Tradeshift: Legacy digital e-business has been ‘lousy’

You can’t build a wholly complete ERP stack without an e-invoicing function.

In wider terms, the financial automation element of any cloud-based ERP deployment worth its salt should arguably also include a degree of accounts payable intelligence with a well-connected adjunct to a supplier financing information stream.

This perhaps slightly niche corner of ERP competency forms the bedrock of Tradeshift, a company with a technology proposition designed to help buyers and suppliers digitise invoice processing, automate accounts payable workflows and scale quickly.

Portfolio proliferation

The company says it has (thus far in 2021) continued to expand its portfolio of major customers and claims to have ‘reinforced its leadership’ across key verticals. Wins include the addition of German supply chain and logistics company DB Schenker to its transport & logistics roster.

“We founded Tradeshift with a vision to connect every company in the world, digitally. A great start to the year has helped us take yet another step towards realising that vision,” said Christian Lanng, CEO, Tradeshift. 

Lanng says that Tradeshift’s network model and proposition for suppliers set the company apart from the majority of legacy systems.

Legacy has been lousy

“Those [legacy systems firms] have done a fairly lousy job of digitising the relationship between buyers and suppliers. Buyers are choosing Tradeshift because they are confident that suppliers will buy into our network approach.” 

Tradeshift’s winning streak has been underpinned by the company’s partner programme, which includes 10 global Business Process Outsourcing (BPO) firms within a global ecosystem of more than 50 specialist resellers, technology vendors and solutions providers.

In total, over 70% of new deals this financial year have been won in conjunction with a partner. 

Post-Covid organisational standard

“With economies opening up, we are well-positioned to support the wholesale digitalisation of business processes. For organisations looking to grow in a post-Covid economy, this is fast becoming an organisational standard,” said Christope Bodin, chief revenue officer, Tradeshift. 

Tradeshift has made a series of strategic hires (from FinancialForce, Anaplan and others) this year to bolster its leadership team as the company seeks to build on the sales momentum across its key territories.