Back to Hub

SoftCo: Vendor Analysis (Part 1) — Background, Solution Overview and Tech Selection Tips

04/29/2020 By

This Spend Matters PRO Vendor Analysis on SoftCo offers a three-part series providing facts and expert analysis to help accounts payable and procurement organizations make informed decisions about whether they should explore the software provider in this market.

SoftCo was among the first six providers to join Spend Matters’ new AP Automation SolutionMap, which came out last month. AP automation solutions are gaining prominence in the P2P/I2P market, where having visibility and control of the whole payment transaction is becoming a critical capability to create more process efficiencies and value to organizations. The “OK-to-pay” status, which is just approving an invoice for payment and sending the files to a payment system, is no longer enough to keep providers competitive among the P2P and AP automation players.

The results from SolutionMap show that SoftCo’s payments automation solution is stronger in our Nimble persona, where features such as low cost, rapid implementation and fast ROI are key. SoftCo’s AP automation elements include invoice capture, OCR data capture, invoice approval, invoice exceptions, approval routing, mobile approval, and 2-/3-way & recurring invoice matching.

Part 1 of our Vendor Analysis will focus on SoftCo’s background, provide a solution overview and offer tech selection tips for when organizations should consider SoftCo as a complement to other procurement and finance solutions. The remaining parts of this research brief will cover product strengths and weaknesses, insights on competitors, a SWOT analysis, and insider evaluation and selection considerations.

This article requires a paid membership that has access to AP Automation / Invoice-to-Pay.
Please log in or create an account to view this article
Vendor Analysis