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Schneider Electric first approached Tungsten Network in 2008. At the time, Schneider was processing 650,000 invoices at three AP locations. Paper-based invoices accounted for 90% (585,000) of all invoices received. “First and foremost, we needed to improve the invoice-to-pay process” noted Pam Carper, Manager of Disbursements, “handling such a huge volume of paper naturally led to errors.”If dealing with that amount of paper wasn’t enough of a challenge, each North American AP center utilized up to two different legacy accounting systems and multiple vendor master files.
Schneider knew that the answer was to use e-invoicing to automate their large financial processes and implement a standard solution globally. With the goals of reducing invoice processing costs, increasing the quality of invoices being received, and enabling a quick and simple process for onboarding their suppliers globally, Schneider’s e-invoicing journey found success from the very beginning.
Within the first six months, Schneider had already realized $200,000 in annual operational savings and could project $500,000 in annual operational savings when Tungsten Network was fully deployed.