{"id":51425,"date":"2023-06-20T11:41:29","date_gmt":"2023-06-20T10:41:29","guid":{"rendered":"https:\/\/softco.com\/?page_id=51425"},"modified":"2024-07-26T14:43:46","modified_gmt":"2024-07-26T13:43:46","slug":"renewable-energy","status":"publish","type":"page","link":"https:\/\/softco.com\/ie\/industry\/renewable-energy\/","title":{"rendered":"SoftCoP2P for Renewable Energy"},"content":{"rendered":"\n
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SoftCo for Renewable Energy <\/h1>\n\n\n\n

Automating the Renewable Energy Industry<\/p>\n\n\n\n

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Request a Demo<\/a><\/div>\n\n\n\n
Benefits<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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The Renewable Energy industry, comprising wind, solar & hydro, faces very specific challenges regarding their procure to pay process. Typically, Renewable Energy projects consist of several lifecycle stages: screening, feasibility, development, contract execution, project delivery, operation & decommissioning. These projects take place across numerous global locations, with vendors in different territories, different currencies, and a diverse set of tax jurisdictions. This complexity, when coupled with a manual P2P process, results in significant bottlenecks in accounts payable and decelerated cycle times leading to poor vendor relations and stalled projects. Considering a 4MW wind turbine generates the equivalent of $700k in power per annum, a project being delayed, or an entire turbine farm off-line, has very significant financial implications.<\/p>\n\n\n\n

SoftCoP2P for Renewable Energy<\/strong><\/span><\/strong> accelerates, manages, and controls the costs of each lifecycle stage from screening through to decommissioning of the sites. With SoftCoP2P\u2019s Pre-Approved Spend module, Renewable Energy companies establish a unique entity per site with a pre-approved budget depending on its lifecycle, which can be drawn down by approved users, streamlining, accelerating and automating the entire P2P process. With 100% visibility over every entity and lifecycle stage, only pre-approved vendors are used, and costs are fully controlled. SoftCoP2P delivers unparalleled touchless automation by incorporating unique Machine Learning technology minimizing the number of supplier invoices that require manual intervention.<\/p>\n\n\n\n

Read<\/summary>

SoftCoP2P<\/strong><\/span><\/strong> delivers unrivalled savings. Smart Matching, powered by AutoML Machine Learning, removes manual elements of invoice matching, resulting in an industry-leading 90% touchless invoice processing. Smart Coding and Smart Routing also utilize Machine Learning to automatically determine the correct routing and coding of invoices, resulting in 89% faster processing of non-PO invoices compared to manual environments. Surcharge processing is automated regardless of the way in which they are presented, reducing the time to process by 95%.<\/p>

SoftCoP2P<\/strong><\/span><\/strong> is truly global, handling multiple entities and multiple currencies in multiple languages. It eliminates maverick spending and delivers efficiencies, cost savings and 100% visibility & control over the entire procure to pay process. SoftCoP2P software boosts your key vendor relationships by providing an efficient onboarding process and full visibility over the status of their invoices. The solution enforces and optimizes pricing agreements with your preferred vendors. It also manages the request, purchase, and control of contract-based spend.<\/p><\/details>\n<\/div><\/div>\n\n\n\n

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Benefits of SoftCoP2P for Renewable Energy<\/h2>\n\n\n\n
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Controls Spend
by Location.<\/h4>\n<\/div>\n\n\n\n
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Improves Site
Development Lead Times.<\/h4>\n<\/div>\n\n\n\n
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Secure & Quick Access
to Preferred Vendors.<\/h4>\n<\/div>\n<\/div>\n\n\n\n
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Provides
Real-Time Visibility.<\/h4>\n<\/div>\n\n\n\n
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Manages all
Operational Spend.<\/h4>\n<\/div>\n\n\n\n
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Improved
Vendor Relations.<\/h4>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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Case Study<\/h2>\n\n\n\n
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“SoftCo quickly understood the issues that we were facing & were able to demonstrate they knew how to solve these issues. Costs and cycle times have decreased significantly.<\/em>“<\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n\n

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LOCATION<\/strong><\/h5>\n\n\n\n

50 locations across 6 European Countries<\/p>\n\n\n\n

REVENUE<\/strong><\/h5>\n\n\n\n

\u00a3100m per annum<\/p>\n\n\n\n

INVOICES PER ANNUM<\/strong><\/h5>\n\n\n\n

20,000<\/p>\n<\/div>\n\n\n\n

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Key Challenges<\/strong><\/h5>\n\n\n\n

NTR plc is a renewable energy company who invest in wind energy, solar energy and battery storage across Ireland, France, Finland, Sweden, Italy, Spain and the UK.<\/p>\n\n\n\n

NTR\u2019s manual P2P process resulted in cost visibility problems, delayed vendor payments, and project cost overruns. With rapid scaling and expansion of wind and solar farms in Europe, NTR needed a solution to effectively manage, control, and gain visibility into project costs and diverse suppliers across 50+ locations.<\/p>\n\n\n\n

Solutions & Results<\/strong><\/h5>\n\n\n\n

SoftCoP2P’s Pre-Approved Spend module has enabled NTR to gain complete control and visibility over their 50+ European sites. Each site operates as its own entity within SoftCo with a dedicated budget, allowing authorized personnel to draw down against this budget for pre-approved vendors within that region.<\/p>\n\n\n\n