Best practice: technology; Supply chain financing.The movement of cash and processing of commercial credit transactions in business-to-business supply chains is usually time-consuming and expensive. The Hennessey Group's experience providing finance solutions for growing businesses led us to develop technology that makes the supply chain financing process less costly and more efficient for buyers and suppliers. Normally, small to medium-sized businesses acquire working capital by leveraging bank debt, equity and trade debt, as well as using extended payment terms. However, large Original Equipment Manufacturers (OEMs) and Tier 1 buyers in the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. are increasing their leverage of trade debt, placing a larger financial burden and greater risk on their suppliers. After identifying this crucial issue, we created an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. system that streamlines and lowers the costs of financial service procedures, such as factoring, and supports the needs of supplier companies. The Hennessey Capital Solutions platform was built with several Tier 1 and Tier 2 suppliers. By utilizing our technology, businesses can effectively manage accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , inventory, tooling and accounts payable. Here's how our unique, patent-pending technology works: Our staff sets up customized, secure Web pages for each company account. For receivable financing, businesses can review what's been delivered, when they can expect to get paid under normal processing, and they have the ability to accelerate customer payments. Advance payments for receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed they elect to be paid on arrive overnight. With our technology, commercial transactions are as flexible and cost-effective as consumer-based transactions. The processing system allows for transactions to be pooled and funded similar to the way consumer-oriented credit cards, installment loans Noun 1. installment loan - a loan repaid with interest in equal periodic payments installment credit consumer credit - a line of credit extended for personal or household use loan - the temporary provision of money (usually at interest) and mortgages are financed. We process, manage risks, insure Insure can mean:
homogeneous - (Or "homogenous") Of uniform nature, similar in kind. 1. In the context of distributed systems, middleware makes heterogeneous systems appear as a homogeneous entity. For example see: interoperable network. transactions that are funded by various finance specialists: securitizations, public markets, banks, etc. The bottom line for the entire supply chain is greater efficiency, reduced risk, lower costs and increased cash flow. The Chamber will introduce a special version of this product for its members and partners. For more information, contact Ed Wolking Jr. at (313) 596-0304 or e-mail: ewolking@detroitchamber.com. Frank Hennessey is chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hennessey Capital Solutions in Huntington Woods, a member of the Detroit Regional Chamber. The company is part of the Hennessey Group. [ILLUSTRATION OMITTED] |
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