Afternoon Coffee: Fed Confirms First of Several 2017 Rate Increases, Tungsten Brings Paperless Invoicing to India

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The Federal Reserve is raising short-term interest rates and will continue to lift them this year as the economy improves, the Wall Street Journal reports. Officials said they would raise their benchmark federal-funds rate by a quarter percentage point to a range between 0.75% and 1%. Fed Chairwoman Janet Yellen cautioned, however, that the central bank had not significantly changed its forecasts for economic growth.

E-Invoicing in India

Tungsten announced Wednesday it now offers the capability to send and receive legally-compliant electronic invoices for services and excise across India. That makes it the first e-invoicing provider to offer compliant, paperless invoicing in India, the company said in a press release.

Grainger Sees Continued Growth in Digital

Industrial distributor Grainger is seeing big gains in its e-commerce sales as a share of total sales. As Industrial Distribution reports, that figure jumped to 60% in 2016 from 41% in 2015, and the company only expects that share to grow over the next five years.

Tech Update

And finally, news from the provider sphere: Ford Motors is going with SAP Ariba to manage its indirect spend, according to a press release.

“SAP Ariba is pleased to be working with leading automotive companies like Ford to transform procurement,” said Alex Atzberger, president of SAP Ariba. “We are committed to developing solutions that leverage the most advanced technology alongside the unique insights and intelligence of our network to digitize the function and help companies manage all of their spend in a simple, compliant way.”

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