Tradeshift Selected by ADM to Improve Accounts Payable Transaction Efficiency
SAN FRANCISCO, Calif.–Tradeshift, the fastest growing business transaction and collaboration platform, today announced that Fortune 50 company Archer Daniels Midland Company (NYSE: ADM) will shift to a global e-invoicing model using the Tradeshift cloud-based business platform. The Tradeshift platform will provide an open and fluid environment to transact over 2.5 million invoices annually between ADM and its global supplier network.
The Tradeshift platform will initially be deployed across ADM’s Accounts Payable in North America. It will then be expanded globally to create a collaborative workflow between ADM and its thousands of suppliers. ADM Suppliers click here for more info.
“ADM connects crops to markets in more than 140 countries on six continents. To do that, we process more than 2.5 million invoices a year. Transaction efficiency is fundamental to our business, and we needed to find a vendor with a global footprint to establish a single system throughout our company,” said Suzanne Leopoldi-Nichols, director, ADM’s shared services group. “The Tradeshift platform will allow us to innovate and improve collaboration and transaction efficiency across our global supplier network without disrupting our existing infrastructure.”
The Tradeshift collaborative workflow automates many of the repetitive administratively intensive aspects of invoicing and transactions. It allows buyer and suppliers to communicate in real time to resolve questions, exceptions or disputes before they enter an ERP system. This approach reduces the cost of supply chain management and reduces friction by enabling transparency, productivity, and simplicity.
Said Christian Lanng, CEO of Tradeshift, “The addition of ADM to the Tradeshift business platform is a huge endorsement that our vision and strategy to end the cycle of inefficiency and frustration at the point of transaction and replace it with collaboration creates additional value for the entire supply chain and is transformational to global business efficiency.”
For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve vital needs. Today, 31,000 ADM employees around the globe convert oilseeds, corn, wheat and cocoa into products for food, animal feed, industrial and energy uses. With more than 270 processing plants, 470 crop procurement facilities, and the world’s premier crop transportation network, ADM helps connect the harvest to the home in more than 140 countries. For more information about ADM and its products, visit www.adm.com.
Founded in 2010, Tradeshift is the world’s largest business commerce platform that connects buyers and sellers. Tradeshift connects over 1.5 million companies across 190 countries, processes over half a trillion USD in transaction value yearly, and has a marketplace containing 28 million SKUs. It offers solutions for procure to pay, supplier engagement and financial services, and enables companies and partners to build custom or commercial apps on its business commerce platform. Tradeshift is headquartered in San Francisco, with offices in Copenhagen, New York, London, Paris, Suzhou, Chongqing, Tokyo, Munich, Frankfurt, Sydney, Bucharest, Oslo, and Stockholm.