Notiva Launches Shared Software Platform for Retailers, Manufacturers

Aims to provide accurate cash-level data to reduce trade disputes, lower cost of goods, improve profitability

  • Notiva Match and Reconciliation: An automated match of invoice, purchase order, receipt and other key financial elements of the supply chain, this transaction synchronization application leverages algorithms to automate what typically is a very labor- and time-intensive function, thus eliminating manual errors and administrative costs. Using the solution, reconciliation can be accomplished in less than five minutes, Notiva claimed, potentially a huge savings considering that the typical retailer processes hundreds of thousands of invoices a year.

  • Notiva Collaborative Settlement: This application provides automated, closed-loop collaboration between retailer and manufacturer to enable the final reconciliation. Reconciliations frequently can drag out for months as the retailer and manufacturer sent stacks of documents back and forth. Notiva said its solution automates this process, providing both parties with an online reconciliation tool. Using shared data, they can collaborate on a final reconciliation and final cash transaction, and generate one set of accurate, mutually agreed-upon financial data.

  • Notiva Analytics: Notiva's dynamic, diagnostic analytics leverage one set of agreed-upon data to set shared metrics and measure the effectiveness of those metrics throughout the fiscal year. Mirroring physical events in the supply chain, these financial analytics enable trading partners to spot less efficient areas in the supply chain and take appropriate action to improve their business processes, the solution provider said.