Home > Procurement Software > Tradeshift > Tradeshift vs Synertrade

Tradeshift vs Synertrade

Last Updated: November 18th, 2024

Our analysts compared Tradeshift vs Synertrade based on data from our 400+ point analysis of Procurement Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

Tradeshift is a web-based platform focused on boosting collaboration with suppliers and streamlining the invoicing process. Users can speed up payment approvals and report deliveries to boost the efficiency of their teams while cutting out tedious manual data entry.

Users can leverage customizable rule-sets to ensure accurate invoicing practices before seeking approvals. It helps companies adapt to the unique and ever-fluctuating needs of sellers and small businesses while tailoring successful strategies through procure-to-pay inclusions.

Synertrade Accelerate is a cloud-based solution that helps optimize the purchasing process. Users can oversee the entire procurement process, from managing suppliers to sending invoices. It includes features like spend analysis, procurement management, contract lifecycle management, catalog management, purchase requisitions, supplier enrichment, onboarding and more. It offers services in over 20 languages worldwide.

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Product Insights

Better Supplier Connections: Tradeshift connects suppliers and businesses to streamline invoicing, product collaboration and transaction speeds. Both parties can access a unified location to communicate and comply with contract terms. Speed up onboarding and give suppliers an intuitive place to do business.
End-to-End Supply Chain Payment Support: This system gives users the ability to digitally control their invoices, payment programs and more. Connect, digitize, manage and customize accounting practices for more accuracy and less time spent on daily procurement and payment tasks.
Small Business Aid: Tradeshift provides free invoicing services for small businesses, consultants and freelancers.
100% Accounts Payable Automation: Tradeshift Pay eliminates manual tasks and opens up time and resources normally spent correcting manual entry errors. Take all documents and processes digital while accessing them from anywhere in the world.
Keep Your Favorite Apps: The included Tradeshift App module lets users extend the power of Tradeshift Pay with hundreds of available integrations. Integrate with legacy systems or modern services like Amazon, Paypal, Intuit Payments, Digital Signing and more. Users can also build and use new apps that meet their unique business requirements.
Cloud-Based Benefits: Tradeshift is a cloud-based solution that eliminates the need for lengthy on-premise setups. The cloud offers document security, additional storage, real-time updates and usually an accessible cost of entry for smaller businesses.

Cost Reduction: Synertrade enables organizations to significantly lower procurement expenses by automating and optimizing the sourcing process, leading to better negotiation outcomes and volume discounts.
Enhanced Efficiency: By automating routine procurement tasks, Synertrade frees up valuable time for procurement teams, allowing them to focus on strategic decision-making rather than administrative duties.
Improved Spend Visibility: Synertrade provides comprehensive insights into company spending patterns, enabling businesses to identify cost-saving opportunities and make informed purchasing decisions.
Risk Management: With its supplier management capabilities, Synertrade helps companies mitigate risks by ensuring compliance and monitoring supplier performance, thus safeguarding against supply chain disruptions.
Strategic Sourcing: Synertrade facilitates a more strategic approach to sourcing by providing tools for market analysis, supplier evaluation, and contract management, ensuring the best value for procurement activities.
Compliance and Control: The software ensures that procurement processes adhere to company policies and external regulations, reducing the risk of non-compliance and enhancing internal controls.
Collaborative Platform: Synertrade fosters collaboration between internal stakeholders and suppliers, streamlining communication and making the procurement process more transparent and efficient.
Data-Driven Decisions: With advanced analytics and reporting capabilities, Synertrade empowers businesses to make data-driven decisions, optimizing procurement strategies for better outcomes.
Scalability: Synertrade's flexible architecture allows it to scale with a business's growth, accommodating an increasing number of suppliers and transactions without compromising performance.
Global Capabilities: Designed for global operations, Synertrade supports multiple languages and currencies, enabling seamless international procurement activities.
Innovation and Continuous Improvement: Synertrade is committed to innovation, regularly updating its platform with new features and technologies to address evolving procurement challenges and enhance user experience.

Supplier Onboarding: Tradeshift provides strong onboarding to a digital environment that they guarantee with a Service Level Agreement. Easy and intuitive invoicing interfaces along with a powerful seller experience makes onboarding easy. A dedicated team of onboarding experts can help get things running for a quick ROI.
Financial Management: Control financial tasks with dynamic discounting, flexible financing and virtual credit cards. Users can switch between bank and user-funded solutions, leverage early payment programs with supplier segmentation, and connect multiple bank accounts to a single system for easy access.
No Integration Needed: Adopt a modern and manageable buying experience into your e-procurement tools. There is no lengthy delay required to get up and running with this software.
Marketplace Manager: Create a marketplace that lets employees shop while also accessing all supplier content and punchouts. It also allows for the creation of a public spot market to better collaborate while discovering new suppliers.
Mobile Apps: Stay on the move with access to integrations and important documentation through internet-enabled devices. Don’t stay chained to a desk with Tradeshift Buy and Pay.
AP Automation: Complete 100% of your invoice volume through digital transactions instead of relying on old analog scanning methods. Free up valuable employee time by cutting out tedious data entry tasks.
Procurement: Tradeshift focuses on connecting suppliers with clients while providing searchable catalogs for use within supply chains.

Spend Analytics: Gather and store data on spend, orders and invoicing. Analyze, process, classify and consolidate data, and access reports to track expenses. Visualize and personalize reports, export to MS Excel, and create and share presentations.
Product Management: Maintain, add and search product or services documents and data in a database, as well as approve and reject updates. Databases can sync with e-sourcing, CLM and P2P processes.
E-Sourcing: Gather requirements and use templates to create an RFI, RFP and RFQ. Get quotes from suppliers, conduct reverse auctions, analyze responses and initiate contracts.
Contract Lifecycle Management: Store, share and search for contracts from a single repository, manage the lifecycle of all contracts, and revise and analyze them internally or with suppliers. Sign contracts using digital signatures and increase compliance.
S2C Intelligence: Identify opportunities using multi-dimensional reports, browse data, customize reports and export or broadcast them.

Product Ranking

#3

among all
Procurement Software

#17

among all
Procurement Software

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Analyst Rating Summary

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User Sentiment Summary

78%

of users recommend this product

Tradeshift has a 'good' User Satisfaction Rating of 78% when considering 234 user reviews from 4 recognized software review sites.

86%

of users recommend this product

Synertrade has a 'great' User Satisfaction Rating of 86% when considering 30 user reviews from 1 recognized software review sites.

5.0 (18)

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3.8 (212)

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4.0 (2)

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4.3 (30)

Synopsis of User Ratings and Reviews

Easy to Use: Tradeshift receives consistent praise for its user-friendly interface and intuitive design, making it easy for both buyers and suppliers to navigate and utilize its features effectively.

Automation Capabilities: The platform's automation features, such as automated invoice processing and purchase order creation, streamline procurement processes, saving time and reducing manual effort for users.

Collaboration Tools: Tradeshift facilitates seamless collaboration between buyers and suppliers through features like shared workspaces, document sharing, and real-time communication, fostering stronger relationships and improving efficiency.

Global Reach: With its extensive network and support for multiple languages and currencies, Tradeshift enables businesses to connect and transact with suppliers and buyers worldwide, expanding their procurement opportunities.

Scalability: Tradeshift's cloud-based platform offers scalability to accommodate the evolving needs of businesses as they grow, ensuring that the solution can adapt to changing requirements and transaction volumes.

Easy to Use: According to all users mentioning this aspect, the system is very easy to use and doesn’t require training.

Customization: Every reviewer referring to this feature observes that the system can be tailored to their requirements.

Customer Support: The service team is always available and quick to respond, according to all reviews referring to this aspect.

Implementation: The system is easy to implement, according to 75% of users mentioning this element.

Procure-to-Pay: The procure-to-pay system is robust and flexible, as all the reviews on this feature note.

Limited Functionality for Procurement Teams: Tradeshift primarily focuses on accounts payable automation and e-invoicing, which may not fully address the broader needs of procurement departments, such as spend analytics, contract management, and supplier relationship management.

User Interface Complexity: Some users find the platform's interface to be complex and challenging to navigate, particularly for those new to e-procurement systems. The learning curve can be steep, requiring additional training and support.

Integration Challenges: Integrating Tradeshift with existing ERP or procurement systems can be a complex process, potentially requiring significant IT resources and customization. This can lead to implementation delays and additional costs.

Interface: The interface is clunky and has bugs in the experience of 60% of users mentioning this aspect.

Maintenance Services: All the reviewers mentioning this feature indicate there’s a need to improve it for more speed and accuracy.

Tradeshift is a cloud-based platform that helps businesses manage their spending and supplier relationships. Users appreciate its user-friendly interface and comprehensive features, which include supplier management, order management, invoice management, and payment management. The platform's ability to automate tasks and streamline processes saves businesses time and money, while its real-time data and analytics provide valuable insights into spending patterns and supplier performance. However, some users have noted that Tradeshift can be pricey, especially for smaller businesses, and that it may not integrate seamlessly with all existing systems. What sets Tradeshift apart is its focus on collaboration and supplier engagement. The platform makes it easy for businesses to connect and communicate with their suppliers, which can lead to stronger relationships and improved supply chain efficiency. Additionally, Tradeshift offers a range of financial solutions, such as dynamic discounting and supply chain financing, which can help businesses optimize their working capital. Overall, Tradeshift is a good fit for businesses of all sizes that are looking to improve their procurement processes and build stronger relationships with their suppliers. Its ease of use, comprehensive features, and focus on collaboration make it a valuable tool for any organization looking to take its procurement to the next level. Keep in mind that the software landscape is constantly evolving, so it's always a good idea to check for the latest information and updates before making any decisions.

Synertrade is an easy-to-use procurement system that helps streamline and manage the entire purchasing process. It offers quick customer support, along with easy customization and implementation. Users also appreciate how flexible and robust the procure-to-pay functionality is. However, the interface is clunky and has bugs, and the maintenance services require improvement to provide greater accuracy. Overall, it’s a good choice for companies looking for a user-friendly and customizable system with catalog management.

Screenshots

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FAQ

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