Tungsten Corporation plc Strengths, Domain Expertise, and Key Differentiators
Tungsten Network is a secure business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionizes invoice processing, maximizes efficiency, and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.
Tungsten Corporation plc Recent Developments
In June 2021, Tungsten Network launched Universal Workflow, a cloud-based solution that provides customers the flexibility to connect to any and multiple ERP systems. This ‘any to any’ connectivity is a significant expansion to Tungsten’s Workflow product. All Tungsten Workflow solutions automate accounts payable (AP) processes from initial invoice receipt through to submission for payment, providing reporting and a full audit trail of all activity. AP staff use Tungsten Workflow’s data insights to fine-tune processes, which in turn reduces costs and efforts.
In January 2019 Tungsten 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.
Tungsten Network Workflow 5.0 is available to exist Tungsten Network customers and is currently in its pilot phase with a number of these, including Honda Logistics.
Tungsten Corporation plc Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Tungsten Corporation plc applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Tungsten Corporation plc and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Tungsten Network Workflow customers.
Tungsten Corporation plc Overview
Ownership: - TUNG:LON
Number of Employees: 260
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction and Real Estate, Consumer Packaged Goods, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Oil, Gas and Chemicals, Professional Services, Retail, Transportation, Utilites,
Tungsten Corporation plc Key Enterprise and Cloud Applications
Tungsten Network Workflow
Tungsten Corporation plc Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Tungsten Corporation plc Revenue Breakdown By Type, $M:
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Tungsten Corporation plc Enterprise Applications Revenues By Functional Markets, $M:
Tungsten Corporation plc Enterprise Applications Revenues By Verticals, $M:
Tungsten Corporation plc Revenues By Region, $M
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Tungsten Corporation plc Direct vs Indirect sales
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Tungsten Corporation plc Customers - Breakdown by Geo, Size, Vertical and Product
No. of Tungsten Corporation plc Customers: 300000
No. of Tungsten Corporation plc Enterprise Applications Customers: x
No. of Tungsten Corporation plc Cloud Customers: x
No. of Tungsten Corporation plc Cloud Subscribers: x
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 such as Alliance Data, GlaxoSmithKline, Henkel, Kellogg’s, Mohawk Industries, Mondelēz International, Thermo Fisher, and the US Federal Government.
Tungsten Corporation plc Market Opportunities, M&A and Geo Expansions
In February 2021, Tungsten Network launched Email In, a new invoice submission option offering suppliers faster, easier, and more accurate invoicing. The Email In solution uses AI to extract relevant data from PDF email attachments and create e-invoices. Before submission, suppliers can view a side-by-side representation of the original PDF and the extracted invoice to ensure 100% accuracy. After submission into the system, Tungsten auto-validates the invoice for VAT and buyer requirements, then delivers the e-invoice to the buyer for payment.
In August 2018 Tungsten has expanded its service offering in Mexico to include processing and delivery of payment receipts. Mexico is the world’s first mandatory e-invoicing market, having instituted a mandate in 2011 for all B2B and B2G transactions in the country in a bid to reduce inefficiencies and combat fraud. All invoices raised in Mexico must be filed digitally in a pre-specified format called a ‘Comprobante Fiscal Digital por Internet” (CFDI).
The Mexican government has since mandated that from 1 September 2018, for each invoice where payment has not been received at or prior to the point of issue, a payment receipt document is required. Tungsten Network customers in Mexico can now submit payment receipts in the required CFDI format. Tungsten Network validates the document, matching it against the invoices previously issued by the customer, and delivers the result to the recipient. Payment receipt CFDIs are archived compliantly, with the entire process taking place within the Tungsten Network portal.
Tungsten Corporation plc Risks and Challenges
The board of Tungsten Network unveiled that Andrew Lemonofides, Chief Executive Officer, having overseen the recent transformation of the Company, will be leaving Tungsten at the end of June 2021 and will step down from the board with immediate effect.
The business model fails to meet its strategic objectives.
Tungsten Network works with some of the world’s biggest companies. There is a risk that Tungsten Network may fail to win and/or retain contracts on satisfactory terms and conditions with the existing as well as new targeted customers and markets.
Failure to invest in enhancements to the infrastructure and operating systems leading to loss of advantage over their competitors and failure to meet the expectation of their customers.
Tungsten Corporation plc Ecosystem, Partners, Resellers and SI
In February 2021, Tungsten Network extended its partnership with Orbian, the leading global Supply Chain Finance provider, to provide additional Invoice Financing services to suppliers on the Tungsten Network. Leveraging Tungsten’s automated and digitized invoice processing, the new direct supplier invoice financing service will help suppliers optimize cash flow, eliminate long invoice maturity concerns, access liquidity, and improve working capital performance.
Tungsten Network is on a mission to support businesses on the journey to achieving world-class. Through their strategic partnerships, they are enabling customers to maximize the digital foundation they have put in place to truly maximize the value of the invoice and achieve world-class performance.
Among its partners are Genpact, Coupa, Infosys, Denovo, Consider Solutions, Tech Mahindra, Orbian, APEX Analytix, and many others.
Tungsten Corporation plc Cloud Infrastructure Insights
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Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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