PrimeRevenue-Led Program Wins Gold Award and Best Use of Supply Chain Finance at the 2023 Working Capital Awards.
ATLANTA, Nov. 29, 2023 /PRNewswire-PRWeb/ -- PrimeRevenue, the leading provider of working capital financial technology solutions, is pleased to announce that PrimeRevenue customer Otto Group, one of the world's largest e-commerce retailers, took home two major prizes at the 2023 Working Capital Awards.
Otto Group earned the night's most coveted prize—the Gold Award—along with the top spot in the category of Best Use of Supply Chain Finance. Both awards were won in recognition of the achievements made by the e-commerce retailer's PrimeRevenue-led supply chain finance program.
In an article titled Otto Group leads the pack in Working Capital Awards, the Working Capital Awards website states: "Otto Group took away this year's Gold Award for a working capital programme that impressed judges on nearly every level. The German e-commerce company demonstrated creativity and commitment to its supplier base as it navigated a challenging regulatory environment to extend its SCF programme to Bangladesh, where it won 100% supplier buy-in. The programme also won Otto the Best Use of Supply Chain Finance award."
Through economic uncertainty and volatility, PrimeRevenue has helped Otto Group improve cash flow management, optimize working capital and tackle regulatory challenges. A crucial factor for success has been PrimeRevenue's ability to help Otto Group overcome the regulatory hurdles which are present in the Bangladeshi business landscape. The program has proven instrumental for Otto Group and its suppliers, allowing all parties to move swiftly towards sustained growth and a strengthened supply chain.
"This is an excellent example of a well-engineered, scalable working capital programme developed for a challenging regulatory environment and showing exemplary cross-disciplinary buy-in from all stakeholders," said Mike Hewitt, CEO of Working Capital Forum, in a published statement.
Founded in Germany in 1949, today the Otto Group is a globally active retail and services group with around 41,000 employees in 30 major company groups primarily active in the economic regions of Germany, the rest of Europe and the United States.
The awards were announced at a reception held at the Sofitel Grand Hotel in central Amsterdam on November 27, the evening before Working Capital Forum Europe.
Read more about Otto Group's Gold Award win here, and its Best Use of Supply Chain Award win here.
About PrimeRevenue
PrimeRevenue's supply chain finance solutions help organizations in 90+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue's diverse multi-funder platform processes more than USD$300 billion in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.
Media Contact
Alex Kofsky, PrimeRevenue, 1 3017751851, [email protected], https://primerevenue.com/
SOURCE PrimeRevenue
Share this article