• SoftCoAP chosen by the Schools, Faculties, and Departments of the University of Cambridge to automate their 250,000 annual invoices following extensive market evaluation process.
• SoftCo’s AI-powered Smart Automation platform to deliver:
  • Market-leading touchless processing of 150,000 PO-backed invoices  
  • Automated Coding & Routing of 100,000 non-PO invoices.

SoftCo, leading global providers of AI automation technology for Procure-to-Pay and Accounts Payable, is delighted to announce that the Schools, Faculties, and Departments of the University of Cambridge have chosen SoftCoAP to automate their Accounts Payable process.

The University of Cambridge stands as the third-oldest university in the world that is still in continuous operation. Throughout its 800-year history, the research university has prided itself on contributing to society through education, learning and research at the highest international level. With over 20,000 students from over 140 countries, it is one of the most recognizable and prestigious third-level institutions globally.

The Schools, Faculties, and Departments of the University of Cambridge were experiencing multiple challenges due to the manual processing of their 250,000 annual invoices. Invoices were being received via email and routed for manual approval before being manually entered into their Oracle ERP system. This manual process led to long invoice processing and approval times, inconsistencies across different departments, lack of visibility, and placed considerable strain on the accounts payable team.

The University of Cambridge’s Finance Division began evaluating the Accounts Payable Automation market to find a best-in-class AP solution provider who would successfully address their complex requirements and solve their challenges. Following an extensive market evaluation, which included multiple global AP vendors, Cambridge chose SoftCo to automate the entire process.

SoftCo will provide the Schools, Faculties, and Departments of the University of Cambridge with full AI-powered AP Invoice Automation, encompassing automated capture, matching and approval of their 250,000 annual invoices. SoftCo’s industry leading AI automation platform will enable Cambridge to achieve market leading touchless processing rates for their 150,000 PO-backed invoices, while also automating the processing of their 100,000 non-PO invoices with SoftCo’s AI Smart Coding & Routing.

Commenting, Daniel Benham, Assistant Director of Finance at University of Cambridge said:  

“We welcome the opportunity to work with SoftCo as a strategic partner in our journey towards more efficient digital processes that offer both a better user experience and greater active management. This venture will enable us to leverage leading practice including the ability to somewhat future proof our activities.“ 

Anton Scott, CEO SoftCo Group added:

“We’re delighted to welcome the University of Cambridge to the growing number of forward-thinking organisations who are choosing SoftCo to automate their Accounts Payable processes. With innovation at its core, we’re excited for University of Cambridge to experience the benefits of our AI-powered Accounts Payable Automation solution, SoftCoAP”.

About University of Cambridge   

The mission of the University of Cambridge is to contribute to society through the pursuit of education, learning and research at the highest international levels of excellence. Cambridge is one of the world’s leading research universities addressing some of the greatest challenges facing us, from climate change and the genomics of human viruses to food security and antimicrobial resistance.  The University attracts some of the most able students to undergraduate and postgraduate programmes renowned for intense learning in small groups. Its graduates are highly sought after for leading roles in industry, academia and government. 

About SoftCo

SoftCo is a fast-growing global Procure-to-Pay (P2P) and Compliance technology company. SoftCo’s smart technology with unique Automated Machine Learning (AutoML) delivers unrivalled straight through invoice processing rates of 90%, ensuring industry leading ROI. Operating from the US, Finland, the UK, and Ireland, SoftCo has over a million users worldwide with customers including PwC, Volkswagen, Primark, Logitech and the Finnish Government. SoftCo is ISO27001 certified, SOC 1 & 2 audited, a Microsoft IP Co-Sell Certified Partner, an AWS Advanced Technology Partner, and is integrated with over 200 ERP systems.