{"id":52622,"date":"2023-08-01T15:35:55","date_gmt":"2023-08-01T14:35:55","guid":{"rendered":"https:\/\/softco.com\/?page_id=52622"},"modified":"2024-09-26T16:03:06","modified_gmt":"2024-09-26T15:03:06","slug":"construction-supply-chain","status":"publish","type":"page","link":"https:\/\/softco.com\/ie\/industry\/construction-supply-chain\/","title":{"rendered":"SoftCoP2P for Construction Supply Chain"},"content":{"rendered":"\n
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SoftCo for Construction Supply Chain<\/h1>\n\n\n\n

Automating the Construction 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 construction industry and its associated supply chain encounters diverse challenges, such as managing a complex network of suppliers, handling payment variability and large invoice volumes, dealing with retentions, ensuring compliance, maintaining documentation, resolving payment disputes, and managing cash flow. SoftCoP2P for Construction Supply Chain<\/strong><\/span><\/strong> is specifically designed to address these unique challenges. It offers full control and visibility over finance operations, from procurement to invoice automation and payment, eradicating maverick spending, enhancing efficiency, and ensuring contract compliance. SoftCoP2P<\/strong><\/span><\/strong> manages the request, purchase, and control of contract-based spend, with automatic alerts for renewals and expirations. Manual and duplicate processes are eliminated, providing accurate insights into spending and accruals, and accelerating month-end closure.<\/p>\n\n\n\n

Read<\/summary>

In addition to addressing the unique challenges of construction, SoftCoP2P <\/strong><\/span><\/strong>delivers unrivalled savings. Smart Matching, powered by AutoML Machine Learning, revolutionizes invoice matching, resulting in an industry-leading 90% touchless invoice processing. It streamlines the complex task of processing multi-line invoices to multiple POs and handles delivery slip matching, freeing up valuable time and resources. Smart Coding and Smart Routing apply 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 surcharges 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. The solution boosts your key vendor relationships by providing an efficient onboarding process and full visibility over the status of their invoices and optimizes pricing agreements with your preferred vendors.<\/p><\/details>\n<\/div><\/div>\n\n\n\n

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Benefits of SoftCoP2P for Construction Supply Chain<\/h2>\n\n\n\n
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\"Contract<\/figure><\/div>\n\n\n

Enhanced Project
Cost 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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Regulatory
Compliance.<\/h4>\n<\/div>\n<\/div>\n\n\n\n
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Improved
Financial Forecasting.<\/h4>\n<\/div>\n\n\n\n
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Enhanced
Audit Trails.<\/h4>\n<\/div>\n\n\n\n
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\"Economy<\/figure><\/div>\n\n\n

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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\"grafton<\/figure><\/div>\n\n\n
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“SoftCo has fulfilled everything that we were looking for, and more.<\/em>“<\/p>\n<\/blockquote>\n\n\n\n

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Watch Now<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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LOCATION<\/strong><\/h5>\n\n\n\n

Europe<\/p>\n\n\n\n

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

\u00a32.2b per annum<\/p>\n\n\n\n

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

300,000<\/p>\n<\/div>\n\n\n\n

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

Grafton Group plc is an international distributor of building materials to trade customers primarily engaged in residential construction and maintenance.<\/p>\n\n\n\n

Grafton faced challenges managing more than 300,000 vendor invoices for its 35 different locations. With 100 business approvers, vendor invoice resolution times were typically more than 40 days, resulting in slow payments, a lack of visibility, and delays in the accruals process. The manual nature of capturing and processing paper invoices meant that Grafton had high storage and labor overheads.<\/p>\n\n\n\n

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

With SoftCo Accounts Payable Automation, Grafton has achieved straight-through processing of 75% of all vendor invoices and increased the capacity of its AP team by more than 50%. By automating its AP process, Grafton reduced its labor costs despite handling an increasing volume of invoices. Now 100% of invoices are received electronically into Grafton. These results have allowed Grafton Ireland to achieve a year one return on investment.<\/p>\n\n\n\n