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David Cocks out cycling

CEO David Cocks – ‘CloudTrade continues on the path to growth success’

Reading Time: 4 minutes
Lockdown has got the family and me out cycling!

Despite challenging economic circumstances and the impact on businesses globally, CloudTrade has maintained support levels to meet customer demand and is still set to meet growth targets for FY21. David Cocks, CloudTrade CEO, discusses the challenges, successes and unexpected benefits to come from the global pandemic and subsequent lockdown.

David Cocks, CloudTrade CEO –

The Team

It has now been four months since the UK went into lockdown and we temporarily moved out of our London and Newcastle offices into the atypical situation of complete home working. Fortunately, due to our cloud set-up, all teams were able to quickly settle into home working, with very imaginative work set ups, including bedrooms, kitchens, garden sheds and, for Michael Thomson (Head of Engineering) his under-the-stairs cupboard.

Our team remaining healthy, physically and mentally, has been of the utmost priority and I’m pleased to say that, thank goodness, the team and their families have largely avoided the virus and remained fit and well.

For our customers and partners, the experience of CloudTrade day-to-day has remained unchanged with ‘business-as-usual’ being the overwhelming phrase. Although, our online calls have become a bit more lively and included backgrounds to provoke a conversation (“nice wallpaper” is one I’ve heard) or perhaps the interruption of a pet/child/spouse – which I’d like to think has in fact added variety and the human element to business conversations.

I’m very proud of how our teams have transitioned so smoothly and coped well with the upheaval and unpredictability of the lockdown. As the saying goes, a business is only as good as its people, and that couldn’t be truer than at CloudTrade.     

Transactional volumes – we’re breaking records!

With the well reported economic slump seen during the early spring, it was only natural that CloudTrade saw a speedy decline in volume of business documents processed each day, as trading in general declined. However, these volumes quickly bounced back with May seeing a steady increase and June back to pre-lockdown levels. The dynamic, adaptable, and sustainable nature of CloudTrade’s data capture and extraction software means it responds readily to changes in volume without compromising on the speed of processing or quality of the data capture. The CloudTrade service continues to deliver the data you trust whatever document or how many are processed.

Big news for CloudTrade – July is a record breaker! From our preliminary reports July 2020 is set to be a record month for CloudTrade in terms of the volume of documents process and the number of new customers going live. This is an exciting step in the growth plans for CloudTrade. We are still on course to hit our business growth targets despite a global pandemic and when many businesses in our sector have struggled. This is testament to the hard work of our teams, the fantastic customers we work with and a great product.

The future looks green and blue

In spite of the challenges seen in the last few months, the Development and Operations teams have successfully continued the rollout out of our new, Azure-hosted, auto-scalable-on-demand, containerised architecture. Although processing times have always been speedy, this new rollout has reduced processing times in some cases by over 90%. The inherent fault tolerance and resilience in the design of the containerised architecture now boosts our service when running 365 days a year 24/7 and guarantees processing times even during the absolute peak loads.

Lockdown has also given us opportunities to refocus on our product development. Very excitingly we are developing the latest version of our machine learning algorithms to create ever more sophisticated capture heuristics from large data sets of historical documents, increasing the knowledge learnt from documents therefore enabling speedy and more sophisticated auto-rules writing. We will be demonstrating the beta release with a new user interface around Christmas 2020 – one to watch out for.

Lockdown priorities changed

And finally, as we start to cautiously move back into our offices and make these COVID safe, it is a chance to look back and reflect on what lockdown has meant for our customers, CloudTrade and ourselves. For me, overwhelmingly the lockdown has re-prioritised the need for automated business document processing without the ties to manual processing for many businesses. In times of crisis, the phrase ‘all hands on deck’ springs to mind and everyone rallies to keep a company afloat. What you don’t need is valuable team members being tied to manual processing of invoices etc. or relying on needing a physical OCR scanner in the office (which is closed). We’ve seen some customers appreciate the need for our tech and we’ve then onboarded them quickly (sometimes in two weeks), to support them during the pandemic.

Furthermore, it is a chance to reflect personally on what I’ve experienced during lockdown. Without the commute, my bike rides have certainly been more frequent. I thought you’d all enjoy the picture of my family and me on a recent bike ride around the West Sussex countryside – a beautiful place to enjoy, which I’d thoroughly recommend!

Interested in learning more?

Look out for my upcoming report on the impact of COVID on different industries, looking at the impact on trade in general and the estimated recovery.

David Cocks, CloudTrade CEO and cycling enthusiast

Strength in partners – JavTechnology teams up with CloudTrade in providing e-invoicing solutions

Reading Time: 2 minutes

A press release from JavTech regarding the new partnership with CloudTrade.

JavTechnology Incorporated announces its recent partnership with CloudTrade Technologies Ltd (CloudTrade), the revolutionary cloud-based e-invoicing and e-commerce provider. The new JavTech and CloudTrade service offers clients with a simple, high adoption, low cost alternative to traditional heavyweight OCR or more traditional e-commerce solutions, such as EDI.

The venture is timely as the Asia Pacific region is quickly gaining steam in its e-invoicing efforts. The Philippines has already launched the Digital Transformation Strategy 2022, with the aim of completing the country’s e-invoicing system by the end of 2022. While Singapore, has joined the European Commission’s e-invoicing initiatives to promote the exchange of e-invoices across national borders. CloudTrade’s non-disruptive approach to e-invoicing together with Javtech Inc.’s experience in implementing the solution is a perfect opportunity to automate the invoicing process in the region.

“We have exciting times ahead of us. Entering into a partnership with CloudTrade creates a powerful opportunity for us to significantly expand our presence in the e-invoicing market particularly in the Asia Pacific region. At the same time, it allows us to strengthen relationships by advancing on our skills, knowledge and expertise to serve our clients in the most efficient way we can.”

Alexis D. Dupaya, General Manager

About JavTech

A company built on experience and expertise, JavTech pioneers in providing services specializing in electronic invoicing and data integration services from small to large scale enterprises. They are a team of professionals who have an in-depth knowledge and understanding in the implementation of e-invoicing, data integration and other various IT Service Management projects – Software Implementation, Network Installation and Implementation. They have handled accounts from major establishments and corporations in the Asia Pacific, Europe and Americas region.

Learn more at: http://javtech.biz  

About CloudTrade

CloudTrade solves the main challenge in the e-invoicing and e-trading market – how to move the maximum number of trading partners onto electronic document delivery in the shortest possible time frame – and without disrupting the supply chain. CloudTrade achieve this using their patented e-document service. As the market leader in document automation, CloudTrade makes 100% accurate data automation accessible for all senders and receivers of application-generated documents. Over 500+ customers globally around the world trust CloudTrade with $20bn worth of documents as their application generated document automation tool, alongside its 40+ partners.

Please direct press and marketing enquiries to:

Sarah Pritchards

Marketing Manager, CloudTrade

Tel: +44 (0) 208 638 6247

Email: sarah.pritchards@cloud-trade.com

Partnership Announcement

CloudTrade and NEOOPS announce new partnership

Reading Time: 3 minutes

Blue Prism RPA certified partner signs a partnership agreement with leading data acquisition automation tool.

NEOOPS, a specialist consulting company in RPA services, designing robotic solutions and automating processes, today announces a new partnership with CloudTrade Technologies Ltd (CloudTrade), the leading global provider of cloud-based intelligent data acquisition and electronic document processing. The partnership enhances NEOOPS customer’s RPA bots with access to data at unrivalled levels of accuracy.

CloudTrade is the market leader in automating data acquisition, validation and augmentation from electronic documents from receivers of pdf or any other types of electronic documents, such as invoices, orders, applications and contracts. The partnership offers NEOOPS customers the opportunity to harness CloudTrade’s unique technology to acquire extraordinarily levels of accurate data to power Blue Prism RPA bots to perform business specified tasks in accordance with enterprise goals and requirements.

Accurate data means your robot can perform its task to deliver the required business outcomes. Inaccurate data will require the bot to perform additional tasks to correct the data or it will process the inaccuracy downstream with the related consequences. This is why CloudTrade, as a rules-based solution, is the perfect integration for RPA, as accuracy and compliance are so critical. With perfect data quality from CloudTrade, NEOOPS customers using Blue Prism RPA bots can be fully utilised to perform at their highest levels of efficiency

As the market leader in data acquisition and electronic document automation, CloudTrade is a natural extension to an RPA project the 100% data accuracy enables end to end process automation. Over 500+ customers globally trust CloudTrade with $20bn worth of documents as their application generated document automation tool, alongside our 40+ partners. CloudTrade’s integration with RPA solutions, provides enterprises with the ability to capture line level data from any document type, within the RPA robots defined workflow.

“I met with NEOOPS in the Autumn of 2019 in the Czech Republic and immediately recognised a synergy between our businesses and a strong cultural fit. In the world of business process automation NEOOPS are recognised as a leader in Robotic Process Automation (RPA) working across industries to support the integration of RPA to transform and automate labour intensive business processes. The natural fit therefore was with CloudTrade’s innovative technology approach of acquiring target data fields at line level from human readable documents such as invoices, orders, applications and contracts. The combined approach delivers true end to end business process automation, 100% data accuracy with no human touch points. We are delighted to be working with the NEOOPS team and are looking forward to our future collaboration and the many successful years of growth ahead.”

Steve Britton, Client Director, CloudTrade

About NEOOPS

NEOOPS designs robotic solutions, implements Blue Prism automation software and builds robotic capability for their clients. NEOOPS became the first RPA services provider in continental Europe and is one of the first certified partners of Blue Prism. NEOOPS have been helping their clients build end-to-end robotic capabilities for over 6 years. During this period, NEOOPS has implemented Blue Prism for more than 60 clients. Initially focused on Central and Eastern Europe, NEOOPS now covers the rest of Europe and the US. The key differentiator from other RPA Providers is that NEOOPS help clients to quickly build RPA capability and make them self-sustainable in a short period of time. For more information please, please visit: www.neoops.com.

About CloudTrade

Founded in 2010 to offer a fresh approach to electronic document processing, CloudTrade’s unique, patented technology, enables companies to evolve past their reliance on paper and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade’s solution offers the highest level of accuracy for data extraction and validation on the market and supersedes more traditional capture methods and OCR based technologies. The cloud-based solution, deployment is rapid and at the same time delivering true straight through processing. For more information, please visit: www.cloud-trade.com

Please direct press and marketing enquiries to:

Sarah Pritchards

Marketing Manager, CloudTrade

Tel: +44 (0) 208 638 6247

Email: sarah.pritchards@cloud-trade.com