Transcepta Experienced Highest Year of Growth in 2020
ALISO VIEJO, Calif., Jan. 13, 2021 /PRNewswire/ -- Transcepta—the leading provider of intelligent eProcurement and accounts payable (AP) automation solutions—today announced it experienced its highest annual growth rate ever in 2020, marking its eleventh consecutive year of profitability. The company, which demonstrated continued strength in the enterprise market, also garnered significant traction with businesses in the middle market and plans to build on its momentum in 2021.
Transcepta had highest growth in 2020 while helping businesses cope with remote processes through AP and P2P automation.
"While we acknowledge and reflect on the hardships and tragic circumstances faced by so many around the world during the past year, we're focused on the good we've been able to, and will continue to, contribute," said Transcepta President and CEO Ray Parsons. "The events of 2020 shined a bright light on the need to automate and enable a remote workforce. Our procure-to-pay (P2P) platform has helped many businesses stay afloat, and in many cases increase competitiveness, in effect saving jobs and livelihoods during the pandemic and the resulting recession."
indsight is 20/20—or literally 2020 in the case of last year. As the COVID-19 pandemic took its grip on the world and businesses were forced to transition to socially distanced and/or remote operations in an instant, it quickly became clear that the automation of certain processes was necessary to eliminate touchpoints, keep businesses operating smoothly, and cut costs. Transcepta helped businesses overcome these challenges by automating their AP and P2P processes.
"Without Transcepta, our supplier invoices would be arriving at an empty office," said Charlotte Arnold, VP Operational Accounting at The TJX Companies, Inc. "The pandemic has highlighted the acute need for automation and we're so thankful that we invested early. We're saving so much time and keeping our suppliers happy in the process. It's a win-win."
Continuing to differentiate itself in AP automation, Transcepta delivers the best straight-through invoice processing rates in the industry. The company's investments in AI and machine learning help customers automate two- and three-way matching of PO-based invoices, as well as coding and approval of non-PO-based invoices. As a result, customers eliminate invoice exceptions, gain data-driven insight to make better decisions, and optimize cash flow.
"Transcepta was a lifesaver when our offices were closed due to COVID," said Jaime Ryberg, Accounts Payable Manager at Schnuck Markets. "If our suppliers weren't digitally connected to the Transcepta Supplier Network, we would have had no way to access our invoices. Instead, our team was able to handle everything remotely and we didn't miss a beat."
Transcepta's notable competitive customer wins in 2020 included:
"Some of last year's customer wins were unexpected given that they were from sectors that are not thriving during the pandemic, such as the energy and restaurant industries," said Transcepta Vice President, Corporate Strategy Shan Haq. "These companies invested in AP automation because it was necessary to survive, and they are now set up to scale during their recovery. Companies that are doing well continue to invest in our platform to get ahead and gain an advantage over their competition."
In addition, Transcepta began leveraging its transactional data from its global supplier network in 2020 to produce and distribute quarterly economic tracking reports that provided insight into the strength of the U.S. economy during a very uncertain time. The data sets, compiled using machine-learning algorithms that crunch large amounts of data and regression analysis, highlighted economic patterns and important trends in the market. Over the course of the year, the data showed a sharp decrease in economic activity immediately following the COVID-19 pandemic shutdowns, with a slow but steady increase in economic activity throughout the remainder of 2020.
Focused on 2021, Transcepta will continue investing in people and technology. Following the hiring of industry executive James Green as Vice President of Customer Success in late 2020, Transcepta plans to double the size of its customer experience team tasked with delivering the highest customer satisfaction in the industry. Additionally, after completing targeted initiatives in AI and machine learning throughout 2020, Transcepta has focused its team to embed this technology throughout the Transcepta Platform in 2021.
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