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NHS SBS and Tradeshift take home ‘Best Innovation in the Public Sector’ Techie award
We’re proud to have learned from our UK team that tonight we’ve jointly won the ‘Best Innovation in the Public Sector’ Techie award with our customer, NHS SBS. The techies 2016, which host Techworld says is, “a celebration of UK technology innovation, digital disruption and startups,” has recognized our outstanding collaboration with the NHS SBS, the largest provider of business support services to the National Health Service in England. Given the stiff criteria, we’re quite humbled: “This award will go to a project that exceeded all expectations and delivered something no one at the company could have quite anticipated.” In just over a year, NHS SBS halved the time to pay NHS suppliers by moving its paper payment processes onto our cloud-based platform. Suppliers who use Tradeshift are now paid in an average of 24 days instead of 42 – a 43% improvement in their payment time. There’s been an almost 80% improvement in the average number of days from invoice date to available for approval (from 14 days to 3 days). And accounts payable can now access invoice details and workflow straight away, instead of waiting days to get started. “As we know from the regular headlines, late payments continue to be a huge problem in the UK,” Christian Lanng, CEO, Tradeshift, recently told reporters. “Roughly £26 billion is still owed to SMEs and four-fifths of those companies have to wait a month or more beyond the agreed terms. NHS SBS’ success shows it doesn’t need to be like this – its suppliers are now getting paid in less than two weeks. The technology now exists for businesses and suppliers to collaborate effectively, so there are no excuses left for firms burdening companies with late payments.” We thank Techworld – a website focused on digital disruption – for including our project among the candidates in the public sector category and to the distinguished panel of judges for having singled us out. All the credit goes to our tireless team in London and beyond for working in close partnership with the NHS SBS to drive these amazing results.