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Am I using the best terms available? Am I taking all the discounts I qualify for?
It is not uncommon to have multiple terms for the same vendor. IQ runs in-depth queries and analysis of payment terms offered by your vendors. You can then make informed decisions to deliver enhanced profits supplier payment terms optimization.
Whether you’re interested in quick pay discounts or simply maximizing the “float,” our terms optimizations ensure maximum benefit.
Terms are often found at multiple levels: contract terms, master vendor terms, PO terms, invoice terms and payment terms. They can all be different creating opportunities. We sort through all terms and identify the most favorable options for you with our supplier payment terms optimization strategy.
Taking all available discounts can represent significant savings and make more sense financially, than holding off on your payment.
For example, if your organization makes $1 billion in supplier payments each year and 25% of those payments are eligible for 1% discount, this translates into $2,500,000 in available discounts.
Apply the optimal discount and calculate the potential savings earned but not taken.
OR
Apply the optimal float and calculate the potential savings when maximizing the days to pay.
Our organization places a priority on having the right payment term for each supplier. We’re insistent with new suppliers but have never had a way to identify terms opportunities with our current supplier base. IBIS™ helps us identify these opportunities and then keeps our payment terms in line. This new visibility and analysis have saved our company millions of dollars.
Working for Illumis for 21 years, Brush has been instrumental in the growth of the company. Brush served as Vice President at Illumis before stepping into the role of President / CEO and has been involved in all aspects of the company’s business throughout his career.
Brush’s approach to his role centers on the motto of Illumis, Bright Ideas for Better Profits. Known for his loyalty, team building, and tough but fair expectations, he empowers employees to deliver, therefore fostering a company culture that ensures customers can count on people.