{"id":52285,"date":"2023-07-28T15:29:14","date_gmt":"2023-07-28T14:29:14","guid":{"rendered":"https:\/\/softco.com\/?page_id=52285"},"modified":"2024-07-26T16:18:09","modified_gmt":"2024-07-26T15:18:09","slug":"food-and-drink","status":"publish","type":"page","link":"https:\/\/softco.com\/uk\/industry\/food-and-drink\/","title":{"rendered":"SoftCoP2P for Food and Drink"},"content":{"rendered":"\n
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SoftCo for Food and Drink<\/h1>\n\n\n\n

Automating the Food and Drink 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 unique characteristics of the food and drink industry, such as seasonality, perishable inventory, supplier relationships, pricing volatility, compliance, and high transaction volumes, all contribute to complexity in managing the Procure-to-Pay process. Decentralized invoices arriving from various locations, manual data entry, and invoice routing result in a high risk of errors, slowing approval cycles and strained vendor relations. Over the last decade SoftCo has worked with some of the largest organizations in the Food and Drink<\/strong><\/span><\/strong> industry including SunnyD, apetito and Pernod Ricard. Our solutions address the unique challenges and structure, streamline, and automates the entire Food and Drink<\/strong><\/span><\/strong> 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 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 on-boarding 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 Food and Drink<\/h2>\n\n\n\n
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\"Economy<\/figure><\/div>\n\n\n

Improved
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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\"Tick<\/figure><\/div>\n\n\n

Enhanced
Supplier Relationships.<\/h4>\n<\/div>\n<\/div>\n\n\n\n
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Seasonal
Demand Management.<\/h4>\n<\/div>\n\n\n\n
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Supply
Chain Visibility.<\/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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How AI & Machine Learning
is Transforming Finance Automation<\/p>\n<\/blockquote>\n<\/blockquote>\n\n\n\n

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Read Now<\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n
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Case Study<\/h2>\n\n\n\n
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“SoftCo gives us enhanced capability to meet future growth in our business.<\/em>“<\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n\n

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

UK<\/p>\n\n\n\n

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

$2.5B per annum<\/p>\n\n\n\n

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

25,000<\/p>\n<\/div>\n\n\n\n

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

apetito is the UK\u2019s leading creator and supplier of meals for the health and social care sector. As apetito was growing at a significant rate, their finance team carried a high risk of errors. They sought a solution to automate and optimize their procurement operations.<\/p>\n\n\n\n

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

SoftCoP2P\u2019s Pre-Approved Spend module has enabled apetito to gain complete control and visibility across their business. SoftCo\u2019s advanced analytics allows apetito to avail of early payment discounts and eliminates late payment penalties.<\/p>\n\n\n\n