At the heart of global trade are the billions of transactions happening every day. There are multiple touch-points by the players in these goods and services supply chains – each of which cost time and carry the possibility of human error. Meanwhile, increasing compliance demands stem from ever more intricate regulation. In response, businesses and governments today are searching for ways to remove friction and become more agile.
At Tungsten Network, we aim to revolutionise the payment process through the use of unique technology that brings Buyers and Suppliers closer together, maximises efficiency and improves cash flow management.
Helping the global supply chain operate more efficiently and securely.
Before an invoice exists, Buyers and their Suppliers agree what is traded and on what terms through a purchase order. Tungsten Network facilitates the delivery, acknowledgment, variation and conversion of purchase orders into invoices.
Control over purchases
Visibility of acceptance on orders and purchase status
Ability to amend
Speed of receipt of order
Ability to convert purchase order into an invoice
Tighter collaboration with customers
Eliminating paper from the accounts payable process through e-invoicing and Invoice Data Capture increases the efficiency and accuracy of accounts payable teams. This includes enabling the straight-through processing of invoices through an automated match with a purchase order.
Automation of critical process
Reduction of fraud
Legal and tax compliance
Reduction in cost
Confirmed invoice delivery
Legal and tax compliance
Visibility of invoice status –
including on mobile application
Secure invoice archiving
Workflow automates accounts payable processes, providing an audit of purchasing from the point of order to payment. It optimises procure-to-pay to achieve business goals.
Automated three-way match
Analytics gives visibility into purchases that leads to better informed spending. Our analytics improves procurement controls, ensures compliance with contracts and reduces costs.
Better buying decisions
Easy to get started
Simple and secure
With Early Payment, Suppliers on Tungsten Network decide when to be paid. Buyers can take advantage of dynamic discounting or sponsor financing programmes.
Deepens supply chain liquidity
On or off balance sheet
Maximises working capital
Flexible cash management
Easy to enrol
Easy to use
Get paid early
Maximises working capital
Our vision is to be the world’s most trusted business transaction network.
Customer led, experienced and diverse workforce
Resilient, secure and scalable digital platform
Global network of collaborating customers
Expert in global tax compliance
Reduce AP costs
Control and optimise cash flow
Improve tax collections
Remove friction from global trade
Minimise carbon footprint
A year ago, Tungsten Network Finance had a single financing product, with one funder. This product was available to only a small subset of the vast number of Suppliers on our Network...More on eXPANDING OUR CAPABILITIES
At Tungsten Network, Client Relationship Managers (CRMs) work with our service delivery organisation to understand customer requirements and provide them with our strategic solutions...More on driving best practice
Tungsten Network is always looking to expand the reach of our platform, both to help our Buyer customers connect with more of their Suppliers, and to offer our services to a broader range of customers...More on Casting a wider net
I have been with Tungsten Network for over seven years in various roles and am now part of a team that helps Suppliers to become part of Tungsten Network...More on working with buyers
I’ve been Senior Developer and Business Analyst at Tungsten Network since 2005. Technology has always been the foundation of our business, so we know that investing in our technological infrastructure to keep it current with the latest advances is essential to maintain high performance standards within our systems...More on Investing in our infrastructure
When I joined the Company in April 2016 Tungsten Network offered me the opportunity to help oversee the creation of a Financial Shared Services Centre in Kuala Lumpur, and subsequently to head up this new centre of excellence within the Company...More on CENTRALISING OUR OPERATIONS
Friction remains in today’s borderless, interconnected world. As both domestic and international trade continues to grow, so does the opportunity to support businesses and governments in their goods and services transactions by removing those frictions through digital solutions that automate processes, deliver efficiencies, increase transparency and combat fraud.
Businesses and governments are increasingly seeking digital solutions to increase efficiency and reduce costs. The old labour-intensive processes of invoice creation, delivery, review, validation and processing have been improved through the adoption of modern enterprise resource planning systems and shared service environments. These only go so far in reducing the cost of operations.
Tungsten Network’s products and services reduce the cost of sending, receiving and processing invoices. Lowering these costs frees resources for alternate uses such as increasing competitiveness or capital investment.
Businesses and governments have to safeguard the security, integrity and validity of their data. Risks to this data increase when it flows between organisations and across international boundaries.
International rules governing supply chain invoicing requirements vary significantly. Ensuring adherence to these rules is critical to meeting local or regional tax and regulatory requirements.
Tungsten Network’s information security is certified to ISO 27001 standard. It complies with local or regional tax and regulatory requirements in 48 of the most complex jurisdictions in the world, supported by PriceWaterhouseCoopers. There is no other invoicing solution provider that can offer such global coverage.
Attempted and actual fraud is on the rise. Accounts payable teams need to be diligent to prevent fraud. A three-way match of invoice, purchase order and goods received documentation from an approved vendor is the proven process for overcoming supply chain fraud. However, exceptions occur and manual mistakes are still made.
With Tungsten Network, fraudulent invoicing is eradicated. Buyers can set their own rules to achieve an automated three-way documentation match. No supply chain invoices are able to slip through the net, resulting in no chance of fraud.
Cash is king. Late payments starve businesses of the cash they need to operate and to grow.
A 2016 study by the Federation of Small Businesses found that if late payments had been made on time and as promised, around 50,000 businesses in the UK would not have failed, contributing £2.5 million to the UK economy.
Tungsten Network reduces the time to send, receive and process an invoice, facilitating timely invoice payment.
Then, if required, our customers can take advantage of a simple, low cost option to receive early payment of their invoices.
Tungsten is a secure, growing business which has the confidence of its people, customers and shareholders. Our next milestone is to become profitable and that goal is firmly within our sights.
Tungsten has evolved as a vibrant and agile technology business that helps accelerate global trade by operating a secure network connecting some of the world’s largest organisations to their supply chains.
We have demonstrated control over our operating costs and are focussed on achieving breakeven this year.
1 million invoices added to increase total invoice volumes to 17.1 million (FY16: 16.1 million)
Average revenue per invoice increased from £1.61 to £1.82
Adjusted operating expenses3 increased by £0.7 million (2%) but reduced by £1.7 million (4%) on a constant currency basis through cost discipline, internal reorganisation and greater automation. A further £2.8 million reduction in adjusted operating expenses following the sale of Tungsten Bank
Tungsten Network Finance average invoice outstandings of £14.0 million in April 2017 (£12.2 million in April 2016)
10 new Buyers signed; 183 total Buyers as at 30 April 2017
41 existing Buyers renewed contracts with weighted average price increases of 49%; expected to add £1 million to revenue in FY18
48,000 net new Suppliers added to bring total Suppliers to 251,000
Launched new Invoice Data Capture and purchase order products. Mobile application for Suppliers to view invoice status also released
Restarted Tungsten Network Finance, concluding refreshed financing arrangements with Insight Investment and new funding partnerships with Orbian and BlueVine
Completed initial phases of efficiency programme to set up Finance and Human Resources Shared Service Centre in Malaysia
A year ago, Tungsten Network Finance had a single financing product, with one funder. This product was available to only a small subset of the vast number of Suppliers on our Network. Since then, under the stewardship of Prabhat Vira, we have expanded our capabilities, and are now able to provide simple, technology-driven financing solutions to a much wider range of Suppliers and Buyers.
We have been able to do this through a variety of relationships with influential counterparties, for example Insight Investment.
We are in a constant dialogue with our counterparties, brainstorming how we can expand our customer base, provide a wider financing solution to existing customers, and ensure a better user experience for our customers. Indeed, we are on the cusp of doubling the number of Suppliers that will have access to this user friendly, technology driven, and scalable, financing solution.
At Tungsten Network, Client Relationship Managers (CRMs) work with our service delivery organisation to understand customer requirements and provide them with our strategic solutions. As CRMs, we pride ourselves in being not just service providers but by being business partners as well. That is, rather than simply providing a piece of technology or a set of professional services, we challenge ourselves to understand our customers’ businesses so we can help them remove friction from their processes through the application of digital solutions.
For example, Tungsten Network has helped one of my customers, Mohawk Industries, to deliver mass invoice digitisation over our multi-year relationship. Today, 95% of their total invoice volume is electronic, but we have not stopped there. Once we had achieved straight-through processing of over 75% of their invoices, Mohawk and Tungsten started working to implement a new service to make 100% invoice digitisation a reality. Invoice Data Capture will take all residual paper invoices for conversion into the digital Tungsten format.
Tungsten Network is always looking to expand the reach of our platform, both to help our Buyer customers connect with more of their Suppliers, and to offer our services to a broader range of customers. Taking the lead from some of our customers’ feedback, India was identified as a key additional territory.
When we began the process of engaging with the Indian government, there was no legal framework for tax compliant e-invoicing in the country. To overcome this, Tungsten Network petitioned both the federal government and the governing authorities of India’s individual states about permitting digital signatures to prove the authenticity of invoices and develop a legally compliant solution for Buyers.
We secured the necessary legal permissions to offer a compliant solution for goods invoices in eight key strategic states for major customers on our Network, as well as a compliant solution for services invoices nationwide. With a great deal of team support, I’m proud to say that in March 2017 Tungsten Network became the first ever service provider to offer a compliant e-invoicing solution in India.
I have been with Tungsten Network for over seven years in various roles and am now part of a team that helps Suppliers to become part of Tungsten Network. We first work with Buyers to identify which of their Suppliers we will next bring on to the Tungsten Network, and identify which are suited to our Integrated Solution product. We then talk with each Supplier, so that we can appropriately consult on the portal option that best suits their needs. This approach has proven to be the optimal method of enrolling new Suppliers onto the Network, ensuring happy customers on both the Buyer and Supplier side.
E-invoicing as a new concept for a business can be quite confusing at first. This is why a dedicated onboarding team and clear processes are key for a campaign success. It means we can keep Suppliers well informed and ensure they have a smooth e-invoicing journey, using the portal that suits their corporate needs. The success rates, in comparison to email only campaigns, are impressive. This is what I believe sets Tungsten Network apart from other e-invoicing service providers.
I’ve been Senior Developer and Business Analyst at Tungsten Network since 2005. Technology has always been the foundation of our business, so we know that investing in our technological infrastructure to keep it current with the latest advances is essential to maintain high performance standards within our systems. This empowers us to deliver the best possible user-experience to our customers.
Over the past two years, I’ve seen a significant increase in focus on the architecture of our systems, and we have undertaken a big project to move our systems to the cloud. This will not only improve the customer experience in terms of speed and performance, but build firmer foundations by freeing resources to focus on the delivery of value added services and integrate exciting new technologies into our products and services in the future.
An example of one such technology would be blockchain. This year I played a leading part in educating our leadership team about the potential of blockchain technologies. We can see they have exciting capabilities to support our key business focus on strengthening the global supply chain. We are actively exploring the technologies, and as part of that I completed this year a period of research participating in the Ethereum blockchain programming course.
When I joined the Company in April 2016 Tungsten Network offered me the opportunity to help oversee the creation of a Financial Shared Services Centre in Kuala Lumpur, and subsequently to head up this new centre of excellence within the Company.
Over the course of the last year we have successfully centralised the functions of Procure-to-Pay (P2P) and Record-to-Report (R2R). We are already beginning to operate more quickly and effectively, processing Supplier invoices faster, and closing our monthly accounts earlier. We will continue to digitise our finance function and are already in the process of automating our billing process and centralising our taxation work.
Our customers typically organise their finance teams functionally, to achieve greater process efficiencies. By embracing this strategy, Tungsten Network is able to work in the same way as our customers, and to feel the attendant benefits of digitisation and automation in the increased speed and effectiveness with which we execute our processes.