{"id":52291,"date":"2023-07-28T15:34:30","date_gmt":"2023-07-28T14:34:30","guid":{"rendered":"https:\/\/softco.com\/?page_id=52291"},"modified":"2024-07-26T14:59:47","modified_gmt":"2024-07-26T13:59:47","slug":"manufacturing","status":"publish","type":"page","link":"https:\/\/softco.com\/ie\/industry\/manufacturing\/","title":{"rendered":"SoftCoP2P for Manufacturing"},"content":{"rendered":"\n
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SoftCo for Manufacturing <\/h1>\n\n\n\n

Automating the Manufacturing 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 manufacturing industry poses unique challenges for finance teams due to the complex nature of operations and the diverse supplier network involved. Manufacturers often have multiple ordering systems and different spend categories, including materials, indirect expenses, and freight. Managing a large volume of transactions while accurately capturing data, processing invoices, and ensuring timely payments is critical for maintaining strong supplier relationships and enabling business growth. Over the last decade, SoftCo has worked with some of the largest organizations in the Manufacturing industry, including Sunny D, Analog Devices, and Logitech. SoftCoP2P for Manufacturing<\/strong><\/span><\/strong> addresses the unique industry challenges and structures, streamlines, and automates the entire finance process from procurement to invoice automation and payment across all spend categories.<\/p>\n\n\n\n

Read<\/summary>

Smart Matching, powered by AutoML <\/strong>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. SoftCo Procure-to-Pay 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 Manufacturing<\/h2>\n\n\n\n
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\"Contract<\/figure><\/div>\n\n\n

Automated
Inventory Management.<\/h4>\n<\/div>\n\n\n\n
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90% Straight Through
Invoice Processing.<\/h4>\n<\/div>\n\n\n\n
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Improves Scalability
in Production.<\/h4>\n<\/div>\n<\/div>\n\n\n\n
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Enhances Supplier
Performance Tracking.<\/h4>\n<\/div>\n\n\n\n
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Stronger
Forecasting Capabilities.<\/h4>\n<\/div>\n\n\n\n
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89%
Cost Savings.<\/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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<\/span>\"Logitech\"
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\"logitech<\/figure><\/div>\n\n\n
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“80% of our invoices are already achieving a 100% confidence level in the auto-match. This is a really big deal from an AP perspective.”<\/em><\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n\n

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

USA, EU, Asia<\/p>\n\n\n\n

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

$5bn per annum<\/p>\n\n\n\n

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

100,000<\/p>\n<\/div>\n\n\n\n

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

Logitech is internationally renowned for its wide variety of products for personal computing, gaming, video conferencing, and digital home-entertainment control.<\/p>\n\n\n\n

Logitech faced challenges with their OCR system as it struggled to accurately detect foreign languages. Out of 23 companies, their OCR could only be applied successfully to 2 of them. Additionally, Logitech experienced significant delays in invoice processing.<\/p>\n\n\n\n

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

SoftCo offers Logitech comprehensive end-to-end AP automation, encompassing automated capture, matching, and approval for over 100,000 annual supplier invoices. SoftCoAP’s versatility shines through its multi-currency and multi-entity capabilities, enabling Logitech to efficiently automate processes across all 23 of its Asian companies. With SoftCo Analytics, Logitech’s accounts payable team gains complete control and visibility over the entire AP process.<\/p>\n\n\n\n