During a time of falling commodity prices, businesses in the resources sectors needed to be creative and employ alternative and responsible methods to hit financial targets, not least creating strategies to control the effect of spend. 

Rio Tinto’s procurement team developed a Global Working Capital Improvement Program to release cash and close the gap between forecast and actual results in just 3 months. This initiative relied on stakeholder engagement across multiple functions and resulted in rapid and sustainable working benefits, traceable and visible to key stakeholders.

By developing the capability to align internal targets and measures with procurement-led supplier management activities, the team was able to create a cohesive plan to influence the bottom-line and integrate with broader supplier strategies.

In this webinar, we welcome Melinda Meservy, Lead Manager-Global Recovery Program at Rio Tinto and Alex Saric, Global Vice President, Marketing, SAP Deutschland to discuss Rio Tinto's Awards Finalist entry to the Procurement Excellence category at the Procurement Leaders Awards 2015.

You will discover:

• Governance and Analytics: Learn how Rio Tinto's procurement team aligned with the global business to identify opportunities to improve cash flow through careful analysis of working capital
• Collaboration and SRM: How Rio Tinto worked closely with their suppliers to create fair and sustainable payment terms, including identifying ‘exceptions’ that require more frequent payment due to harsh penalties
• Creating a global industry benchmark: Discover how these changes allowed Rio Tinto to create a global benchmark for payment run schedules for other global mining companies.
• Recognition: Why the Procurement Leaders Awards are a benchmark for superiority in the Procurement Excellence category.

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