Digitalizing global trade - In Practice
At OpusCapita we have a strong purpose, our purpose is to digitalize global trade - one customer at a time. That sounds great right, and isn't digitalization all the rage nowadays? Sure. But as it often is with new trends and technologies, it's always good to take a moment to look beyond the hype.
In this blog, I will take a look at what our purpose actually means in practice. How are we digitalizing global trade for our customers?
First, it's important to point out that OpusCapita helps customers to digitalize their relationships with suppliers and customer on three layers:
- product information is processed into online catalogs
- transactional documents like purchase orders, invoices, goods receipt notices or advance shipment notes
Our solutions support
- sales, marketing and eCommerce functions with managed product information
- procurement and accounts payable departments with broad source-to-pay functionality
- treasury and corporate finance functions with multiple cash management solutions and of course, payments.
All of these functions allow customers to interface digitally with external stakeholders like suppliers, customers, partners, banks and authorities.
Processing product information into online product catalogs
You don’t have to be a massive company to have huge amounts of products and equally large amounts of product information. Our Product Information Management solutions support all kinds of customers who understand that representing their products accurately and visually while getting that information to the right channels makes the difference between meeting sales targets or missing them. Take Audi as an example. Audi uses OpusCapita to bring together their vast numbers of accessories into a single online product catalog which their numerous customers can easily work with - all of which makes Audi easier to buy from. Even though the example above is from the perspective of a supplier, the need for buyer organizations to understand and consciously manage their supplier product information is vital to improving spend under management.
For hundreds of suppliers just like Audi, the ability to manage all their product information and then syndicate it easily to any number of customers and/or marketplaces is a competitive advantage. It shouldn’t surprise anyone that we support both sides of the supplier - buyer information management exchange. Many of our customers are buyer organizations (ie: they use our solutions to improve procurement and accounts payable processes) and in order to support their digitalization journey, we help them to comprehensively on-board their suppliers. Supplier information management is a key to performance management but also sourcing and even compliance. In addition, our tools create self-service options for suppliers to create catalogs and upload them for automatic validation and approval. With this level of digital integration, both suppliers and buyers can leverage tools for automation which ultimately create a faster, more seamless process with far fewer errors.
The question of services is often brought up by our customers - typically, it’s something they would like to better control but they have no expectation that any e-procurement vendor would be able to really help them. In fact, services procurement is something we are especially good at with recognition from industry leading organizations and analysts. We have a focus on solving services procurement challenges because we know it’s a headache for almost every organization - so rather than pretending it doesn’t exist, we try and tackle it head-on.
Digitalizing transaction documents like invoices and purchase orders
Automation of the source-to-pay process relies on comprehensive digitalization - none of which would be possible without electronic catalogs, e-ordering, e-invoicing, etc. Many organizations still struggle to fully digitalize due to a small percentage of paper invoices and suppliers who have themselves failed to e-transition. Despite this, when asked, our customers have overwhelmingly communicated their desire to transition to a fully electronic process. Although e-invoices have been used for over 20 years in the Nordics, most large companies are still struggling to get their e-invoice adoption levels above 60%. Our customers are both large senders and large receivers of e-invoices and as such, we are excited to be a driving force in digitalization of trade across the Nordics and DACH regions.
Automating payment reconciliation with a real-time view of cash flows
Now we've discussed two elements: product catalogs and digital transactions. The third piece of the puzzle is the actual payment. You know how it is when you transfer money, it usually arrives on the receiver account after a day or two. In private life this is of course fine but in a business sense it’s crucial to make those transfers in real time in order to ensure that there is always a correct view on the cash flow. In order to do this we offer our customers direct bank connectivity to multiple banks, which ensures that the money is where it is when it needs to be there. At the same time we make it possible for our customers to match the outgoing invoices and incoming payments automatically after a payment is processed.
Together we make it
We are working with our individual customers based on their own global trading ecosystem in which they have multiple suppliers, partners and customers. We work with our customers to digitalize their transactions within that ecosystem. The goal in all of this is to help our customers make informed business decisions by giving them an accurate view on their business from every angle. In essence, this means that we are helping companies sell, buy and pay with a real-time view of their business. This allows us to embark on a digital transformation journey with each of our customers that is unique to that specific company and at the same time contributing to the overall digitalization of global trade. We work hard to become trusted as a capable partner, able to support their short and long-term digital transformation goals.
Patrik joined OpusCapita Group as CEO in October 2015.In his previous role as CEO of VC-funded start-up MariaDB Corporation, he built MariaDB into the fastest growing relational database used by the likes of Google, Amazon, Red Hat and Barclay’s Bank.