{"id":50950,"date":"2023-06-01T15:37:57","date_gmt":"2023-06-01T14:37:57","guid":{"rendered":"https:\/\/softco.com\/?page_id=50950"},"modified":"2025-03-13T12:30:45","modified_gmt":"2025-03-13T12:30:45","slug":"retail","status":"publish","type":"page","link":"https:\/\/softco.com\/uk\/industry\/retail\/","title":{"rendered":"SoftCoP2P for Retail"},"content":{"rendered":"\n
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SoftCo for Retail<\/h1>\n\n\n\n

Automating some of the world’s leading retailers<\/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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Retailers face significant challenges managing Procure-to-Pay processes for both Goods for Resale (GFR) and Goods not for Resale (GNFR), while simultaneously managing new store launches, driving customer traffic, ensuring well-stocked shelves and everything else in between. The manual processing of many invoices, coupled with the challenge of tracking their status and guaranteeing vendor payments, consumes valuable time, carries a risk of errors, and potentially damages vendor relationships. SoftCoP2P for Retail<\/strong><\/span> is configured for the retail industry based on a decade of experience working closely with some of the world\u2019s largest retail brands. SoftCoP2P<\/strong><\/span><\/strong> simplifies the management of a large, complex supply chain, processing Incoterms across multiple currencies and languages, and automates the processing of surcharges. It enables Retailers with a significant store footprint to manage and control specific budgets with speed and accuracy.<\/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 Retail<\/h2>\n\n\n\n
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Goods for Resale<\/h3>\n\n\n\n
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Processes all Incoterms<\/h4>\n<\/div>\n\n\n\n
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Real-time transport visibility<\/h4>\n<\/div>\n<\/div>\n\n\n\n
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Automates demurrage charges<\/h4>\n<\/div>\n\n\n\n
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Seasonal retailers Pre-payment<\/h4>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n
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Goods Not for Resale<\/h3>\n\n\n\n
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Manages all operational spend<\/h4>\n<\/div>\n\n\n\n
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Controls store specific costs<\/h4>\n<\/div>\n<\/div>\n\n\n\n
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Simplifies vendor management<\/h4>\n<\/div>\n\n\n\n
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Secure & quick access to contracts<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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Some of our Retail Customers<\/h2>\n\n\n\n
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Case Studies<\/h2>\n\n\n\n
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“SoftCoP2P provides Primark with complete visibility, significantly reduced manual workload and a 1 year return on investment.”<\/em><\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n\n

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

408 retail stores in 14 countries<\/p>\n\n\n\n

SUPPLIERS<\/strong><\/h5>\n\n\n\n

800 factories in 26 countries<\/p>\n\n\n\n

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

350,000<\/p>\n<\/div>\n\n\n\n

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

Primark needed to manage a complex global supply chain, provide real time transport visibility, and support their vendors with early payments to ensure products are on shelves in as little as six weeks from the time of ordering.<\/p>\n\n\n\n

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

Primark now automatically match 98% of their 350,000 Free on Board (FOB) Incoterm invoices allowing them to pay key vendors to terms, calculate actualised margins and put in place supports such as supply chain finance. The result is a faster release of goods from dock to warehouse, as the invoice is also used for customs clearance, thus reducing demurrage costs.<\/p>\n\n\n\n