Stimulus Inc. and NOWCorp Partner to Ensure Supplier Success: A Deep Dive into the Future of the Supply Chain
On Friday, April 21, 2023, Tiffanie Stanard, Founder and CEO of Stimulus Inc., joined Lara Hodgson, Co-Founder, President, and CEO of NOWCorp, in a groundbreaking event that shed light on the future of the supply chain industry. With an emphasis on data, partnerships, and empowering small suppliers, this LinkedIn Live event provided valuable insights into strategies for supplier success. Stanard and Hodgson shared their expertise and discussed the importance of revolutionizing the supply chain market to uplift businesses of all sizes. Below are some of the main topics and highlights discussed during this highly engaging live event.
Data-Driven Relationship Intelligence
During the event, Tiffanie Stanard highlighted the unique approach of Stimulus Inc., which combines data insights, relationship-building tools, and a proprietary score to optimize and grow supplier networks. Stanard emphasized that their platform addresses a gap in the industry, providing buyers with the necessary information to make informed purchasing decisions. By gathering data from multiple sources and fostering better relationships, Stimulus enables companies to build a more diverse and resilient supply chain.
As Stanard explained, “We gather data from publicly available sources, to the integrations that we do, to the buyers that are putting suppliers on the platform, and then the suppliers themselves to make sure everyone has the most accurate updated information so they can build a better relationship.”
The Power of Timely Payments
Lara Hodgson, representing NOWCorp, stressed the importance of addressing the challenges faced by small suppliers regarding timely payments. She emphasized that instead of relying on traditional finance methods, the focus should be ensuring suppliers get paid on time. By shifting the paradigm and stopping the practice of suppliers acting as free banks for their customers, small businesses can scale and thrive.
In regards to this topic, Hodgson shared, “If we’re going to help small and largely under-resourced businesses scale, we have to solve it not with the old fashioned finance, lending, etc. But we have to allow people to get paid on time and stop being a free bank to their customers.”
Partnership for Supplier Success
The partnership between Stimulus and NOWCorp stems from a shared understanding of the struggles faced by suppliers. Both Stanard and Hodgson have experienced the supplier’s journey firsthand, giving them unique insights into the needs of these businesses. The emphasis on building and combining relationships with tools and technology creates a supportive environment that empowers suppliers to secure repeat orders and foster growth.
“I used to sit around thinking that big companies must spend time every day thinking how they can stick it to small suppliers just a little bit more, but they really don’t. They’re trying to manage their cash because Wall Street requires that, and the best way to manage cash is not to give it away very quickly, right, just hold on to it. So what I’m so excited about and working with Tiffanie and Stimulus is we both understand inherently what that supplier is living through, right? We’ve both been there. We’ve experienced it from both sides,” Hodgson exclaimed. “And if you can enable folks coming from a place of ‘I’ve been there,’ it’s a completely different conversation than somebody who’s theoretically telling it, you know, sitting at a bank telling you you should do something. And so I love the fact that there’s a focus on relationships, and I love the fact that we can combine that focus on relationships with helping these businesses be in a position to get the 10th order.”
Enabling Success Through Relationships
One key aspect that emerged from the event was the focus on relationships. Both Stanard and Hodgson acknowledged the challenges faced by suppliers, particularly in managing cash flow. The understanding and empathy they bring, having experienced those challenges themselves, enable them to provide valuable guidance and support to small suppliers. By prioritizing relationships and providing the right tools, Stanard and Hodgson are reshaping the supplier landscape.
The Role of Women in Reshaping the Industry
In her speech on how fintech is femme, Lara Hodgson highlighted the critical role women could play in reshaping the B2B and supply chain industry through technology. By leveraging their unique perspectives and experiences, women can drive innovation and create a more inclusive and equitable industry. This topic was also discussed during the live event between these two female powerhouses looking to make a difference in the world of business and supply chain management.
This engaging and enlightening event featuring Tiffanie Stanard of Stimulus Inc. and Lara Hodgson of NOWCorp showcased the importance of data, partnerships, and relationships in ensuring supplier success. With their combined expertise and understanding of the challenges faced by suppliers, Stanard and Hodgson are leading the way in revolutionizing the supply chain industry. By providing data-driven insights, empowering small suppliers, and creating a supportive ecosystem, they are driving positive change and paving the way for a future where businesses of all sizes thrive in the supply chain market.
To hear more of this informative event and see some of the insights both women have to share, check out the full event here.