Some companies get better with time, Corcentric may be one of those. The firm manages both sides of the transaction equation with accounts receivable (AR) for thousands of suppliers through their own eMarketplace where independent fleet companies and repair depots purchase (AP) spare parts. For example, the Mercedes-Benz truck division, Daimler Truck of North America, among others, have standardized their purchasing requirements on Corcentric. In return, Mercedes receives preferred terms on pricing, financing and spare parts delivery schedules which are easily visible through the client portal. Furthermore, Daimler has reduced days sales outstanding by 59%, discrepancies by 86% and established 17.6k unique connections. In our opinion, a positive sign that the upgraded procure to pay platform, Cor360, is industrial strength, the company has gained the trust of its clients enough to expand its target audience beyond Fleet & Transportation to Food & Beverage, Healthcare & Pharmaceutical, Manufacturing & Distribution. The scope of services has widened and become more sophisticated: Source to Pay (source to contract, procurement, accounts payable, payments), Order to Cash (E-invoice presentment and payment, accounts receivable), Intelligent Applications (intelligent AP automation) and Global Invoicing (e-invoicing compliance). On an all in basis the company supports 450,000 buyers which order from 1.4 million suppliers and generate $105 billion in purchase volume annually. Organic growth and select acquisitions have proven a successful formula so far and we are excited for what is next at this efficiency driven company.
