10.6 Product Update
SoftCo10.6 leverages true Machine Learning and Artificial Intelligence (AI) technology to minimize the number of supplier invoices that require manual intervention resulting in substantial savings per supplier invoice processed.
SoftCo Smart Matching was introduced in February 2022 as part of the SoftCo10.5 release. This feature delivered touchless invoice processing rates of over 75%. Thanks to our ongoing investment in Machine Learning, SoftCo10.6 achieves STP rates of up to 93% using real world data. SoftCo10.6 uses a suite of unique algorithms which deliver the optimal outcomes depending on industry type, supplier level and even as granular as the different invoice types by supplier. Typically, a system needs time to “learn” over a period of time, however customers benefit instantly, as SoftCo’s Smart Matching engine is exposed to historical invoices resulting in benefits being realized instantly.
SoftCo10.6 now automates matching for Surcharges meaning you can significantly reduce or even eliminate the typical manual steps required to capture, validate, and post unexpected surcharges. Enhanced Goods Receipt Note (GRN) matching capabilities allows automatic matching to specific GRNs based on delivery reference numbers or invoice to GRN value matching. The new Recurring Invoices UI mirrors the usability in PO matching.
The Processing of non-PO invoices is labor intensive and typically consumes the most time within an AP function. SoftCo10.6 delivers a completely reworked non-PO invoice interface and usability that reduces processing time by up to 90%, with industry leading compliance and audit checks. SoftCo10.6’s Non-PO Smart Coding engine, utilizes Machine Learning to rapidly identify and learn repeated coding patterns allowing it to automatically code invoices from key suppliers, saving time and eliminating error. These coding patterns are shared with other users and reused with other supplier invoices.
With a new and easy-to-use UI, large and complex non-PO invoices are processed by intelligently grouping and codifying multiple rows. SoftCo10.6 tracks whether posting rows are created manually or automatically and gives visual indicators so that 4-eye checks and reviews are accelerated enabling enhanced compliance over non-PO invoices.
SoftCo delivers industry leading analytics to empower organizations to make informed decisions. SoftCo10.6 offers both SoftCo Advanced Analytics, part of the SoftCo solution, and the ability to integrate with 3rd party analytics tools.
SoftCo10.6 Advanced Analytics includes over 20 Operational and 25 Financial reports. Operational reports cover key trends and insights enabling the AP team to understand where time is spent, where there are bottlenecks in the process and how suppliers and regional teams are performing. Financial reports give insight into all aspects of accruals and payment related data broken out by invoice type, supplier, and region.
SoftCo10.6 enables 3rd party data integration with all leading analytical tools, for example Microsoft PowerBI, Salesforce, And Tableau. This analytics export provides a data dump of processed invoices allowing you to leverage existing reporting investments and infrastructure.
The volume, variety and complexity of surcharges has increased significantly due to global supply chain challenges. When invoices are received, SoftCo 10.6 simplifies and accelerates the processing of these charges regardless of the way in which they are presented on the invoice or the specific scenario in which charges are applied. SoftCo10.6 automates the identification and matching of expected surcharges appearing on the invoice and Purchase Order.
The processing of unexpected surcharges can be automated based upon configurable rules. SoftCo10.6 captures, identifies, codes, and distributes these charges appropriately even when this additional charge (Duty, Freight, Environmental etc.) is not reflected on the Purchase Order. For all surcharges, SoftCo dedicated surcharge analytics provides insight into trends by region and supplier.
Often referred to as “the last mile”, payments within Accounts Payable remain inefficient due to complex processes across multiple payment methods. This results in the payments process being both costly and susceptible to fraud. SoftCo10.6 offers customers the ability to process local and international payments directly through the SoftCo platform. SoftCo Pay, powered by Corpay, automates, and optimizes the payment process resulting in additional cost savings and reduced risk.
SoftCo Pay is fully integrated with SoftCoP2P and provides a single, secure channel for all, or selected supplier payments. The seamless process from receipt of supplier invoice to payment delivers control and transparency, with straightforward real-time reconciliation through the ERP or finance system and a fully auditable simplified payment process. SoftCo Pay specific dashboards provide comprehensive reporting which simplify administration for both suppliers and your AP team.
There are several important enhancements to the StorLife Compliant Archive in SoftCo10.6 including a new user experience and additional search functionality ensuring that users can locate and retrieve documents with more speed and control than ever before. The core architecture has been optimized resulting in the ability to scale StorLife seamlessly to terabytes of storage with no limits on the number and size of document delivering the fasted search and retrieval capabilities. Added refinements to the StorLife Compliant Archive access control means that access is tailored to an organisation’s specific needs.
All incoming and outgoing emails through the SoftCo system are continuously subject to spam, malware, and viruses checks to protect users from malicious email. SoftCo applies industry best practices (DMARC/DKIM/SPF) to minimise 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.
The SoftCo10 core infrastructure has been updated and is constantly monitored using the latest systems and applications from RedHat, Microsoft and Amazon ensuring that customers have the highest confidence that their data and operations are protected from cyber-attacks.