Boston, MA 09/10/2014 (wallstreetpr) – Archer Daniels Midland Company (NYSE:ADM) has started using the electronic invoicing system designed and developed by Tradeshift Inc. for handling its purchase orders and invoices. It is an advanced form of document management system for handling over 2.5 million invoices annually. It is an internet-based supplier electronic invoicing system for enhancing the transactional efficiency in the system.
The need of efficient system
Archer Daniels Midland Company (NYSE:ADM) has got over 270 food-processing plants spread in 140 countries. The large volume of dispersed operations indicates that Archer has no choice but to process almost 2.5 million invoices every year. The invoices come from around 222,000 suppliers and needs an efficient system for enhancing transactional efficiency. It is the prime reason of deploying an electronic invoicing system. It will improve and expedite how purchasing managers and buyers interact with suppliers.
A single system
Tradeshift’s single system will lead to innovate and enhance the collaboration across the global supplier network of Archer Daniels Midland Company (NYSE:ADM). Also, Archer won’t have to make any significant changes in the existing infrastructure. The single system deployed is Internet-or-cloud-based Workflow system.
The employees of Archer Daniels across the global centers can exchange the information online. Also, they can communicate with the Archer Daniels suppliers. In the case, Archer receives an invoice that doesn’t match with the purchase order; it can instantly return the invoice to the concerned department. Archer can save time spent on finding the right person to rectify the mistake.
Improved communication
The collaborative workflow system will enhance the communication among Archer Daniels Midland Company (NYSE:ADM)’s personnel. The system is integrated with the back-end financial accounting system as well as an inventory management application. It also keeps a record of online communications done on the system so that can be accessed as and when required in future. Tradeshift’s software is used by more than 500,000 suppliers and buyers across the world.
