There is a new business metric taking shape these days, one that is fundamentally changing how businesses operate and implement technology: the cost of change. It measures how quickly and cost effectively an enterprise can adapt to changing trends, evolving markets, and new technologies.
Leading enterprises are beginning to recognize that an agile business process is far more important than simply reducing the cost of a transaction. They need nimble systems that support their own needs and those of their suppliers. And that is why so many enterprises are turning to the cloud – and to Tradeshift.
Archer Daniels Midland (ADM) Company is a prime example. ADM is number 27 on the Fortune 500 list. They process 2.5 million invoices each year from 220,000 suppliers around the globe. Transaction efficiency is paramount to an organization as large and complex as this.
For ADM, it isn’t just about the cost savings associated with e-invoicing. It’s about connecting their global team with a workflow solution to enable innovation and collaboration internally and externally with their supply chain across 144 countries. It’s about empowering AP to work analytically and strategically to solve problems. It’s about engaging the entire supply chain with technology that delivers value to them, technology they will want to use.
It’s also about leveraging real-time data to make decisions quickly. It’s about having a system in place to support the business requirements ADM has today, and those that they will have years from now. And it’s about achieving all of this through seamless integration – without having to rip and replace the current IT infrastructure they have in place.
ADM is witnessing a change in the way their business operates and the way they work with suppliers. Rather than ignore this evolving landscape, they have chosen to run toward it, to embrace it with open arms. Tradeshift Collaborative Workflow will be instrumental in connecting the many business departments within ADM to each other and to their suppliers. What other business processes does ADM plan to bring onto the Tradeshift platform? Only time will tell – and they’ll use Tradeshift Studio to build new apps and new business solutions, for whatever the future of their business requires.
The addition of ADM to the Tradeshift business platform is a huge endorsement that our vision and strategy to end the cycle of inefficiency and frustration at the point of transaction and replace it with collaboration creates additional value for the entire supply chain, and is transformational to global business efficiency.