New Functionality Links Planning, Sourcing, and Order Execution Enhancements to Support Growth of TradeStone Commerce Communities
Gloucester, Mass., January 3, 2006 -TradeStone Software, the leader in enabling domestic and international sourcing through a Unified Buying Process, today announced the availability of version 3.5 of the TradeStone Suite. TradeStone Suite 3.5 introduces several planning capabilities that marry existing sourcing and order execution functionality; features significant enhancements to the Finance and Logistics modules; and includes many additions that benefit suppliers and foster rapid adoption and deployment across expanding supply chains. Version 3.5 is in production at several customer sites where significant reductions in costs and design-to-delivery cycles are already being realized.
The new features in version 3.5 support retailers, vendors and manufacturers building out their own exclusive TradeStone Commerce Communities. All community members benefit from the TradeStone Suite’s ability to connect planning, sourcing and order execution with seamless access across multiple applications. This provides a financial and merchandise view of sourced and ordered items across all production phases. The system captures committed-to quantities, approved quantities, on-order quantities by Sell Channels and flow, production status, and financial commitment.
Powered by TradeStone’s Unified Buying Engine and comprised of five modular applications – Product, Sourcing, Logistics, Finance and Unified Order Management – the TradeStone Suite helps retailers and merchants work together throughout the buying process, fostering global collaboration among buyers and suppliers. The TradeStone Suite provides retailers with the technology infrastructure they need to manage all aspects of the purchasing process, from the high-level planning stage, through product development and range plan creation, initiation of an order, sample and production tracking, and shipment and financial reconciliation. TradeStone’s ability to layer across an organization’s multiple software applications and legacy systems provides one real-time view and interaction to designers, sourcing personnel, buyers, suppliers, and logistics support staff.
“Manufacturers are expected to produce the highest quality items at the lowest possible prices. Designers are expected to put together unique collections that fly off the shelves, while buyers and sourcing people seek to get the best price and the tightest deliveries. TradeStone supports the way each party thinks and needs to execute. It presents users with screens and workflow from the perspective of the job to be done, regardless of role, organization, geography, language, or currency,” said Sue Welch, CEO of TradeStone Software. “We’ve designed the TradeStone Suite to mask the complexities of global trade, delivering deep and rapid adoption among users who have historically been resistant to adopting technology. Our proven No Training front end means we can literally bring thousands on users online within weeks.”
TradeStone Commerce Communities
TradeStone Commerce Communities significantly reduce the cost of doing business globally by facilitating the movement of ideas, information, goods and money. For example, the TradeStone Suite provides buyers, merchandisers, suppliers, vendors and banks with a single view of financial information across the entire purchasing process – from the initiation of an order right through final payment. From the moment a purchase order is entered into the TradeStone Suite, the order details are stored centrally and are then used to automatically pre-populate subsequent standard forms, such as advance ship notices, bills of lading, commercial and service invoices, and payment information. The following upgrades available in the TradeStone Suite further automate this process:
Letter of Credit Processing – This feature unites the buyer, supplier and their financial institutions. This virtual link allows the supplier to collect their new orders and present them electronically to their financial institution or financing partner in order to receive any necessary drafts or cash advances to pay for raw materials, new machinery or any quality assurance tests necessary to begin work on the new orders.
Packing List – In order to save time and eliminate redundant data entry, suppliers build customized packing lists from original purchase orders for each shipment. The packing list includes information on bar codes, RFID tags and containerization specifications and ensures suppliers are in compliance with buyers’ documentation requirements. Accurate, timely and standardized documents mean faster clearance through customs.
Vendor Self Invoicing – The Packing List automatically creates, audits and approves vendor invoices reducing invoice payment processing expense by more than 90 percent.
Logistics and Finance Documentation – All shipping and banking papers are now automatically pre-populated with order information drawn from original purchase orders, saving valuable time by using data that is already available in the system. These documents and their detailed information regarding carriers, shippers, country of origin, export country, import country and final destination are essential for global trading security standards and clearing customs without delay.
Payment Builder – Once a buyer or merchant approves an invoice for payment, other TradeStone users in the Finance Department are alerted and use the Payment Builder to authorize the payment, eliminating inter-office memos, cutting checks and other manual procedures. The Payment Builder is automatically updated with any pre-payments, change orders and advanced shipments, so there is never a question of what to pay and when.
Payment Summary – When a payment is made, a Payment Summary is automatically generated, providing a view into each payment and the related invoices, and allowing the buyer to link back and forth between payment records and original invoices to a concise reconciliation of each transaction. This information is critical for CFOs looking for one report to show the reconciliation between what items have been committed to, which items have been manufactured towards the plan, and which items have been paid for towards the season’s plan.
TradeStone Suite Version 3.5 is available now. For more information, please visit TradeStone Software at booth #555 at the National Retail Federation Convention, January 15-18, 2006 in New York City.