With 2017 stretching out before us and a reinvigorated Oxygen team returning to work this January, keen to seize the challenges of the new year with both hands, we thought it worth taking a brief look back on the successes of 2016 as we turn to the road ahead.
Without question, this has been the most exciting year in Oxygen’s and our clients’ stories so far.
February brought a change in ownership- the strategic acquisition by Arrowgrass Capital Partners LLP and the capitalisation of the Oxygen businesses giving us the secure footing and springboard needed to invest for the longer term and enable accelerated development in what has certainly proven to be a growth marketplace.
This investment came firstly in the form of a cohort of new team members, all bringing their individual talents to the already impressive Oxygen pool- in particular the Technology and Business Development teams have seen a substantial boost, as well as our Service Management function, as we respond to our constantly growing customer base.
In the summer, we announced the next stage of our expansion, with the opening of a new HQ in the Midlands- an obvious location for a business that has clients the length and breadth of the UK that we serve on a daily basis. This base is complemented by resources based in London, Manchester and Scotland.
Having started the year with nearly a dozen clients live and transacting early payment for their and their suppliers’ mutual benefit, the demand in the market for Oxygen’s services has been exciting to see, resulting in us bringing on a similar number of new clients in 2016 alone. This has certainly cemented our position as market leader, a position which is underscored by the impressive financial results being achieved:
For those of us who’ve been with the business since we first came to market, 2016 has seen the fulfilment potential that we recognised from the start and 2017 promises to be more exciting still.
We thank our clients and partners for your help in making 2016 such a success and look forward to building on this as we press on into 2017.
Oxygen have been working hand in hand with Cumbria Council to implement and operate the Premier Supply Service (PSS) since early 2014 and the programme continues to be a great success for the council and its suppliers. The council set a target to generate an income of £400,000 in this financial year and are comfortably exceeding this. With hundreds of suppliers participating, across more than £80 million of annual spend, more suppliers are enquiring each day about signing up.
Cumbria decided that Oxygen’s solution offered the opportunity they were looking for, to support their income generation aspirations in difficult economic times and to improve their P2P processes, while offering suppliers the opportunity to receive faster payment of their invoices. In addition to early payment, participating suppliers also benefit from:
Key to such high uptake has been the support for the programme from senior council staff and the skills and resources available within Oxygen’s Supplier Onboarding team, who leveraged our suite of tried and tested sales and marketing assets to engage with suppliers by phone, email and in person. These assets included a microsite, explaining the benefits to suppliers, a video from the Chief Executive articulating the importance of the PSS and a brochure that explained in detail how the programme would mutually benefit the council and suppliers.
Click on the image below to read our new Case Study to find out what the Council and participating suppliers have to say about the programme.
On Thursday 24th November we will be travelling over to sunny Cardiff for the annual CIPFA Wales conference and dinner. The conference will be held in the Park Plaza Hotel, and you can meet us at Stand 8, to find out how the Oxygen early payment solution can generate your council an incremental new income stream in these difficult financial times.
This year we have continued to consolidate our position as the premier provider of early payment solutions to UK local authorities, which now sees us with live clients the length and breadth of the country. Meanwhile, the results being realised by Oxygen clients also continue to surpass all previous records, with our more mature clients earning £50k a month in new income.
Our live programmes have been experiencing;
Read our client case studies here or visit http://www.cipfa.org/training/cipfa-wales-annual-conference for more information on the event, and please don’t hesitate to get in touch on +44 (0)800 086 8395 for more information.
This month Oxygen attended both the Local Government Association Conference in Bournemouth for three days and the annual CIPFA conference in Manchester for two days. Both these events gave council members and officers first hand access to the Oxygen early payment specialists, who could help them to understand the scope for councils to implement the Oxygen solution.
Council members attending the LGA conference showed particular interest in the way an Oxygen early payment programme could support the council’s supply base, particularly local business rate paying firms, while simultaneously increasing the efficiency and effectiveness with which councils operate.
In contrast, Finance officers attending the CIPFA conference focussed far more on the benefits to councils from the creation of a new income stream in the form of early payment rebates, together with reducing their financial risk in the form of late payment, with the associated interest and fees- and the adverse disclosure that this will mean from February 2017.
The LGA is the biggest event in the local government calendar and regularly attracts over 1,200 delegates from the Public Sector. Oxygen have attended for the past four years and we have always found the event very beneficial, giving the team an opportunity to meet up with many of our clients as well as to showcase the excellent results we’re seeing from councils’ Oxygen programmes nationwide.
Lewis Mitchell commented “We found the LGA to be a fantastic event to network with existing and prospective customers and introduce councils to the wealth of benefits Oxygen can provide. We’re pleased to see an increase in our brand recognition, with senior council officers and members approaching us to find out more about our success with current clients. On the Wednesday evening we held a reception at the Eden bar in Bournemouth, with upwards of 50 delegates joining us to discuss accelerating payments to suppliers, while enjoying the Euro 2016 semi-final match.”
The annual CIPFA conference at the Manchester Central Convention Centre was another key event in our calendar, with over 800 public finance and accountancy professionals in attendance from across all public services. The conference provides delegates with a chance to gain in-depth insight and analysis, explore challenges and suggest solutions to the most pressing issues facing us all in the post-Brexit world.
Oxygen took a stand in the main Exhibition Hall and it gave the team the chance to meet with a large number of Local Authority Finance Directors and their teams during the two days.
Simon Whittle commented “CIPFA is one of our key partners and we’ve attended many of their events. The annual conference is on a bigger scale and it was very worthwhile for us to have a strong presence. We will certainly continue to attend future conferences as it provides us with the opportunity to meet with key contacts at existing and prospect Local Authorities from across the UK.”
Oxygen Finance are always looking at ways in which we can reduce our clients’ carbon footprints as well as our own. Our cloud based rebate solution with eInvoicing can help towards your organisation’s green credentials. With the use of eInvoicing there is less of a requirement for paper invoices which is significantly better for the environment and also saves money and time, which optimises your supply chain.
It is estimated to take 12 million trees to create the 30 billion invoices that are sent in Europe each year. Removing these paper invoices, suggests the EU, will remove three million tonnes of CO2 from the environment. Sustainability is one of the EU’s key reasons for promoting eInvoicing to all businesses across Europe and we at Oxygen are 100% backing this plan to become paperless.
The SMART 2020 Report highlighted the smart use of technology to dematerialise, replace physical processes with electronic ones, as a key way to reduce the CO2 emissions of business in general. eInvoicing is a simple and logical step in this direction.
We have already implemented eInvoicing to many of our existing clients with our cloud based rebate solution and our clients are experiencing the following benefits:
Next month is a busy month for our team, we have two of our favourite events in our calendar, the Local Government Association annual conference in Bournemouth and the CIPFA conference at Manchester Central’s International Convention Centre.
The CIPFA conference will focus on how public services need to become more commercial and productive to ensure long-term growth and regeneration, which is definitely something the Oxygen early payment solution can help with.
There will be a forum environment to hear from leading professionals, thought leaders and speakers from across the whole public sector, who will share their knowledge in a series of plenary sessions and practical insight in a programme of workshops.
We will be at Stand 36 for the duration of the conference and it would be great to meet you there for a coffee and to talk you through our tried and tested early payment solution that we’ve rolled out to leading Local Authorities nationwide, from Aberdeen to West Sussex and Croydon to South Tyneside.
Please call us on +44 (0)161 785 4658 if you are interested in arranging a meeting at the conference or email Simon.Whittle@oxygen-finance.com
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 introduction of Oxygen’s Supplier Incentive Programme which has already attracted many suppliers, with invoices approaching £30m 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 early payment programme offers a win-win for both the council and the suppliers.
Benefits to the Council
Benefits to Suppliers
Click on the Case Study below to read what senior Council Leaders and Suppliers signed up to the programme have to say about the benefits of the Supplier Incentive Programme.
One of the biggest local government conferences is fast approaching and the Oxygen team will be at stand P86 throughout. This is one of Oxygen’s favourite events in our calendar where we get to catch up with our clients and meet Councillors and Officers from other Authorities.
Since last year’s conference, our early payment solution has been rolled out still further across the UK Public Sector as councils recognise the opportunity to save money, become more efficient and contribute to their social value plans. All of which the Oxygen solution can contribute towards.
We are now working with the London Borough of Bexley, West Sussex County Council, London Borough of Hammersmith & Fulham and London Borough of Harrow, while engaging with many more. Due to this mounting interest we find ourselves working with councils up and down the country and our Oxygen team is increasing by the day to deal with this growing interest.
Not only this, but the level of supplier update continues to increase with exponential growth, in the number of suppliers seeing value in early payment with the current live programmes. Login to our Members’ Site to read our Case Studies from Barnsley, Oldham and South Tyneside Councils to see what Councils and signed suppliers have to say.
Drinks Party @ Eden Bar
We will be hosting a drinks party at 6pm on 6th July at Eden Bar after the conference closes, it will be a chance to unwind and watch the Euros semi-finals. If you would like to come along please email Katrina.Mowbray@oxygen-finance.com to confirm your attendance.
With our experience introducing e-invoicing to our clients we are well versed in the benefits that it can provide within purchase-to-pay to drive efficiencies. Join us on our next webinar to learn about the benefits of early payment and why e-invoicing implementation is a crucial element for success.
On our webinar we will be joined by John Moss, Director of Technology at Oxygen to go over:
Date – 28th April 2016
Time – 11am-11.30amSign Up
Please do let us know if you have any questions that you would like answered on the webinar by emailing Katrina.firstname.lastname@example.org
Here at Oxygen we are very pleased to be working with some very progressive and innovative Councils throughout the United Kingdom to deliver early payment programmes. We help them to save money, drive efficiencies in their purchase-to-pay, comply to late payment legislation and pay their suppliers early. A truly win-win solution.
You can watch videos from senior council leaders and sponsors of the Oxygen early payment programmes below to hear what they have to say.