Tradeshift Launches New Cloud-Based Supply Chain Payment Solution
Tradeshift’s new cloud-based supply chain payment system, Engage, has taken the e-invoicing market by storm. It was launched in the Middle East and specific regions within Africa where the cloud invoicing software has the greatest potential for positive impact.
Businesses in these regions have stalled in the wake of the current pandemic due to slow technology internalization. The cloud-based supply chain software aims to provide a simple solution for invoicing, payment, maintaining liquidity, and cash flows while guaranteeing a safe working environment for staff working from home.
With invoices processing halted and supplier onboarding reduced, businesses stopped rolling out payments for almost five months to save capital. Pending core operations like this are detrimental to the growth and sustenance of any business. In the wake of this paradox, Tradeshift launched a convenient solution that is looking to restore dormant business initiatives and core operations.
The digital invoicing solution aims to reactivate enterprise workflows and cash flows by assisting the AP staff and accounting teams that are working remotely. Engage assists businesses in supplementing the supply chain and rolling out payment via digital invoicing. The software lives up to its name by creating a dynamic and multi-node interaction platform for both buyers and suppliers in a way that keeps internal business operations running smoothly.
In a recent press release, Dan Quinn, general manager at Tradeshift, mentioned that although businesses would like nothing better than to digitize as soon as possible, traditional conventions of supplier onboarding and invoicing is what keeps them at bay. Engage is designed to cater to this very loophole for businesses slow on internalizing digital operations.
Due to Engage’s functional benefits, early users of the software have witnessed an increase in revenue and cash flow. Drawing upon the application’s functionality, companies, large and small, have been able to supplant manual and labor-intensive procedures with automated processes. What Tradeshift had in mind was a technological mediator that could keep suppliers and buyers on the same page. This not only makes onboarding quicker and cost-effective, but it also provides value and benefits to all parties involved.
Let’s dive in and learn more about how Engage provides a cloud-based billing solution for SaaS businesses, small businesses, and other enterprises. With its fast-paced, digital solutions, the software has the potential to open up new doors for scalability and growth.
The Positive Effects
In the wake of the pandemic and mandated remote working, Engage offers conventional businesses, based mostly in the Middle-East and Africa, a value proposition to keep the cash flow running.
Here are the benefits.
- The software onboards both suppliers and buyers onto the platform without the cost-heavy and time-consuming processes that are inevitable with traditional, paper-based invoicing
- The cloud-based software makes invoicing international clients a breeze. According to Dan Quinn, Engage is designed to mitigate mandated distances between multiple suppliers and buyers by onboarding the former and conducting transactions on behalf of the parties in real-time
- Sellers can engage with multiple buyers in real-time with complete visibility over transaction data and receipts. Interaction with multiple clients can take place over a single interface with a dashboard that provides a clear overview of the supply and payable statuses. In one instance, international invoicing allowed one buyer to access 5,000 suppliers within four weeks, with the number of seller support calls reduced to zero
- Engage paves the way for a capital-preserving system of payment. The buyers and sellers receive invoices in real-time that offer a flexible payment mechanism. Suppliers can receive payment via Tradeshift
- The cloud-based system is mobile friendly and takes only a few minutes to activate
- Engage is more than a substitute for your traditional invoicing processes. It offers sellers valuable data-backed information regarding transactions and payables with real-time visibility. This gives both sellers and suppliers important actionable insights
- The software is complete with functional offerings that include e-invoicing, ordering, credit node creation, and other fulfillment tools. Sellers can respond to POs, dispatch shipping notices, and remain informed of their receipt status