OB10’s US success points to further growth in supplier networks
OB10 operation in the United States, OB10 have just posted record revenues in their financial year just closed. Figures for year ending April 30, 2013 show revenues generated from new buyer customers increased by 56% and the number of new suppliers on the network increased by 46% over the previous year. OB10 believe that the rise in new buyers and suppliers demonstrates that US corporations continue to seek efficiencies, streamline business processes, and improve their use of cash. That hardly surprising. We think that it’s further evidence to support the view that e-invoicing is becoming embedded proven best practice in P2P.
In OB10’s press release they point to the recent Forrester Research Predictions report on the e-Purchasing software market. Published in May, it predicts that supplier networks will continue to be one of the fastest-growing sectors. Vice President and Principal Analyst, Andy Bartels claims that “CIOs should encourage business adoption of supplier networks, as they provide a more efficient way of connecting buyers with suppliers than direct connections between trading partners that IT has to maintain.”
Since launching OB10, Inc. in 2002, the company has established a formidable presence in the US e-Invoicing market, representing over a third of the company’s total revenue. “We have invested heavily in the US market over the past decade,” said Paul Frederick, President, OB10, Inc. “In addition to welcoming new customers, we continue to sign agreements with the leading global business process outsourcing providers and technology innovators who share our view that the e-Invoicing market has reached an exciting inflexion point.
“Beyond process efficiency and environmental responsibility, we are proud of our ability to deliver and commit to improving business outcomes. We are especially proud of the effects our services have on the economy at large as faster, more accurate payments improve the health of suppliers, large and small, through improved cash flow.”