Scientist.com is the world’s leading enterprise gateway marketplace for outsourced research and development. The marketplace simplifies R&D sourcing, saving time and money, reducing risk and providing access to the latest innovative tools and technologies. As a fast-growing company, Scientist.com was on the lookout for treasury technologies they felt could scale with the size of their business. After selecting Kyriba, Scientist.com was able to realize that goal and work with Kyriba as a strategic partner to streamline accounts payable and supply chain finance, as well as provide their own clients with an early payment program.
The Need for Accessible Supply Chain Finance
Funding continues to be a major issue for small and medium-sized suppliers of research services in the preclinical outsourcing sector. These companies are at an inherent disadvantage due to the 120-day payment terms set by large pharmaceutical organizations, which are often well beyond their means. As a result, these suppliers are unable to access the necessary funding that would allow them to bid for projects in competition with larger rivals, who can more easily secure financing.
Scientist.com’s Life-saving Early Payment Program
Scientist.com recognized that if an early payment option was made available to suppliers of all sizes through an SCF program, more companies would be able to focus on innovation, rather than on solely covering their operational costs. Ultimately this would drive drug discovery. Scientist.com also identified the potential for its own business to gain a new, fast-growing revenue stream by providing finance to suppliers.
Scientist.com launched SciPayTM, a working capital solution by Kyriba that features early payment options, rapid onboarding, invoice management and dynamic discounting to help fund research for any organization regardless of size. In doing so, research suppliers have access to the funding they need to bid on projects that were previously blocked due to a lack of resources.
Speeding Up the Innovation Process
The potential of scientific innovation is now greater than ever, and this is thanks to the introduction of SciPayTM. This revolutionary new technology has reduced the entire lifecycle of the procurement process by a massive 50 percent, and the source-to-settle process has been dramatically sped up by an incredible 80 percent. This means that researchers can now launch projects and expand their product lines much more efficiently and quickly than ever before. This has opened up a world of new possibilities for scientific research and development.
The innovation process has become increasingly cost-effective for buyers of research services, providing them with a greater degree of flexibility and access to a wider range of solutions. With more suppliers offering their services, buyers can now select from a larger pool of options, giving them the ability to compare prices and select the most cost-effective solution. This abundance of potential suppliers also increases competition, which helps to drive prices down, resulting in a more cost-effective solution for buyers.
$4M Early Payments to suppliers in the first six months of the program
50% Reduction of the procurement process lifecycle
95% of Payments made on time
$45.5K Revenue earned in three months
130% Increase in suppliers’ gross merchandise value
24.3% Increase in volume of purchase orders (PO) issued to suppliers 60-day reduction in payment terms
75.5% GMV average supplier gross merchandise volume (GMV) growth rate
Unifying International Operations
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