Corcentric & Apollo Tires: Driving Efficient AR Solutions
Corcentric, a global leader in payments, procurement, accounts payable and accounts receivable solutions, has announced a significant new partnership with Apollo Tires Inc.
This move marks a strategic step for Apollo Tires, as it implements Corcentric’s Managed Accounts Receivable (AR) services to enhance its focus on key growth initiatives in the US market, with plans to extend these services to Canada in the near future.
This latest agreement highlights Corcentric's growing prominence in the sector, with Apollo Tires becoming the third new client in less than three months to adopt its Managed AR services.
The trend also shows an increasing demand for efficient AR solutions, evident from recent data indicating that 60% of businesses report struggling with receivables management, leading to cash flow challenges.
In the travel and advertising industries, organisations such as CTS and LDSK have recently turned to Corcentric’s AR services, reflecting a broader shift across various sectors.
Enhancing efficiency with AR solutions
Corcentric’s AR solution provides a comprehensive remedy for the prevalent issues of bad debt, payment risks, high days sales outstanding (DSO), and overstretched teams. This service replaces these challenges with guaranteed business outcomes, aiming to enhance financial efficiency and stability.
By combining expert knowledge, specialised financial services, and sophisticated software, Corcentric effectively releases working capital that is otherwise trapped in AR ledgers. This infusion of cash enables businesses to strengthen their financial position and gain the peace of mind necessary to pursue growth initiatives.
The Managed AR service streamlines the receivables process, allowing companies to concentrate on strategic priorities rather than being encumbered by operational inefficiencies.
Corcentric’s solution not only mitigates the risks associated with delayed payments and bad debt but also optimises cash flow management. In today’s competitive business landscape, effective AR management is crucial for sustaining and accelerating growth.
The company's approach ensures that businesses can maintain liquidity, improve financial stability, and operate with greater efficiency, thereby supporting their long-term success.
“Apollo Tires has been a pillar within the international transportation market for more than 50 years, with ambitious plans to quickly grow their brand across additional continents,” says Matt Clark, President and CEO at Corcentric.
Apollo Tyres, a prominent global player in the tyre manufacturing industry, has also recently aligned its procurement strategies with its robust sustainability vision.
Central to this commitment is the Apollo Tyres Sustainable Natural Rubber Policy (ASNRP), which adheres to the 12 principles and eight policy components established by the Global Platform for Sustainable Natural Rubber (GPSNR). This policy aims to enhance sustainability in the natural rubber supply chain, ensuring that all partners comply with stringent environmental and social standards.
“As a company poised for rapid international growth, we need a partner that understands the intricacies of cross-border digital payments and the collection of receivables,” comments Laurence Bennett, AVP of Commercial Vehicles Tires at Apollo Tires.
“Corcentric offers us the technology and acumen to meet these challenges in a true ‘rubber meets the road’ fashion. Through a single portal, Corcentric will simplify guaranteed payments, ensure the accuracy of associated local taxes and improve our supplier relationships, all while helping us unlock working capital that is critical to our business expansion.”
More to come from Corcentric
“Our Managed AR services play a key role in helping them accomplish this through our payments and processing technology and expertise, replacing the tactical with strategic when it comes to everyday activities," Matt from Corcentric continues.
"With our decades-long relationships with some of the top names within the industry on the Fleet Management side of our business, we’re delighted to expand this customer segment and geographic footprint with Apollo Tires by partnering with them on our Managed AR capabilities.”
In addition to its cutting-edge procurement, payments, and finance services, Corcentric boasts more than 25 years of specialised experience in delivering a comprehensive suite of solutions tailored specifically for the transportation industry.
Its Fleet Management Solutions harness a wealth of expertise and a network of long-standing relationships with fleets, original equipment manufacturers (OEMs) and leading industry suppliers. This extensive network enables the company to offer transportation companies a range of services designed to enhance operational productivity and efficiency.
The company’s deep-rooted connections within the industry allow it to provide unparalleled support and resources, ensuring that fleet operations are optimised for maximum performance.
By leveraging these relationships, Corcentric can deliver tailored solutions that address the unique challenges faced by transportation companies, from managing fleet maintenance and reducing operational costs to improving overall service delivery.
This approach not only helps streamline processes but also drives significant improvements in operational efficiency. As a result, transportation companies can benefit from enhanced productivity and a more effective management of their fleet assets.
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