Tungsten Network has extended its analytics offering to include accounts receivable dashboards, allowing the 300,000 customers on its network to glean deeper insight into their cash flow and manage their finances more effectively.
It builds on Tungsten Network’s analytics product for accounts payable, launched in 2016 and marks the first time that the service will be available for accounts receivable. The expansion is a strategic move by Tungsten Network to build on the value-added services and diversify the suite of services that it can provide to its customers. As the platform sitting at the centre of millions of transactions, Tungsten Network is well placed to turn this data into actionable insight.
According to Tungsten Network’s recent survey of 2,700 businesses, 80 per cent of firms are still using dated methods such as Microsoft Excel as a tool for their invoices, which take a huge amount of time and effort. Analytics Accounts Receivable has been designed to allow businesses to obtain an immediate overview of their invoice performance, tracking invoice progression in near real time all the way through to payment.
Tungsten Network’s survey also found that 65 per cent of firms said that they would see value in gaining more insights into their invoices. To address this need, the new service consists of four modules which can be tailored based on a business’ requirements. These are:
1. Overview – a high level look at how Accounts Receivables are progressing, including spend by customer and country, and trends by month based on volume and value
2. Credit Control – allows businesses to identify how their invoices are progressing and fix any issues on rejected invoices that arise
3. Tax Reporting – helps businesses assess whether the correct tax rate has been paid for their invoices, including a breakdown by country to monitor cross-border discrepancies
4. Deep Dive – enables businesses to build and download customisable, detailed invoice reports, helping them to track their invoices at the most granular level
Andrew Nichols, Head of Tungsten Network Analytics, said: “When you can’t track invoices in real-time, real issues arise. Data becomes irrelevant, trends become traps, payments can’t be processed on schedule and cash flow dries up. These are all causes or friction in the supply chain that can lead to major problems.
“As our customer survey showed us, a huge proportion of businesses are still using basic tools to analyse complex, rich data sets. SMEs don’t have the band width or disposable cash to invest in their own in-house analytics function and will often turn to time consuming or ineffective methods to manually visualise their data. Tungsten Network Analytics can automate this process for them at a low cost, making their lives easier and giving them more detailed, ready-made and real-time insight into their cashflow. We are confident that this new offer will go a long way in supporting the businesses on our network to stay globally competitive, efficient and profitable.”
The technology is available to Tungsten Network’s UK-based customers from today, with a global roll out, including the US, planned from June 2018. Pricing will be on a per module basis.