Imperial College reduces transaction costs by 60%

By taking a holistic appraoch to e-invoicing, Imperial College was able to reduce transaction costs, speed up payment processing, and eliminate paper from their AP processes once and for all.

Overview

Imperial College, ranked 11th in the world according to the Times Higher Education’s most recent league table, is leading the way when it comes to e-invoicing.

Having worked with Tungsten since 2006, the College has forged a successful fifteen-year partnership with the fintech provider. With a goal of reaching 100% e-invoicing, Imperial faces the challenge of educating and advising its last remaining paper suppliers on the positives of going digital.

Doru Procopiu, Accounts Payable Manager at Imperial College comments: “In our mind there are no negatives, it’s just about breaking down the fear and informing suppliers of the benefits. In five years’ time most organisations will be sending invoices electronically, there is no doubt about it.”

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Results

85%
invoices processed electronically
90%
straight-through processing
60%
reduction in cost per invoice

“We are partners; both sides have the same goal. We need e-invoicing, and Tungsten does just that. E-invoicing means we can do more for less.”

Doru Procopiu, Accounts Payable Manager at Imperial College

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