Competition for the SCF Awards Gold Award was hotter than ever this year but Siemens found itself ahead of the field. The company first established its supply chain finance programme in 2008, since when it has grown to include over 3,000 suppliers in more than 20 countries covering 13 different currencies.
Siemens was one of six organisations short-listed for the Gold Award, the others being: Sweden’s ICA Gruppen, the UK government Crown Commercial Service, South Africa’s Dis-Chem Pharmacies, Dutch group Philips and Switzerland’s Kuehne + Nagel.
The judges said of Siemens’ SCF programme: “A very successful programme with a solid track record and an impressive number of suppliers onboarded. With the size of the company there is a high level of complexity.”
The judging panel was also impressed by the way that Siemens’ early payment facility was made available to companies with spend volume as small as €100,000.
Also noteworthy was how the multi-bank facility had proved to be robust even during the 2011 euro crisis, when some finance providers were unable to offer finance at commercial rates.
Siemens joins Metso Corporation and Vodafone on the Roll of Honour of Gold Award winners.