New collaboration feature, redesigned punchout, and improved analytics further extend company’s position as market-leading innovator
Tradeshift, the world’s largest business commerce platform, today announced Magellan 1, which is available to all of its global customers immediately. The release includes several major platform-wide additions that will enhance the value and experience for both buyers and suppliers as they carry out routine, yet critical processes and tasks within procure to pay, supplier information management, and operational analytics.
Magellan 1 is named after the famous 16th-Century Portuguese explorer Ferdinand Magellan, who was among the first to command a fleet to circumnavigate the world, resulting in a leap forward for global commerce. Similarly, Tradeshift is at the forefront of using modern technology to remove barriers, collapse distances, and bridge divides to increase access to commerce for every business, everywhere.
The release complements the capabilities enabled by the recent launch of Tradeshift Ada, the new AI layer on the platform, to help define the next generation of business commerce software, and further digitize, accelerate, and automate supply chain-related transactions to drastically empower end users and managers alike.
“In this release, we’ve packaged a tremendous amount of upgrades and improvements that customers will immediately notice and derive value from,” said Thijs Stalenhoef, SVP of Enterprise Products. “Tradeshift is bringing consumer-grade digital experiences by pioneering advances in areas such as user experience, collaboration, and process improvement to continually challenge expectations of what a business commerce platform can deliver.”
Part of Magellan 1 is the Tradeshift Universal Inbox platform service, which centralizes access to all internal and external collaboration, including relevant documents. Universal Inbox makes its debut in Tradeshift Buy where it enables automatic internal messaging between procurement and employees. This feature, called procurement assistance, also supports internal collaboration for approvals. By centralizing communications, end users will be able to track and carry out multiple conversations more effectively. Universal Inbox will soon support collaboration scenarios throughout the other products and processes, such as those supported by Tradeshift Pay.
Tradeshift also announced additional powerful shopping capabilities, such as an upgraded punchout feature that seamlessly links to external supplier catalogs allowing users to bring items back into a purchase request, with their unique pricing and/or configuration. For larger order quantities, Tradeshift is also now supporting order quantity price scales, enabling companies to realize volume discounts.
On the accounts payable automation side of the solution, customers will now be able to further increase efficiencies in invoice processing, with collaboration and validation features, including custom validations. The result is a greater volume of straight-through processed invoices that are matched to orders and deliveries. Also, a document flip service and multiple document matching types is now available to facilitate improved order collaboration and ensure that invoices match any related preceding documents.
Another key component of Magellan 1 are new features for suppliers. Tradeshift redesigned the supplier profile to improve scalability and provide more capabilities for self-service profile management. Suppliers can ensure the accuracy of information and strengthen the integration between their profiles in Tradeshift and their customer’s ERP systems. In turn, buyer-side customers can ensure that their supplier data remains accurate, up-to-date, and consistent across all of their systems of record.
Tradeshift has also expanded the capabilities in its Business Analytics solution. Procure-to-pay organizations now have greater visibility into how their organization is performing, and helps them to identify KPIs to benchmark and improve. New customizable drag-and-drop dashboard and out-of-the box reports help business users monitor their supplier onboarding and AP processes, such as percentage of invoices with a purchase order (PO) reference, volume of POs issued, and invoice matching exception rate.
“Business commerce platforms are helping to redefine the way that trading partners communicate, collaborate and transact,” Said Andrew Bartolini, chief research officer, Ardent Partners. “An ability to supercharge a procure-to-pay program can provide valuable dividends for buyers and suppliers alike.”
Founded in 2010, Tradeshift is the world’s largest business commerce platform that connects buyers and sellers. Tradeshift connects over 1.5 million companies across 190 countries, processes over half a trillion USD in transaction value yearly, and has a marketplace containing 28 million SKUs. It o ers solutions for procure to pay, supplier engagement and financial services, and enables companies and partners to build custom or commercial apps on its business commerce platform. Tradeshift is headquartered in San Francisco, with offices in Copenhagen, New York, London, Paris, Suzhou, Chongqing, Tokyo, Munich, Sydney, and Bucharest.