The latest release of Tradeshift, Magellan 5, features key enhancements to help you build your network and digitize more transactions. Downstream, you can make suppliers happy with an integrated early payments option while upstream, you can make purchasing easier with an enhanced next-generation buying experience.
Build your network
It’s important to know you are doing business with the right suppliers according to terms and your standards, and that you have all the documents in place, such as certifications and insurance. Multiple entities of a supplier may touch all parts of your organization, so you want to be sure that you have all information connected and visible throughout your organization. Your Tradeshift network gives you the opportunity to do business and ensure compliance with anyone, anywhere. Your Network Manager (introduced in Magellan 3) enables you to build your network and orchestrate the information that keeps business moving.
In Magellan 5, three new Network Manager enhancements make it even easier to manage your network. First, you can now create rules for automatically assigning suppliers to groupings–making it simple for your category managers and other appropriate users to manage and monitor suppliers. Second, you can attach and automatically assign surveys and data to supplier groups and, with new reporting enhancements, track the status of the surveys. And third, you can connect information from a supplier’s master account to its branches–so any user working with any entity of a supplier will see the information collected from the master account.
Make digital the default
You can’t achieve Accounts Payable process efficiency, automation, or agility without digitally connecting to your suppliers. Tradeshift Pay helps you ditch more paper in favor of digital, and every new release gets you closer to 100% digital. With Magellan 5, you can take advantage of expanded workflows for pre-approvals, shared services, external validations, configurable matching order approvals, and substitute/delegate approvals. All of these updates are compliant with France’s new e-invoicing and tax regulations: we’re keeping up with the regulations so you don’t have to. And for those paper invoices? As always, our machine-learning algorithms improve incoming invoice recognition and classification, quickly recognizing the invoice sender and digitizing the paper invoice.
Mobility matters just as much as digital. With Magellan 5, the Tradeshift Document Manager is mobile and improved. You can now get your documents and statuses from any device, filter and narrow searches more quickly, and display documents. Stay connected, get status details and prioritize actions on the spot.
Better data leads to better reporting, and now you can connect to business analytics with Tableau. With the new Tableau connector, you can export transaction data from Tradeshift. Combine this data with your other sources to perform comprehensive data analysis.
Integrated early payment options
The more you digitize, the faster you can approve invoices. And the faster approval time means you can take advantage of early payment options for higher cash returns. Tradeshift Pay integrates with multiple early payment options for buyers to improve working capital and for suppliers to get access to cash. New in Magellan 5, you can use Dynamic Discounting to offer suppliers early payments at a discount and get a higher risk-free return on cash than traditional short-term investments. You also can integrate with any bank to offer supply chain financing to suppliers–allowing you to extend days payable outstanding (DPO) while still ensuring suppliers are paid early.
Say hello to next-generation buying
With Tradeshift Buy, you can now create your own managed marketplace to keep all your deals, contracts, and preferred relationships in one place. With the ability to punch-in from external buying systems into your Tradeshift managed marketplace, you can give users a next-generation buying experience while at the same time ensuring that all buying is compliant with your global strategy. When users come to your managed marketplace, they will access the new universal basket and experience a familiar buying process with search and filter. They can collect items, total them, and return them to the originating buying system. The easy-to-use, intelligent search engine works across your marketplaces to identify products and services that meet requirements.
Unlike other marketplaces, suppliers can actively participate in your Tradeshift managed marketplace. In Magellan 5, Tradeshift added new offer management capabilities. Now suppliers can make custom offers to you and to all their customers in the marketplace. When you accept a supplier’s offer, the information instantly becomes part of your Tradeshift managed marketplace and is available to your company’s users. That means you get tailored results and active supplier participation.
With more upstream orders compliant and configured correctly, companies can realize more of the value from AP Automation and early payment.
What’s next
Tradeshift Buy, Tradeshift Pay, and Tradeshift Apps help accounts payable and procurement leaders manage their own marketplaces, connect their supply chain payments, and accelerate supply chain digitization. Visit Tradeshift.com to see how.
About the Author
Follow on Linkedin More Content by Tradeshift Editorial Team