Supply chain payment provider Tradeshift has launched Tradeshift Engage, a seller engagement platform designed to let suppliers and buyers collaborate digitally.
A recent Ardent Partners study revealed that nearly 50% of invoices sent globally are still on paper, and that automating the process is a priority for many Accounts Payable teams.
Given the current global virus crisis and social distancing measures, paper invoice processing is no longer workable, and implementing digital alternative processes has become a priority for many firms.
“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. 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,” said Tony Alvarez, VP Network, Tradeshift.
The current supplier onboarding process is buyer-centric, and it can be complicated and slow. Failure due to lack of supplier buy-in is another problem. Tradeshift Engage hopes to flip this challenge.
A cloud-based, mobile application solution, it provides real-time visibility into transactions and the ability to finance payables on the go, offering sellers data-driven insights based on their relationship with the buyer.
The Engage app gives sellers a full set of invoicing, ordering and fulfilment tools. It allows them to create digital invoices and credit notes as well as respond to purchase orders and changes to these. Shipping notices and receipt status information can also be sent through the app.
Alvarez added: “Businesses we’re talking to want to digitize at speed. 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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