Sometimes technology providers spend far more time working with customers to solve the most vexing challenges than marketing their success stories – or potential success stories – to the world. Such is the case of Tungsten, which has only recently started to get the attention it deserves when it comes to providing a managed e-invoicing network service for global enablement inclusive of localization to meet supplier connectivity, regulatory and tax requirements.
Tungsten is a Spend Matters 50/50 Provider to Know for 2015 not just because it has focused on delivering a managed service and platform for core e-invoicing on a global basis but also because it has innovated around the edges, exploring the future role of what networks might become. Not only was tying a bank and third-party financing to a network an innovative concept for trade financing – although the reported volume update is still tiny – but more recently, Tungsten’s foray into real-time network analytics (i.e., big data) to identify both savings and tax and value-added tax (VAT) reclamation opportunities shows pragmatic and usable innovation at its best.
Tungsten is not without hurdles, especially as the capital markets have come to view it. But the view from inside customers that use it could not be more different. Granted, Tungsten isn’t perfect, and its core technology is limited in the types of connectivity it can enable, like many of its indirect e-invoicing centric peers. But there’s a reason some of the largest companies in the world, looking to drive locally compliant e-invoicing and that don’t believe TrustWeaver alone is sufficient regulatory insurance, continue to sign up with Tungsten. And it’s not just the bells and whistles on the financing and analytics side that are most fascinating, from an analyst perspective.
Tungsten is an ideal fit for companies:
- Seeking to solve global e-invoicing compliance and localization hurdles, especially in challenging countries and jurisdictions
- That want to take a managed services approach to e-invoicing and have a third-party take on the challenge for them, versus a technology centric approach alone
- Looking to make a business case for e-invoicing on hard-dollar savings that can be generated from big data approaches to analyzing spend
- Want to remain neutral in financing the supply chain themselves but care about reducing supply risk