Cloud-based solution to simplify fully digital invoicing and supplier payments
Silicon-Valley headquartered Tradeshift has launched Tradeshift Engage in the Middle East & Africa (MEA) region, bringing to local companies a simple cloud-based solution to fully digitize supply chain invoicing and payment systems to immediately address the cash flow and liquidity challenge businesses are facing in the current pandemic economic environment.
Companies in the MEA region have been slow to digitize core business infrastructure, an issue that exposed suppliers still relying on paper-based invoicing systems to significant challenges maintaining business operations.
Coupled with the recent trend of buyers delaying payments to as much as 180 days to protect working capital, this has resulted in a serious logjam for companies to receive much needed payments.
The Silicon Valley-based Tradeshift, which recently launched its MEA headquarters in Dubai, enables enterprise companies that want to fully digitize their supply chain relationships to do it with speed and efficiency, the company revealed in a press communiqué.
Tradeshift Engage enables the buyer and supplier to track invoices in real time, with an option for a flexible payment system that allows the supplier to receive payment direct from Tradeshift, preserving working capital for both the buyer and supplier.
The Tradeshift Engage app provides sellers with a full set of e-invoicing, ordering and fulfilment tools, such as digital Invoice and Credit Note creation, responding to POs and PO changes, sending shipping notices and being informed of receipt status.
“Over-reliance on traditional paper systems, particularly in invoicing and supply chain management, caused serious liquidity issues that affected ability to meet payroll responsibilities,” said Dan Quinn, General Manager, Tradeshift Middle East & Africa Region.
Early adopters of Tradeshift Engage have seen unparalleled levels of uptake by their seller communities, the press note concluded.
