London, 6 May 2021: Fisher Scientific Europe, part of Thermo Fisher Scientific Inc., celebrates its 20th anniversary as part of the Tungsten Network.
Thermo Fisher Scientific began its e-invoicing journey in 2001 as one of Tungsten Network’s first customers. Its e-invoicing initiative, which sits within its European team, began the digitisation journey to ensure compliance and improve productivity and efficiency within its business. Looking after 3,000 suppliers, one-million invoices per year, and utilising one Enterprise Resource Planning system, the team has leveraged Tungsten Network solutions to guide their automation efforts.
In the last five years, Fisher Scientific Europe has further renewed its commitment to digitisation. Under the leadership of Fabienne Pierrot, Finance Director, Accounting and Audit, Fisher Scientific Europe grew to a level of 50% e-invoicing in three years and became 37% more productive in less than four.
Describing the impact within her Accounts Payable (“AP”) team, Fabienne Pierrot explains: “After the Tungsten implementation, we experienced a vast reduction in the number of suppliers requiring support regarding lost or unpaid invoices. All Tungsten suppliers’ invoices are paid on time. Partnering with Tungsten has allowed the strategy in the AP team to move from a transactional focus to an analytical one, and my team is working on projects that add real value to the organisation.”
As its e-invoicing initiative matured, Fisher Scientific Europe experienced difficulty adhering to changing country and industry specific mandates and began working with Tungsten Network to better automate and digitise its regulatory compliance efforts. In 2019, Fisher Scientific Europe enlisted Tungsten Network to work on its largest compliance project to date in Italy, ensuring total compliance of all invoices in the rapidly changing regulatory landscape.
Ruud van Hilten, SVP, Country Compliance at Tungsten Network commented: “Fisher Scientific Europe, like many global businesses, were looking for a trusted partner to help them prepare for Italy’s mandate. They were particularly concerned about the complexity of their systems and needed a custom solution that met their exact specifications. By working with Fabienne and her team, we were able to produce a solution that ensured compliance with the regulatory requirements.
“After successfully establishing our custom compliance solution with their private customers, Fisher Scientific realised so much value that they then decided to expand the scope of the project to include public sector customers as well.”
Andrew Lemonofides, CEO of Tungsten Network, says, “As one of Tungsten Network’s first customers, we are delighted to celebrate this milestone anniversary. Fisher Scientific Europe was an early adopter of e-invoicing, and its continued commitment to digitisation has resulted in increased overall business efficiency, which enables its employees to spend more time on strategic projects that add real value back into the business. We are incredibly proud of their success and look forward to continuing our partnership for years to come.”
|Tavistock Communications Financial PR & IR
+44 20 7920 3150
About Tungsten Network
Tungsten is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 50 countries, and last year processed transactions worth over £195bn for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 300 people.