Tech Intelligence Bulletin (HG Insights) – Tungsten Network, the global business transaction network, has released a new version of its Workflow product.
Tungsten Network Workflow automates accounts payable processes, enabling incoming invoices to be automatically routed, coded, matched, approved and posted into their Enterprise Resource Planning (ERP) system via an integrated connection. It offers users a single reference point from which they are able to track invoices, monitor cash flow and respond to vendor inquiries relating to the status of their invoices.
The latest version introduces a range of new features, like a new reporting tool replete with options to make it even easier to create robust, comprehensive reports. The new application performs faster and has an entirely new look and feel, allowing for a more intuitive user experience. It is also available on mobile devices, so users can manage their invoices more dynamically.
Workflow 5.0 pilot phase
Previously, Tungsten Network Workflow 5.0 was only available to existing Tungsten Network customers, and completed a pilot phase with a number of these including Honda Logistics. The new version is now available to new customers.
Brad Gerritsen, Honda Logistics’ Accounts Payable Supervisor, said: “The Tungsten Network Workflow platform gives us a clear picture of our open liabilities so we can make better payment decisions. We now have increased flexibility in handling our vendor payments. Additionally, with full visibility into our outstanding liabilities and greater efficiency in processing and paying our AP invoices, we can refocus our resources on working with our vendors on dynamic discounts and more favorable payment terms.”
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 organizations.
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