Tungsten Network Insights 2018
Months of planning, weeks of preparation and even a few brief moments of panic, all added up to two action-packed days of presentations, peer-sharing and insights into procure-to-pay (P2P) process automation.
Insights 2018 was Tungsten Network’s 12th annual customer event, hosted at the Institute of Engineering and Technology, Savoy Place, London. The theme was the frictionless future of the global supply chain; to that end delegates were treated to a series of speeches, real-life case studies and interactive workshop sessions that focused on how the landscape of P2P is changing and what companies can do to react to that change. There were also many opportunities for Tungsten customers to offer feedback on how the Network is working for them and where Tungsten can adapt to meet their rapidly-evolving needs.
Here is a roundup of some of the highlights:
Rick Hurwitz, Tungsten Network’s Chief Executive kicked off the event by discussing the gap between expectations and outcomes when it comes to digitalisation, outlining a blueprint for a successful digital transformation.
Prabhat Vira, President, Tungsten Network Finance joined forces with Ravi Akula, Managing Director & Head of Trade Finance at BNP Paribas, to outline the unique finance solutions they have created by combining trade finance with e-invoicing to create a one-stop shop for Tungsten Network customers to access the funds they need to run and expand their businesses. Over two highly interactive sessions they took us through different solutions aimed at Accounts Receivable (AR) and Accounts Payable (AP) respectively.
There were two customers case studies. The first was by Tracy Bryant, Shared Services Manager at Mohawk Industries and then another by Isabelle Heldner, S2P Paperless Invoicing Functional Lead at Nestlé. They took us through their individual digital journeys with Tungsten Network, how they have been able to achieve meaningful business results through process efficiencies, and what the future holds for the P2P processes within their organisations.
Theresa Lacey, SVP Product Management, took us through the current product roadmap, outlining what is in store for the next few months. She also outlined the importance of listening to Tungsten Network’s customer base and developing plans to satisfy their needs. This theme was explored in more detail later in the day when Theresa teamed up with me to hold an interactive session on customers’ main sources of friction throughout the P2P process.
A range of interactive product-focused workshops showcased the value that Tungsten Network’s product set can deliver to companies. These comprised: a discussion on the changing landscape of VAT/GST compliance with Country & Compliance Product Manager Krasimira Banova and me; a session with Ryan Enright, Customer Relationship Manager, outlining the benefits of Invoice Data Capture; a discussion on the benefits of Tungsten Network Workflow, led by Workflow Product Manager Jeff Johnson; a discussion of Tungsten Network’s enhanced Purchase Order services, led by Theresa Lacey; and finally a session with Joanna Rozanska, E-billing Product Manager, on outbound invoicing and the benefits of digitising both AR and AP functions through a single service provider.
Tungsten Network’s capacity to serve its AR customers was another theme featured heavily at the event, most notably in a AR Panel Discussion which proved to be very robust, and was led by Billy Hayden, Head of AR Business Development. This featured Allison Fitzgerald, Head of Operations at Financeplus; Caroline Deans, SSC Accounts Receivable Manager at Amcor; Krisztina Inczedy, Credit Management Analyst at Givaudan; Tamás Maróthi, Credit Management Team Leader, also from Givaudan; and Charles Bryant, Secretary General at the European E-invoicing Service Providers Association (EESPA).
There was also a roundtable with Chief Financial Officer David Williams, who sat down with Markus Martens, Transformation Leader Source to Pay at General Electric and Sue Coleman, formerly of GlaxoSmithKline and now a consultant to Tesco. This was a fulsome discussion on the various pain points in the P2P process and largely focussed on the best ways to maximise supplier uptake of e-invoicing once an AP department has made the decision to digitise.
Emma Mills, Vice President, Enterprise Partnerships at Mastercard, delivered a speech highlighting the benefits of Tungsten Network’s partnership with Mastercard, and exactly how the Mastercard Track Trade and Payments Directories can deliver real business value to Tungsten’s customers in 2019.
And all the action was capped off with dinner and drinks, which were sponsored by Mastercard.
It was incredibly encouraging to see how engaged the delegates were, and many of their vibrant discussions certainly gave us at Tungsten Network plenty of food for thought in the coming weeks. Developing our solutions to best serve our customers’ needs is the key to delivering on our mission statement, to be the world’s most trusted business transaction network by using data intelligently to strengthen the global supply chain. After Insights 2018, it really felt as if we’d taken another step towards doing just that.