Your company’s supplier relationships are integral to the e-invoicing and AP automation process. Without a strong supplier connection and financial operations, it’s challenging to support sales and maintain profitability.
Bringing suppliers onto your e-invoicing network can simplify your company’s financial management while promoting compliance. Tungsten Network CEO Paul Cooper explains this in an interview on the supplier onboarding process with Shared Services Link (SSL).
This article summarises the highlights from the interview mentioned above with Susie West from Shared Services Link.
How Tungsten Network can fortify the buyer and supplier relationship
Paul Cooper points out that supplier onboarding at Tungsten Network allows buyers to strengthen the buyer and supplier relationship.
He notes the process ‘sets up a very seamlessly integrated ingestion method so that the supplier and the buyer are connected through the Tungsten Network.’ This focus allows both stakeholders ‘full visibility over the status of their invoices and facilitation of eventual payment.’
Suppliers benefit from tech that turns email invoicing into e-invoices and online portals for easy digital invoice management. To eliminate the uncertainty associated with manual methods, suppliers can also track their invoicing status from start to finish.
Aside from the automation tools that increase speed and accuracy, Tungsten Network’s partnership with Orbian offers an embedded supply chain finance portal. Smaller suppliers may not be eligible for this service outside the Tungsten Network.
Convincing your suppliers to join the Tungsten Network will help you engage them. Plus, you’ll build trust through the transparency of the transactional process. Meanwhile, Tungsten Network will take on most of the heavy lifting.
Critical success factors of the supplier onboarding process
To maximise the supplier experience, Cooper explains that 25% of the business focuses on onboarding and mapping the experience. Tungsten Network is open to adapting to unique situations and objectives. Plus, specialists can onboard suppliers in a variety of languages, increasing accessibility for cross-border businesses.
Cooper argues the first critical step to successful onboarding is creating positive and clear messaging on the advantages of full automation for both supplier and buyer. The next step is to ensure the accuracy of the vendor’s data, then enhance and scatter the messaging from buyers to other stakeholders.
Through the onboarding process, Tungsten Network aims to establish what Paul Cooper calls ‘the network effect,’ which allows them to match suppliers up with other businesses that are part of Tungsten Network. The cross beneficial effect retains suppliers while leading to growth opportunities for buyers’ businesses.
E-invoicing and AP automation is always evolving — Keep up with the key developments
Tungsten Network’s supplier onboarding process supports the needs of companies while simplifying management. It pairs with the network’s digital and automated tools for a better AP and AR experience.
In case you missed the previous blog about e-invoicing and tax, you can read it here: https://www.tungsten-network.com/resources/blog/ceo-paul-cooper-interview-e-invoicing-priorities-for-cfos/.