Tradeshift builds on exception free accounts payable and seller value promise with latest product release

June 17, 2020 Dave Kosovec

At Tradeshift we’re laser-focused on helping your business achieve its objectives. Our product and engineering teams work day and night to innovate, improve, and enhance our products so you can succeed. 

We’re excited to announce the results of that work and provide insights into the updates we’ve recently rolled out across the platform.

Ada, Tradeshift’s AI layer, just became even more powerful

Ada, Tradeshift’s industry-leading AI layer, is already great at making the lives of accounts payable teams easier. And now she’s even better. 

She now learns faster, is more accurate, and is ready to take on more of the manual invoice matching and coding work that slows your accounts payable team down.

Through advanced AI matching, Ada now maps the data between the invoice and order lines to ensure that your company has received the products and services outlined in the invoice. All that’s left for your team is to check Ada is right, click confirm and update any accounting entries, if needed. Oh, and if Ada is wrong, she’ll learn and get it right next time. 

Customize and control Ada with our new Automation Dashboard 

We’ve also made Ada more accessible to accounts payable teams in the latest update. Despite most teams expressing an interest in AI, we understand that most aren’t ready to let it run loose across their entire accounts payable process just yet. But with Ada it doesn’t need to be all or nothing. 

With our Automation Dashboard, you decide how much work she does based on your willingness to enable some level of potential error and correction. We’ve also made it easier to track and evaluate Ada’s performance within the dashboard. No matter how you use Ada, she will continue to improve and be ready to take more of the manual, time consuming work off your hands whenever you are ready. 

And if you need some help getting started, you can also select one of three presets designed to match your confidence level: 

  • Conservative—optimized for fewest errors
  • Balanced—optimized for best cost trade-off
  • Progressive—optimized for high automation rates

See how it works. It’s pretty cool.

Get informed when sellers change key information with our automated alert system 

Most accounts payable teams are working with inaccurate seller data. It’s a big problem, not just for accounts payable, but also for the wider enterprise as inaccurate seller data can manifest into several bigger issues. These include:

  • Damaging the seller relationship by missing payment deadlines
  • Failing to comply with local tax regulations by using incorrect tax identifier numbers
  • Falling victim to fraudulent activity when bank accounts numbers are adjusted without your knowledge. 

In the latest update to Tradeshift Engage, we’ve addressed part of this challenge by developing an alert system that immediately updates you whenever a seller changes any critical information. So you’ll be the first to know when your seller changes details like its company name, bank account number, contact details, or tax identification number.

To further mitigate risk of fraud, we’ve also enabled you to break the network connection automatically with a seller when they update their critical information. This will prevent any payments going through until you’ve verified the change. This is an optional setting that you can adjust to meet your risk requirements. 

We’ve made it even easier for your sellers to get live on Tradeshift

Making it as easy as possible for your sellers to onboard onto your e-invoicing solution is a prerequisite for any successful accounts payable automation project. 

With Tradeshift Engage it was already easy for your sellers to start e-invoicing. It’s now even easier. In our latest update, we’ve automated the customer connection process for sellers joining the network. Sellers now connect immediately with your business and any other customers using Tradeshift as soon as they sign up. 

It’s an impactful change as it enables your suppliers to connect with all their customers immediately, removing another barrier that stands in the way of them sending their first e-invoice. And it’s something they can only do on a true network like Tradeshift.

Give your seller the information they need, when they need it, and reduce those support calls

The focus on seller value doesn’t stop there. We’ve also made it easier than ever for your sellers to get up to date information about their invoice and payment status. 

This information helps sellers better plan their cash flow—something that is now more crucial than ever. While it also reduces the volume of phone calls your team must handle from its sellers.

One customer of ours piloting the tool has reduced their seller support calls to zero in a matter of months. 

Find out what Tradeshift can do for you 

These are just a selection of the recent updates we’ve made to the Tradeshift product in our latest release. Want to know more? Check out the full release notes here.

If you’re not yet part of our network, but keen to learn more about what Tradeshift can do for you, then we’ve got a 20 minute walkthrough happening a few times a week. Sign up at a time that suits here. 

About the Author

Dave Kosovec

Dave Kosovec is Tradeshift’s Head of Product Marketing, leading product positioning and go-to-market strategy for the company. Dave has extensive experience in the supply chain and supplier financing space, having previously worked for SAP Ariba, Taulia, and Coupa in various product, sales, and consulting roles.

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