Tradeshift’s latest release, Magellan 6, makes it a lot easier to connect your supply chain digitally and supply chain organizations in the cloud. It also lets you sync long-siloed departments like procurement, accounts payable, and treasury so they can collaborate to optimize working capital. Even better, Magellan 6 enables accounts payable make digital the default and take the lead in building a supplier network.
Make digital the default for big returns
With Magellan 6, accounts payable (AP) can make digital the default for more transactions, making it easier to integrate financial solutions for big returns on working capital, and simpler to manage your global marketplace. Magellan 6 also improves overall AP automation, enabling AP to capture more invoices and share supporting attachments with anyone on the Tradeshift platform for real-time collaboration.
And with digital as your default, it’s easier to do business with suppliers in other countries. That’s because Tradeshift keeps you current with country-specific e-invoicing regulations. Some of these regulations, such as those in Italy, have been newly updated and contain Europe’s most complex archiving rules and require, among other stipulations, that e-invoices be preserved.
Manage working capital more easily with Tradeshift Pay 2.0
With Tradeshift Pay 2.0, you have more time to consider early payments, enabling you to leverage your supplier network for multi-party, multi-funding opportunities to best manage working capital, extend DPO, or consider low-risk, higher returns on cash.
Do business with multiple banks
Now, with Magellan 6, companies can take advantage of multiple banks on the Tradeshift Network (Santander or newly added HSBC and Standard Charter) or bring their own bank to offer supply chain financing to extend days payable outstanding and provide suppliers with needed working capital through bank funding.
Improve automation and gain insights with Tradeshift Buy
With Tradeshift Buy, you can connect procurement to build the content that is needed for more automation, fewer exceptions, and better insights. You can also drive compliance, improve order accuracy, align users on procurement policies and programs, and work more closely with suppliers across your organization.
Buy and sell efficiently with Offer Management in the Global Managed Marketplace
In the Global Managed Marketplace, suppliers can easily make special offers and propose deals to their customers. Offer Management fosters supplier participation which, in turn, creates an up-to-date and relevant Global Managed Marketplace for users to search and buy. Collaboration in the offer enables buyers and suppliers to work quickly together to negotiate the right offer.
Harness advanced buying capabilities in the Global Managed Marketplace
In Magellan 6, users can reap all the advantages of next-generation buying. When they access the Tradeshift Global Managed Marketplace from the Tradeshift Purchase Request, they can take advantage of Tradeshift Apps and Ada, Tradeshift’s AI-based automation. Magellan 6 showcases the apps framework in Tradeshift Buy that lets anyone use apps to create a purchase request line item from a quote or written request. Customers and third parties can use that same framework to leverage existing apps or build their own. And for companies that struggle with the inaccurate information and manual downstream processing that comes with written requests, Ada suggests units of measure and product categorization based on the product description and history.
Take control of long-tail spend with Tradeshift Go
With Tradeshift Go, procurement and AP can work together more efficiently on long-tail spend. Procurement can view and control a largely unmanaged area of spend; AP can reduce the number of invoices to be processed by converting them into transactions on a single card statement. And with Tradeshift Go’s new wallet design, it’s easier than ever to organize and access card details while keeping card numbers safe from prying eyes.
What it all means for you
Magellan 6 enables you to digitally solve your network challenges across your global supply chain and supply chain organizations. It makes it easier to connect AP, Treasury, Procurement, Suppliers, and end users together to enhance AP Automation and get big returns from working capital management.
What’s next
Tradeshift Buy, Tradeshift Pay, and Tradeshift Apps help accounts payable and procurement leaders manage their Global Managed 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 Mike Jud