Insights for Procure-to-Pay and Finance Leaders

Tradeshift’s Magellan 3 hits the target, bringing more flexibility, mobility and trust to suppliers, procurement, and AP

A new Tradeshift release, Magellan 3, goes live today! This quarter’s update was inspired by what we know to be three conditions of happiness for procurement and accounts payables professionals (and the suppliers that work with them.) One, having control over your processes, your rules, your way. Two, enjoying modern, elegant applications that help you accomplish those unique processes. And three, supplier relationships that are grounded in trust.

With Magellan 3, we’ve continued to enhance our offerings so companies can:

  • Tailor solutions to meet their specific business needs
  • Empower modern employees and teams with modern, intelligent tools
  • Build even stronger trust in their supply chain

Business your way

Unlike other vendors that force customers to make their business processes work around the software provided, Tradeshift continues to enable customers who prefer software that can be shaped to fit their processes and the way they work.

In this release of Tradeshift Buy, you can now take advantage of multi-level, flexible purchase request approval workflow capabilities that are easy to configure and maintain. Buyers can quickly adapt to organizational or other process changes, and can continue to adapt as the future unfolds for your business and your supply chain.

If you are Tradeshift Connect customer, say hello to supplier groups. Now it’s easier than ever to effectively segment and manage your suppliers based on supplier master data. By grouping suppliers based on categories you define, you can break up your supply base and develop custom surveys based on groups specific to your business.

Multi-level, flexible approvals with built-in collaboration support

 

Modern tools for the modern team

Tradeshift constantly strives to think about how we can make traditional business processes easier and more collaborative for the modern worker and their teams. In Magellan 3, we’ve taken a number of steps towards further empowering employees so that they can get their job done efficiently, effectively, and intelligently.  

Let’s start with the platform. New document management and network management services, combined with the previously released task manager, provide a trifecta of superpowers to modern procurement and payables professionals. You can easily obtain real-time visibility into information you need to do your job, prioritize your work, take action, collaborate, and manage your network.  

Moving on to Tradeshift Pay, new invoice types increases efficiency for AP professionals. We’ve also enabled collaboration across all facets of Pay, so it will be easier to communicate do business across all Pay processes.  

Finally, single use cards have arrived to Tradeshift Go! Employees can purchase what they need, without hassle and while maintaining compliance. Because we know you could use more love from your business stakeholders.  

And last but not least, you’re getting new mobile support for approvals, collaboration and goods receipt in Tradeshift Buy–so you can be productive anytime, anywhere.

Approve purchases, chat and confirm delivery from any device

Build trust with your suppliers

Tradeshift exists because we set out to build the world’s greatest network for business commerce, and we know that trust between trading partners is critical to network success.

In this release of Tradeshift Connect, we’ve taken a big step towards helping buy-side companies strengthen trust in suppliers by verifying supplier information.

Buyers, no longer will you need to worry about making business decisions based on spotty or potentially fraudulent supplier data. With our new, flexible external data validation framework, you will be able to use external sources, such as business registries, to validate critical information from suppliers.  Since verification is done in-app within Connect, you will be able to see if the information has been reviewed and deemed accurate by an external source–without leaving the supplier record in Connect.  

Initially, data validation will be available through the Business Register Exchange (BREX) API by kompany.com for EU Tax IDs.  In upcoming releases, we will look to include more external sources and expand the fields we can verify.

External data verification services for supplier information

What’s next?

At Tradeshift, all of our product design and innovation is in service of a single vision, “Commerce for All.” It’s an end-goal of making global B2B commerce inclusive, innovative and successful for all buyers and sellers, all over the world. By bringing more flexibility, usability, and trust to the Tradeshift platform, Magellan 3 is helping make that ideal a reality, and it’s only the beginning.

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