Transcepta, the leading cloud-based Procure-To-Pay platform, shared data from the platform that highlights an increase in economic activity throughout the United States. Since April, economic activity has slowed significantly due to COVID-19, reaching a low point on April 15th. However the dataset, which is purposely limited to US-based companies, but also includes the entire Transcepta Supplier Network global footprint, shows a rebound that continues to climb. On May 12th, the number of electronic invoices being processed on the Transcepta Platform shows a trajectory toward pre-COVID levels, signaling a beginning of a return to normal.
Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities
“The Transcepta Platform represents tens of millions of transactions in just about every industry,” said Ray Parsons, CEO of Transcepta. “By tracking E-Invoice volume, combined with other economic indicators such as late payments, and the dollar value of corporate spend, we are able to see that businesses are starting to rebound, and that overall economic activity is increasing.”
The stream of data that Transcepta collects from the Transcepta Platform is now being used to build an index that the team has dubbed the Economic Activity Index. The Transcepta EAI uses machine-learning to crunch large amounts of supplier data, and regression analysis to highlight economic patterns that can help shine a light on important trends in the market.
“Over the coming months, we will continue to track supplier and business activity across the country,” continued Parsons, “Our hope is to uncover other learnings that we can proactively share with the community.”
Transcepta is an intelligent procure-to-pay platform that enables Accounts Payable and Procurement teams to achieve 100% straight-through invoice processing across their supply chains, without scanning or OCR Imaging. Using artificial intelligence, the platform eliminates invoice exceptions, surfaces potential supply chain disruptions, and transforms the way that enterprise organizations manage and collaborate with suppliers. Since 2005, the world’s most respected companies have partnered with Transcepta for eProcurement and accounts payable automation to make informed, data-driven decisions, and drive increased profits.
Read More: GlobalFintechSeries Interview with Nick Cowan, CEO of the GSX Group
