Technology developed in Australia achieves unprecedented accuracy in capturing and processing transactions between buyers and sellers
Game-changing technology that eliminates the enormous cost of processing transactions between buyers and suppliers has been launched in the US at by Australian tech firm Portalink.
Portalink has established a sales office in Charlotte, North Carolina, while in Australia the company is already working with large global companies such as Legrand, Weber BBQ, Hitachi, Solaris Paper, Rhino-Rack and Caltex.
Portalink’s methodology represents a momentous progression from OCR scanning systems, converting ‘paper’ purchase orders and invoices into an electronic version that can be processed automatically and most importantly, with unprecedented accuracy.
The B2B technology allows suppliers selling to small and mid-size buyers to benefit from smarter and more efficient processes. Whilst suppliers have used Electronic Data Interchange (EDI) networks for decades to automate the order transaction cycle with their largest customers, most still have to manually enter all of the 'paper' orders they receive from small and mid-size buyers who are unable to invest in an EDI solution. This manual dependency results in a huge additional cost estimated at $78 per order on average resulting from high error rates and lost productivity.
Portalink’s target market is primarily wholesalers and distributors of products and co-operative buying groups. It adds value in any trading partnership when goods are being bought by small and medium sized businesses.
Tim Pope, CEO of Portalink said that the technology eliminates much of the estimated US$78 average cost per order incurred when processing orders and invoices manually.
“Our system is unique in that it automatically captures ‘paper’ purchase orders, invoices, credit notes, statements and other documents and accurately converts them into compatible electronic files, often reducing the time spent processing orders from 15- 30 minutes to 15-30 seconds” commented Mr. Pope.
“In a typical business that receives and processes thousands of ‘paper’ orders and invoices each year, our technology represents an incredible return on investment.”
Portalink estimates potential savings of over $100,000 per annum for companies that process around 200 orders per week. For companies that process more than 2000 orders per week, the savings estimates often exceed $1million per annum. Portalink has a savings calculator with a transparent fee structure and no hidden costs.
“The technology can be instantly connected to the thousands of disparate database systems at the other end of the supply chain,” added Mr. Pope. “If Portalink can successfully expand onto the world stage, the opportunities in this relatively untapped space are considerable.”
Portalink Director Riaz Esmailzadeh, also a Professor specializing in Information Technology at Carnegie Mellon University, sums up Portalink’s value offering:
“Integration in the B2B sector can be done at a Big-to-Big level because efficiency gains justify the IT development costs. Portalink addresses the administration issues affecting Big-to-Small, Small-to-Big and Small-to-Small organization transactions. Portalink’s technology interface means all companies can now benefit from the efficiencies that integration technologies provide.”
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