New PO offering allows vendors to accept, reject or amend purchase orders within minutes
London, 09 August 2018 Tungsten Network, the global business transaction network, has launched a new purchase order (PO) delivery and acknowledgement service for its 300,000 global customers.
The move follows an initial pilot scheme held with selected existing customers currently operating on the Tungsten Network seeking to improve profitability, efficiency and compliance. It comes following increasing requests from Tungsten Network customers to automate the order process adjacent to its core e-invoicing service.
The new service enables Tungsten Network members to digitally send purchase orders, and enables the recipients to either accept, reject or amend those purchase orders, with responses returned in a matter of minutes. The service also improves the first-time match rate between invoices and purchase orders, negates the need for businesses to communicate via email and phone, while also reducing the number of purchase order-related errors before invoices are created.
Tungsten Network’s purchase order services also enable its members to upload purchase orders directly onto its digital platform, removing manual purchase order entry and improving data accuracy. Businesses operating on the network can convert purchase orders into a variety of invoice formats simply and efficiently, while also being able to perform thorough compliance checks against customers.
Automating purchase order capabilities allows relationships with suppliers to be strengthened by removing unnecessary delays from the payment process. Many organisations today still send purchase orders using outdated methods such as paper, fax or as a PDF email attachment, which can often lead to invoices being rejected through inaccurate data entry, as well as purchase orders going unacknowledged and untracked.
Richard Hurwitz, Tungsten Network CEO, said: “Tungsten Network now affords buying organisations the opportunity to deliver digital purchase orders to their suppliers. The enhanced service is helping Finance departments operate more efficiently.
“The new range of purchase order services has been developed in response to customer demand and in close consultation with select businesses already transacting on Tungsten Network.
“Eliminating some of the most common obstacles found along the supply chain, such as manual PO data entry and delayed confirmations, affords businesses the time and ability to explore better ways of driving business growth, while also strengthening their supplier network.”
The enhanced offering from Tungsten Network builds on the value-added services already in the pipeline for customers, including a new Total AR solution, enabling businesses on the network to send 100 per cent of their invoices digitally.
The new range of purchase order services is available immediately to the 300,000 businesses already transacting on Tungsten Network across the world.
About Tungsten Network
Tungsten Corporation (LSE: TUNG) aims to be the world’s most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.
Tungsten Network processes invoices for 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £164bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg’s and the US Federal Government.