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SoftCo: Vendor Analysis (Part 3) — SWOT Analysis, Competitors & Market Analysis, Tech Selection Tips

SoftCo qualified as a Nimble “Value Leader” in our new SolutionMap ranking of AP automation offerings, meaning it had good analyst scores and good feedback from its customers. It also indicates that its capabilities can serve companies that need a low-cost solution, rapid implementation and fast ROI in combination with SoftCo’s strengths, which are in invoice capturing, workflow engines and integration expertise.

However, this market is getting competitive — with big investments being made across P2P and specialized AP automation. With that in mind, this final Spend Matters PRO Vendor Analysis installment will look at SoftCo and where it fits into this market and the competitors that it could face in different segments of the market. We’ll have profiles of AvidXchange, Basware, SAP Ariba, Coupa and Corcentric (Determine).

In Part 1, we covered SoftCo’s company background, a detailed solution overview and a summary recommended fit suggestion for considering SoftCo. In Part 2, we covered product strengths and weaknesses.

In addition to a look at SoftCo’s competitors, Part 3 also will include a SWOT analysis, tech selection tips and an analyst summary.

SoftCo: Vendor Analysis (Part 2) — Strengths and Weaknesses

e-invoicing

In this second part of Spend Matters PRO Vendor Analysis, we’ll examine the strengths and weaknesses of SoftCo’s solution, which focuses on AP automation and offers strong invoice capture, workflow/business rules, integration expertise and implementation services.

Part 1 of our analysis provided company background details, a detailed solution overview and a recommended fit list of criteria for firms considering SoftCo.

The third part of this series will offer a company SWOT analysis, a look at competitors and additional tech selection tips.

Now, let’s check out SoftCo’s abilities.

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

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.