Supply chain payment firm Tradeshift has announced a partnership with Wax Digital, a supplier of spend management solutions. Together, they will provide clients with a procurement tool, called web3.
The partnership will allow businesses on the Tradeshift network to access Wax Digital’s web3 software suite within the app ecosystem. Buyers will be able to use sourcing and contract life cycle management modules from Wax Digital to send proposals to suppliers, award those suppliers, and negotiate contracts. Web3’s intuitive user interface, rapid deployment and unlimited scalability should allow organisations to realise increased efficiency of e-sourcing process as well improving supplier contract management. Manual processes are automated and complexity is reduced, enabling businesses to respond to changing market conditions and drive digital transformation.
“Beyond the dematerialisation of invoices, Tradeshift digitises the relationship with suppliers," said Bruno Laborie, senior director of Global Alliances at Tradeshift. "But our customers have been seeking to extend their collaboration with suppliers on upstream processes, such as sourcing and contract lifecycle management. Due to this demand, Wax Digital is a natural fit for our platform.”
Tradeshift says it identified this partnership as an opportunity to reduce supply chain risk for organisations using its platform. Businesses on the Tradeshift platform will be able to source from their existing suppliers but also identify suppliers with whom they are not yet connected.
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