read the full story, as reported by the Irish Times, here.
So, how can you get ahead of the supply chain game? Whether it’s finance looking to automate processes such as remittance processing, invoice payments, invoice disputes, claims or deductions, or customer service and sales looking to automate their sales order processing, quotation validation, order amendments or container optimisation, companies need to be looking at ways of running their businesses and supply chains faster and more efficiently.