In September 2014, Tungsten Network acquired Docusphere. The acquisition was made with the aim of significantly extending Tungsten’s invoice-automation technologies, which help companies remove friction from their accounts payable functions, adhere to tax and regulatory compliance, and achieve greater transparency in the whole invoice-to-pay process.
As a Docusphere veteran since 2011 and current Senior Product Manager for Tungsten Network’s Workflow product, I’ve been well-placed to observe the impact that the product has had on Tungsten Network and vice versa. Combining Tungsten Network’s global supplier portal and e-invoicing services with DocuSphere’s workflow and connectivity solutions enables companies to reduce invoice exceptions and increase straight-through processing, as well as enhancing Tungsten’s already powerful e-invoicing solution.
In the last three years we have continued to add new Workflow customers, and due to the Tungsten Network suite of products, we have more options for new and existing customers than ever. These buyers are enjoying the benefits of a pre-built live integration with their existing ERP systems, which inevitably leads to faster compliance and validation, allowing these companies to pay their bills quicker. With recent research from Tungsten Network’s Friction Index indicating that more than half of companies pay their suppliers late because of inefficient back office processes, it’s good to know that users of Tungsten Network Workflow are afforded a genuine competitive advantage when it comes to working capital management. Not only do they have increased visibility over their working capital position, as they are able to access real-time updates on the statuses of their inbound invoices, but their invoices are actually being processed more quickly without any requirement for our customers to build new systems or implement new business processes to make the product function.
We are confident that the future will continue to be fruitful and allow us to continue to add new value and functionality for our customers.