Supplier Incentive Programme – Oxygen Finance working with South Tyneside Council
Posted on 5th April, 2018
South Tyneside Council spends more than £125m every year with over 3,000 suppliers who help the Council to provide a wide range of key services – from school and library materials and health and wellbeing services to highways maintenance and waste disposal.
One of the ways the Council is working to ensure best value for money is through the Supplier Incentive Programme – an early payment scheme – which has already attracted many suppliers, with invoices approaching £40m signed up to receive early payment in the first year.
The initiative represents a new level of collaboration between the Council and its supply chain, providing mutual benefits for both the Council and businesses, with suppliers having their invoices fast tracked in exchange for a small rebate.
The Supplier Incentive Programme forms part of the Council’s new Procurement Strategy 2016- 21, which aims to ensure its spending on goods and services gives value for money for Borough residents through efficient and effective buying practices.