Best practice: technology; Supply chain financing.

Author:Hennessey, Frank
Position:Technology CENTRAL - Hennessee Group L.L.C.
 
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The movement of cash and processing of commercial credit transactions in business-to-business supply chains is usually time-consuming and expensive. The Hennessey Group's experience providing finance solutions for growing businesses led us to develop technology that makes the supply chain financing process less costly and more efficient for buyers and suppliers.

Normally, small to medium-sized businesses acquire working capital by leveraging bank debt, equity and trade debt, as well as using extended payment terms. However, large Original Equipment Manufacturers (OEMs) and Tier 1 buyers in the automotive industry are increasing their leverage of trade debt, placing a larger financial burden and greater risk on their suppliers.

After identifying this crucial issue, we created an automated system that streamlines and lowers the costs of financial service procedures, such as factoring, and supports the needs of supplier companies. The Hennessey Capital Solutions platform was built with several Tier 1 and Tier 2 suppliers. By utilizing our technology, businesses can effectively manage accounts receivable, inventory, tooling and accounts payable.

Here's how our unique, patent-pending technology works: Our staff sets up customized, secure Web pages for each company account. For receivable financing, businesses can review what's been delivered, when they can expect to get paid under...

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