Tuesday 30 June 2020
Tradeshift, a global leader in supply chain payments and marketplaces, has established its Middle East and Africa (MEA) headquarters in Dubai and launched Tradeshift Engage, a cloud-based solution to digitize supply chain invoicing and payment systems to immediately address the cash flow and liquidity challenges businesses are facing in the COVID-19 economic environment.
Companies in the MEA region have been slow to digitize core business infrastructure, an issue that exposes suppliers still relying on paper-based invoicing systems to significant challenges maintaining business operations. Coupled with the recent trend of buyers delaying payments to as much as 180 days to protect working capital, this has resulted in a serious logjam for companies to receive payments.
The Silicon Valley-based Tradeshift enables enterprise companies that want to fully digitize their supply chain relationships to do it with speed and efficiency. Tradeshift Engage allows buyers to bring to their suppliers a value proposition that offers immediate and tangible benefits without any of the heavy lifting associated with traditional onboarding initiatives.
The system enables the buyer and supplier to track invoices in real time, with an option for a flexible payment system that allows the supplier to receive payment direct from Tradeshift, preserving working capital for both the buyer and supplier.