Tungsten now finally has all their pieces together to liberate global trade by providing:

• an e-invoicing Network based on the OB10, which is one of the largest global e-invoicing services, which processes in excess of £110bn of invoices annually, serves over 65% of the FTSE 100 and over 50% of the Fortune 500, and US, UK and German government agencies. The e-invoicing network includes over 168,000 suppliers ranging from large listed corporates to small enterprises
• a unique Network Finance offering for ALL suppliers (more on this new offering in a CTMfile post next week)
• Procurement Analytics based on the full invoice data. 

Each of these three legs in Tungsten Network’s proposition is an important example of the functionality the area, but it is how Tungsten have combined these features together that make this a unique proposition.

Procurement Analytics

The most difficult part of Spend Analysis / Procurement Analytics as Tungsten Network call it, is uploading the company’s purchase order / paid invoice data and then cleansing the data. This is often carried out at the end of week or even more intermittently. In the Tungsten Network Analytics (TNA) cloud and browser based service, the PO and invoice data is already on the network and there is no cleansing needed. The most recent data is uploaded to the Tungsten Network Analytics database hourly, so users can be certain they are working on the latest position. 

As you would expect, in the Dashboard users can see the picture of the company’s overall spend, as well as drilling down to see full details of each PO or invoice. However, it is in understanding and analysing the products and services from each supplier that Tungsten Network Analytics excels, for example users can see:

• the overall spend with a specific supplier:
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  • Source & Copyright©2014 - Tungsten Corporation
• an overall Price Variance report for the whole company which also show the overall % savings
• a detailed report on Price Variation Report (how price varies between highest and lowest price paid for a specific product from a supplier):

• Source & Copyright©2014 - Tungsten Corporation
• identify the real cost variances before processing and approving an invoice.

The TNA analyses will be very valuable as well in negotiating new contracts with suppliers.

Tungsten Network expect that users will make considerable savings from the TNA service, such as 1-5% savings from using the price variance data.

The TNA service is currently in beta test mode. It takes, for established OB10 users, 48 hours to implement and can be customised to meet users’ particular reporting, dashboard and branding requirements.

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CTMfile take:This new spend analysis product is built around digitising purchase orders and invoices and then making the data available on a flexible platform. This is the starting point for significant improvements in supply chain efficiency as the Tungsten Network has shown with their three pronged approach.