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Most companies have some level of traditional early pay discounts built into some of their contracts (i.e. 2/15 net 45). But those discounts typically cover less than 5% of their supplier base. And due to inefficient, paper-based invoice processing, according to Aberdeen, the Hackett group, and what we have seen in our customers, most companies capture at the most only half of those discounts because they can’t approve the invoice in time. By implementing eInvoicing, our customers are able to get invoices approved in 2-3 days or less, and so are able to double their discount savings simply by removing the inefficiencies from the process. Essentially picking up money previously left on the table. But beyond that, best practice companies are able to increase their savings by capturing new discounts through Dynamic Discounting. Utilizing Ariba’s Discount Pro product, our customer are able to give their suppliers visibility into the opportunity for accelerated cash flow through the Ariba Network’s cash flow portal, so that those suppliers can take advantage of Ad-hoc early payment (or discounts given on invoices sometimes, as needed), and Automatic early payment (or discounts given always, automatically as soon as the invoice is approved). Ariba helps you maximize discount capture in three ways: 1st we help you capture pre-negotiated discounts by automating your invoice process and eliminating paper. 2nd we offer suppliers dynamic discounting, which aligns their need for cash with your cash use and savings objectives. And 3rd, we expand the savings pie even by connecting you to nearly 1 million suppliers in the Ariba Network, many of whom you are already doing business with. For the other targeted suppliers, Ariba has the largest team of professionals dedicated to targeting, onboarding, and supporting suppliers. This effort is often underestimated by companies who choose to attempt this on their own. Ariba also assigns a customer management executive who helps measure your success against the stated objectives for continues performance measurement and program adjustments. The result is an increase of 3x-5x in your early payment discount savings, earning you an APR of anywhere from 10-36% while providing needed liquidity to your suppliers…a much better use of cash that sitting in a short term liquidity fund earning next to nothing.
At ONEOK and ONEOK Partners:We have assets that fit and work together.. connecting prolific supply basins to key marketsA track record of… and commitment to… disciplined growth… in and around our operating footprint… which now includes approximately $3 billion of investments planned through 2014… and a $1 billion-plus backlog of unannounced projects.And a proven ability to create value for our investors and customers…
The diversity of our business segments provides us with both stability and opportunity:ONEOK Partners provides non-discretionary services to producers, processors and customers… generating predominately fee-based earnings… and significant cash to ONEOK.The distribution segment adds value by generating cash and anchoring our investment-grade credit rating… Execution of rate strategies over the last few years has led to an increase in sustainable earnings and closed the gap between actual and allowed returns.Our Energy Services segment – adds value through natural gas supply contracts… and leased transportation and storage capacity… aligned with our premium-services customers, primarily utilities… providing those utilities with secure, reliable natural gas supply.
Dynamic Discounting: New Opportunities for No-risk, High-yield Cash Returns
ONEOK Today A Premier Energy Company • Assets that fit and work together Integrated operations Connecting prolific supply basins to key markets • Proven ability to grow profitably • ONEOK Partners is ONEOK’s primary growth vehicle • ONEOK Partners’ cash distributions drive ONEOK shareholder value • Demonstrated financial flexibility ONEOK Natural Gas Distribution and discipline ONEOK Energy Services • Two Companies – OKE $8.8 Leased Pipeline Capacity Leased Storage Capacity billion market cap., OKS $11.7 ONEOK Partners General Partner billion market cap ($14.8 billion 43.4% ownership (as of Mar. 2, 2012) annual sales – 2011)Page 20
Business Segments Provide Stability and Opportunity ONEOK Partners • ONEOK’s primary growth vehicle • Growth at OKS benefits OKE • Generates primarily fee-based earnings • Provides non-discretionary services to producers, processors and customers Natural Gas Distribution • Provides low-risk, stable cash flow • Rate strategies have improved sustainable earnings and returns Energy Services • Provides premium services to customers through contracted: – Natural gas supply – Transportation – StoragePage 21
ONEOK’s Accounts Payable Journey Prior to 2010 ONEOK and ONEOK Partners accounts payable organization was decentralized, paper based and with a manual entry method • Our vision of a best-in-class accounts payable organization included the following: Centralized structure Profit center versus a cost center Transition accounts payable from manual entry method to an online, automated method with coding/approval workflow Outsource invoice scanning to capture the “long tail” invoice suppliers that are not participating in electronic invoicing process Transition manual check request process to an automated process with workflow Ability to have dynamic discounting available to our suppliers • ONEOK centralized the accounts payable organization in August 2010 • ONEOK needed a strategic partner to complete our vision especially as it relates to dynamic discounting Discounting returns are a key component in business case Page 22
Strategic Partner - ARIBA • Currently in implementation phase of the following with expected go live June 2012 Invoice/PO automation Invoice professional Invoice conversion services • Discount professional services (Rapid Ramp Service) – started immediately after contract signing – October 2011 First wave approximately 500 suppliers – First calling campaign quickly returned an incremental $1.1 million in potential discounts Offered the following terms: 1.5% 15Day Net 30, 1% 20Day Net 30, 0.5% 25Day Net 30, or Net 45 (message: discount our extend our DPO) – Will be more robust once we are transacting electronically Ariba instrumental helping target the right suppliers, strategy of how we structured the calling campaign and flexible on the message to our suppliersPage 23