Competent companies achieve a company-wide digital supply chain. But for global performance, it is necessary to expand the digital supply chain to suppliers and clients too. A popular approach is to enroll on a digital supply chain platform, which allows all participants to interact on a level playing field.
The market leader in supply chain payments and marketplaces is Tradeshift, with more than 1.5 million members on its platform, including around 125 of the Fortune 500. The platform offers a common space to send and receive digital invoices, optimize supplier payments, manage inventory, and find suppliers and customers.
"Supply chains used to be stable," says Tradeshift founder and CEO Christian Lanng. "It took time to register new suppliers and integrate them. That was fine if you were going to work with the same partners for five to ten years. But business has changed, technology is evaporating whole industries," says Lanng. "Incumbents are being disrupted. So large companies are seeing flexibility and agility as being as important as robustness and cost savings were in the past."
Cloud-based supply chain platforms offer accelerated processes needed for this new environment. For example, on Tradeshift, member companies can generate and transmit an invoice to another member in seconds. Onboarding new suppliers is also near-instant, as they are likely to be already on the Tradeshift platform.
Platforms like Tradeshift do not only solve the supply chain needs of the present, they're built to adapt and solve challenges of the future. Tradeshift, for instance, allows anyone to create apps on the platform to solve particular business needs. This circumnavigates the need for companies to have to procure additional systems when new challenges arise.