Supply chain payments company Tradeshift has announced a partnership with Wax Digital, a FinTech offering businesses spend management tools.
A press release issued Thursday (Nov. 14) said Tradeshift and Wax Digital will collaborate to offer web3, an eProcurement solution using Wax Digital technology that provides procurement technologies integrated into the Tradeshift network as a new enterprise app.
Companies using the Tradeshift platform will gain access to Wax Digital services via web3, which connects users to product sourcing, contract lifecycle management, supplier proposal and contract negotiation services, with a focus on supplier management and automation.
“Beyond the dematerialization of invoices, Tradeshift digitizes the relationship with suppliers,” said Tradeshift Senior Director of Global Alliances Bruno Laborie in a statement. “But our customers have been seeking to extend their collaboration with suppliers on upstream processes, such as sourcing and contract lifecycle management. Due to this demand, Wax Digital is a natural fit for our platform.”
The integration of Wax Digital technology follows Tradeshift’s addition of spend analytics capabilities through an integration with another partner, Spendency, announced in September. At the time, Laborie stated that customers processing millions of transactions a year need to understand that spend data. “This is why adding a strategic app like Spendency is an imperative addition to our platform,” he said.
Last year, Wax Digital released research conducted by Sapio Research about corporates’ procurement challenges, finding that on average, users of eProcurement systems only take advantage of about half of that tool’s potential.
“These research findings show that there is a real appetite to improve the performance and effectiveness of procurement through technology, and there are many strong solutions on the market to help them do this,” said Wax Digital Director Daniel Ball in a statement at the time. “However, if the wrong technology choice is made or the conditions for implementation are not carefully planned, organizations may only achieve some of the potential benefits.”