Next Gen cloud platform delivering superior security & configurability
SoftCo’s Smart Automation solutions are built on a next generation multi-instance cloud platform, on both Azure and AWS (Leaders in Gartner’s Magic Quadrant for Cloud Infrastructure), providing the highest independently certified data security possible. There is no co-mingling of data, which is stored in a separate dedicated database for each customer. Faster response times and better performance with less competition for resources. Cyber risk is reduced unlike multi-tenant environments where a breach can affect all organizations, as with the cyber-attack on SolarWinds.
SoftCo’s DevOps processes are customer centric and deliver continuous improvements into production as part the SaaS service cost. Most importantly the customer controls when it suits best to install. Investments in AI and Machine Learning have resulted in the SoftCo matching engine delivering 90%+ touchless invoice processing of PO invoices, while non-PO invoices processing times are reduced by 80%. The platform is flexible and using the SoftCo Smart Configurator the functional modules are intelligently adapted to meet customer unique means without any coding. The result is an accelerated implementation timetable for an Enterprise solution that is superior in the marketplace.
Multi-instances with separate databases.
Advanced configuration capability.
System grows as your business grows.
All updates included as part of SaaS fee.
Customer chooses when to deploy updates.
Superior uncontended system.
“The flexibility of the platform is a major factor for our customers. We meet our customers’ needs and include continuous product updates as part the SaaS service. Most importantly the customer controls when it suits best to install.”Neil Kelly, VP Products
Hosted on AWS or Azure, SoftCoP2P’s multi-instance platform incorporates a virtual private cloud for each customer, which securely houses dedicated databases and application configurations. This next-gen architecture guarantees that customer data is secure and is not mixed with other customers data such as in multi-tenant approaches. Customers choose when updates are deployed to their environment to best meet their business needs and compliance requirements, meaning there is no unexpected downtime. The result is far superior uptime statistics.
SoftCo’s security controls are regularly audited by leading international and governmental authorities including the American Institute of CPA’s (AICPA), the International Organization for Standardization (ISO) and the governmental National Security Authority (NSA) of Finland. The platform has also achieved the highest independent security rating in the top 1% of the industry from Riskrecon Mastercard. SoftCo is SOC-1 and SOC-2 audited, ISO 27001 certified, Katakri audited, a Microsoft Solution Partner and an AWS Advanced Technology Partner.
SoftCo’s product and operations teams are 100% focused on solving customer needs. An emphasis on collaboration and communication with customers improves the speed, reliability, and quality of our services. Our DevOps processes deliver continuous improvements into production and are backed by industry leading uptime, which means that SoftCo developers can respond quickly to feedback and rapidly deploy enhancements, resulting in a better experience for SoftCo customers.
SoftCo continually innovate to ensure that SoftCoP2P is the most advanced P2P automation solution available, delivering tangible results for our customers. Investments in AI and Machine Learning have resulted in the SoftCo matching engine delivering 90%+ touchless invoice processing of PO invoices, while processing times for non-PO invoices have been reduced by 80%. Our stated ambition is to continuously develop our solution and retain our best-in-breed status. If you would like to hear more about our roadmap, please get in touch and we would be happy to share it with you.
SoftCo solutions are hosted on Amazon AWS or Microsoft Azure who are repeatedly named Leaders in Gartner’s Magic Quadrant for Cloud Infrastructure and Platform Services. Both feature highest in the top-right corner of the Leaders quadrant, awarded on Ability to Execute and Completeness of Vision.
It is imperative that SaaS solutions are always available when needed and do not suffer from latency related issues or downtime. The following graphic illustrates the number of ways in which AWS and Azure work to ensure high availability.
“The SoftCo project has been one of the best implementations we have experienced. They were able to understand our complex company structure and guide us with a solution to make invoice processing more efficient.”
The SoftCo platform incorporates a core set of modules – Capture, Workflow, AI Matching, Robotics Automation, Adaptive Learning, Lifecycle Management, Reporting and AI Analytics, Anti-Fraud, Payment and ERP Integration. These modules and technologies offer a proven solid foundation to meet the specific needs for every type of organization.
Uniquely the Smart Configurator intelligently collates the functionality of each module so different SoftCo solutions can be deployed rapidly without the need for custom development. The result is an accelerated implementation timetable for an Enterprise solution that is superior in the marketplace. Uniquely the SoftCo architecture allows the customer to customize the solution without development, responding the changing needs of the organization and the Finance team.
Information is captured in various formats including paper, email, PDF, XML and EDI and from mobile or desktop platforms. Optical Character Recognition (OCR) electronically reads data from scanned documents to reduce or eliminate manual key entry. Machine Learning technology works in tandem with OCR to extract the required data for matching. The invoices are dynamically matched to ensure that invoices are accurate. The AP solution automatically matches all invoices to contract POs and routes them for approvals, reducing repetitive tasks and significantly reducing the invoice lifecycle process.
The Workflow Engine automates a sequence of pre-defined steps, with relevant stakeholders assigned to each step of the workflow where manual intervention is required. The Engine operates off a set of conditions that determine the flow of the sequence, from one step to another. The Engine is a core component in the automated approval and exception handling processes. The SoftCo Workflow Engine is pre-configured to provide best practice workflows for Procure-to-Pay and Accounts Payable automation, depending on business needs.
“We are now automatically matching 80% of all of our supplier invoices.
This means they go straight through the process, touchless
without any manual intervention.“
A key challenge of invoice processing is matching invoices to purchase orders (PO) and goods receipt notes (GRN). If a unique identifier does not exist, the system performs a 2-way match between the invoice and PO, based on the total amount, and send it for approval. Where there is no unique identifier, Confidence Matching intelligently searches for cases where the line-item amount is the same across both POs and invoices, before presenting relevant and appropriate matches. The AI Matching Engine is configurable to determine the confidence level above which straight through processing is accepted. Where an invoice and purchase order have discrepancies in terms of the specific goods or services listed on both, Aggregate Matching is applied to automate the process.
SoftCo Robotics Automation works by learning and mirroring the keystrokes of regular processes to grab data within fields on documents and assign them to other required fields, thus removing the manual elements of coding and approval routing. For invoices that need to be coded and assigned to a general ledger/cost centre, Robotics Automation handles this process automatically based on the vendor number associated with the invoice. This removes the need to manually route invoices to approvers and cost centers. Smart Routing technology utilizing the latest in Adaptive Learning techniques to determine the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 90%. Smart Coding also harnesses Machine Learning to analyse previously coded invoices and automatically apply the correct coding for new invoices. This new feature significantly reduces the reliance on the AP team’s knowledge and enables coding in seconds rather than minutes.
The document Lifecycle Management Technology provides a full audit trail for any changes made to documents during their lifecycle. For any documents that have defined lifecycles, the SoftCo platform provides ‘digital shredding’, rendering files unreadable by overwriting them several times with other data. This ensures compliance with all jurisdiction document retention policies.
“80% of our invoices are achieving a 100% confidence level in the auto-match. This is really, really a big deal from an AP perspective.“
By applying AI, abnormal behaviours are identified and managed in real-time to ensure the necessary actions are taken to protect against fraud at all stages of the AP process. SoftCo Anti-fraud is tailored to deliver the optimal fraud protection aligned with your specific needs, regulations and compliance requirements. SoftCo applies industry best practices (DMARC/DKIM/SPF) to minimize phishing and other malicious activity while SoftCo servers are constantly monitored and subject to ongoing 3rd party security checks to ensure that any vulnerabilities are addressed pro-actively. Other security features include Two-factor authentication (2FA) and single-sign-on, allowing users to securely authenticate their account with multiple devices upon first login. This enables fast and secure login to the SoftCo system across multiple devices. Unique Digital Fingerprint technology ensures retrieved documents from the SoftCo system are the original, unaltered document and also provides a full audit trail, vital for regulatory and audit compliance. All data is encrypted when stored at rest and while in transmission, ensuring that data is always safely and securely managed.
The seamless process, from receipt of invoice to vendor payment, delivers control and transparency with straightforward reconciliation through the ERP and a fully auditable payment process. SoftCoPay is part of the SoftCo ecosystem and includes dashboards that provide comprehensive reporting to simplify administration for both vendors and the AP team. SoftCoPay integrates seamlessly with the ERP and is bank agnostic.
To date, SoftCo has integrated with over 200 different systems, using a variety of different methods including RESTful API, sFTP and SQL. SoftCo SmartConnect supports secure dataexchange with the ERP or Finance system via its JSON RESTful web service or via data file in any standard format, for example, XML, Text, JSON exchange over sFTP or VPN connection. File exchange via sFTP enables data files to be securely transferred between SoftCo and the ERP system. Additionally, SQL direct integration allows SoftCo to access ERP data via a standard SQL view/stored procedure against the underlying ERP database. The ERP system remains the master record for key financial information such as GL codes, cost centers, and product IDs while SoftCo financial solutions extracts and posts data back to the ERP system in real-time.
SoftCo delivers industry leading analytics to empower organizations to make informed decisions. SoftCoP2P offers both SoftCo Advanced Analytics, part of the SoftCo solution, and the ability to integrate with 3rd party analytics tools. Advanced Analytics includes over 20 Operational and 25 Financial reports. Pre-configured reports are accessed quickly and easily, without the need to build dashboards from scratch. The platform provides accurate, real-time information over AP productivity, invoice processing rates and payments performance. Compliance is also ensured through Prompt Payment reporting and Payment Practice & Performance reporting which provides the statistics required to seamlessly compile and submit BEIS reporting requirements. SoftCo also enables 3rd party data integration with all leading analytical tools, such as Microsoft PowerBI, Salesforce, and Tableau. This analytics export provides a data dump of processed invoices allowing you to leverage existing reporting investments and infrastructure.
Complete the form to request a demo of one of our solutions.
Date: Wednesday, June 21st, 2023
In this webinar Brian Bertges and Jason Hery discuss manual challenges faced by AP teams and how SoftCoAP can rapidly solve these.
Balancing the need for customer requests and upgrades with the demands of software development and deployment…