Hubwoo Recognized with 2013 Supply & Demand Chain Executive 100 Award Company awarded in the category "100 Great Supply Chain Projects" for their procurement and accounts payable transformation project with CONSOL Energy
PARIS, June 18, 2013 /PRNewswire/ -- Hubwoo (Euronext: HBW.NX), a leading collaborative business network provider, today announced that it has been recognized by Supply & Demand Chain Executive as one of the 2013 Supply & Demand Chain Executive 100. The company was awarded in the category of "100 Great Supply Chain Projects."
Supply & Demand Chain Executive said: Hubwoo's "inclusion in this year's '100' list recognizes their leadership as a solution and service provider in assisting the Supply Chain function and supply chain executives at their customers' position attain supply chain excellence."
The award winning procurement and payables transformation project was with Fortune 500 company CONSOL Energy. The transformation project was initiated in order to address decentralized processes and drive efficiencies into both the procurement and accounts payable processes.
With The Business Network by Hubwoo, specifically Catalog Manager, Search and Match & Approve modules, CONSOL Energy began the project which aimed to achieve cost containment, spend under management and more efficient processes with a goal to exceed a target of $25m in savings and ROI in three years in 2008. At the beginning of the project, CONSOL Energy was faced with a number of challenges regarding their source to pay process including: multiple system solutions, high transactional volumes, highly paper-based processes, limited supplier collaboration and minimal spend control leading to high levels of maverick spend. Looking beyond traditional cost savings models, they successfully achieved all three of their goals: cost containment, spend under management and more efficient processes by leveraging The Business Network technology to achieve best in class invoice match rates of 96%, enabling early payment discounts, re-applying their back-end resources to more strategic efforts and eliminating off-contract purchases, all while multiplying their ROI and doubling their number of invoices through acquisitions.
Now, five years on, CONSOL Energy has more than doubled their targeted ROI and cost savings through their eProcurement software and The Business Network by Hubwoo and are continuing to see sustainable cost and efficiency savings. Through Hubwoo's Match & Approve capability -- which applies conditional rules at the beginning of the process, meaning invoices are received accurately -- CONSOL Energy was able to achieve a first time invoice match rate of 96%. The company also saved a substantial amount of money last year in early pay discounts, which were made possible by having the bulk of their invoices approved right away with invoices ready at the beginning of the payment terms.
Darryl Husenits, Vice President, Materials and Supply Chain Management,CONSOL Energy commented: "Hubwoo's technology model, flexibility, and ability to work with CONSOL Energy to address our business needs helped us to exceed our goal of a $25 million return on investment and in under 3 years."
Rinus Strydom, SVP Solutions and CMO of Hubwoo said: "We are proud of this award and the best-in-class results that Hubwoo's customers have achieved. The Business Network is a new paradigm in B2B commerce by leveraging the power of networks and the power of online collaboration to impact core business results."
About Hubwoo (www.hubwoo.com)
Hubwoo delivers a step change in value to procurement, accounts payable and sales processes, increasing spend compliance and invoice automation. Powered by the worlds' busiest open and collaborative business network, Hubwoo connects companies to enable more productive B2B commerce. Through The Business Network, Hubwoo is equally focused on buyer and seller value, helping companies buy, sell and pay smarter. The Business Network drives value for organizations by connecting them to over one million active businesses around the globe. Significant customers include BASF, Honeywell, Shell, Evonik, EDF, Nokia, Monsanto, Nationwide, Michelin, Henkel, Statoil, CONSOL Energy, EcoPetrol, Campbell's, Burton's Foods, and The Dow Chemical Company. Hubwoo's global partnerships include Microsoft, IBM, and Dun & Bradstreet.
Hubwoo has major operations in Paris, Houston, Chicago, Bonn, London, Manila, and Leuven, and is listed in Compartment C on the Euronext Paris Eurolist.
ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP