Tradeshift, a supply chain payments and marketplace provider, has launched Tradeshift Engage, its seller engagement platform. The platform is designed to build true digital collaboration between suppliers and buyers by delivering immediate value on both sides.
According to a recent study by Ardent Partners, nearly half of all invoices are sent manually on paper. The study revealed that digitisation of this process ranks as one of the top priorities among accounts payable (AP) departments.
With the current social distance measures making paper invoice processing unworkable, many businesses are now looking to accelerate digitisation projects. But complex, cumbersome and buyer-centric onboarding processes mean such projects are often slow-moving and prone to failure due to a lack of supplier buy-in.
For enterprise companies that want to fully digitise their supply chain relationships at speed, Tradeshift Engage flips the challenge of supplier onboarding on its head. Rather than coming to sellers with a to-do list, buyers looking to encourage suppliers to connect with them digitally can come with a value proposition that offers immediate and tangible benefits without any of the heavy-lift associated with traditional onboarding initiatives.
Delivered to sellers as a cloud and mobile app solution, Engage is designed to offer sellers data-driven insights based on their relationship with the buyer by providing real-time visibility into transactions and the ability to finance payables on-the-go.
The Tradeshift Engage app provides sellers with a full set of e-invoicing, ordering and fulfilment tools, such as digital invoice and credit note creation, responding to POs and PO changes, sending shipping notices and being informed of receipt status. Sellers can engage and collaborate with multiple buyers through a single interface that enables real-time issue resolution. A dashboard also allows sellers to maintain an overview of everything in-flight.
The system draws on existing data from the buyer’s ERP or system of record to complete a supplier profile that includes a full and accurate history of transactions.
“A lot of businesses are trying to get their heads around the impact that social distancing measures are having on their day to day operations,” said Tony Alvarez, VP Network at Tradeshift. “Despite rapid advances in technology that are enabling many businesses to carry on under a semblance of business as usual, the connectivity between buyers and sellers remains an outlier. Heavily paper-based, the processes which underpin these relationships are starting to break down.”
“Businesses we’re talking to want to digitise at speed,” Alvarez continued. “But the traditional approach to supplier onboarding remains slow and cumbersome. These are unique times, and we’re not claiming to have all the answers. What we can do is make it quick and easy for buyers and sellers to establish a digital connection, get money flowing again and stay close to one another during a turbulent period.”
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