#United States #San Mateo #Schreiber Foods #OpenEnvoy #Autonomous Finance

Transforming Finance with Innovation

In a remarkable development in the realm of financial technology, OpenEnvoy, a prominent leader in Autonomous Finance solutions, has announced a strategic partnership with Schreiber Foods, a renowned global food company. This collaboration is centered around a significant investment from Schreiber's venture arm alongside the deployment of OpenEnvoy's cutting-edge Autonomous Finance platform within Schreiber's financial operations.

The core objective of this partnership is to usher in a comprehensive digital transformation of Schreiber's financial processes, specifically focusing on the automation of Accounts Payable (AP) and Accounts Receivable (AR) operations. This radical shift will enable Schreiber Foods to streamline its financial workflows, ensuring that the complexities of global supply chain finance are managed with greater efficiency and transparency.

Matthew Tillman, CEO of OpenEnvoy, emphasized the potential of this partnership, stating, "Today, we redefine what's possible for finance teams. Schreiber Foods is setting a new standard for the food and beverage supply chain by focusing on finance, where the impact is immediate and measurable. This partnership transcends mere investment; it's about collaborating to bring autonomous solutions to manufacturers dealing with complex spend. Together, we are enhancing our capabilities to meet the evolving demands of global operations, leveraging the expertise of a leading player in the industry."

In alignment with this, Blair Tritt, Vice President of Corporate Ventures and Partnerships at Schreiber, expressed excitement over the commitment to innovation. "Our investment in OpenEnvoy showcases our belief in their transformative technology, which not only streamlines financial processes but also enhances supply chain transparency and efficiency. We are eager to deepen our partnership to unlock long-term value along our intricate supply chain."

Furthermore, Michelle Dahlke, Vice President of Financial Shared Services at Schreiber, pointed out the significance of OpenEnvoy's platform. "The complexity of global supply chains necessitates innovative financial solutions. By implementing OpenEnvoy's technology, we can process transactions with greater accuracy and efficiency, providing our team with the insights necessary to drive cost savings and improve working capital management. This technological integration will fundamentally change the way we manage our financial operations across our worldwide network."

Key Elements of Implementation
The implementation strategy focuses on four essential components:
1. Autonomous Payables: Advanced automation for invoice processing and validation.
2. Autonomous Receivables: Streamlined cash application management.
3. System Integration: Full compatibility with existing infrastructure.
4. Data-Driven Insights: Real-time analytics for strategic decision-making.

By leveraging these foundational elements, Schreiber Foods aims to set new benchmarks for efficiency and agility in the global food and beverage supply chain. This partnership aspires to achieve several critical goals:

• - Enable real-time financial operations and insights.
• - Reduce costs through optimized automated workflows.
• - Build scalable and resilient financial processes.
• - Establish new industry standards for financial automation.

About the Companies
OpenEnvoy has earned accolades as a leader in Autonomous Finance technology. It specializes in procure-to-pay automation, utilizing machine learning to simplify complex financial operations. The innovative solutions provided by OpenEnvoy help businesses manage their finances with increased compliance, optimized cash flow, and reduced cash leakage.

On the other hand, Schreiber Foods, headquartered in North America, is a customer-brand leader in various dairy products such as cream cheese, natural cheese, process cheese, beverages, and yogurt. With an extensive workforce of over 10,000 employees and operations spanning five continents, Schreiber plays a vital role in its customers' success, generating annual sales exceeding $7 billion. The company is also dedicated to social responsibility and strives to positively impact the communities it serves.

This partnership between OpenEnvoy and Schreiber Foods not only reflects a significant milestone in financial technology but also sets the stage for broader transformations in the global supply chain landscape, paving the way for enhanced efficiency and transparency throughout the industry.