17 Sep 2018 09:30
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
17 September 2018
GroupM UK joins Tungsten Network
Deal enables GroupM UK to digitise accounts payable processes through the e-invoicing network
Tungsten Network, a global business transaction network, has launched a new strategic partnership with GroupM, the world's leading media investment group.
The new partnership will see GroupM UK use Tungsten Network for Accounts Payable processes across the wider group, including Mediacom, Mindshare and Wavemaker. The deal with Tungsten Network is the first of its kind across GroupM and will be run out of its shared service centre Finance Plus.
GroupM UK alone receives 450,000 invoices every year through 4,000 different suppliers, comprising some of the industry's leading firms such as Facebook, Google, ITV and Channel 4. The firm already uses Tungsten to send invoices to its customers operating on the Network, including consumer goods corporation Procter & Gamble.
Rick Hurwitz, Tungsten Network CEO, said: "This exciting new partnership with GroupM represents a significant move forward in helping media companies digitise their Accounts Payable departments and remove friction from their operations.
"Automating the approval and payment process enables media companies to scale business operations more easily and improve the productivity and efficiency of their finance operations. It reduces the cost of handling invoices by more than 50 per cent - a vital saving for an industry that is under pressure to transform and where margins are tight."
In addition to e-invoicing, GroupM UK will use Tungsten Network for PO services, facilitating the distribution of purchase orders quickly and reliably.
GroupM UK's suppliers will also have access to Tungsten Network's Invoice Status Service (ISS) on demand and in real-time, providing the capability to track the progress of invoices from submission to payment.
"We're always looking at ways to evolve and improve our practices at GroupM, through utilising the latest technology and capabilities," said David Bryan, GroupM Operations Director at GroupM UK. "Tungsten offers an evolution to our existing financial practices which should improve and expedite invoice processing, benefitting both suppliers and clients."
Tungsten Corporation plc | +44 (0)20 7280 7983 |
Richard Hurwitz, Chief Executive Officer | |
Daniel Brady, Global Communications Manager | |
Speed Communications | |
George Beard | +44 (0)7980 816 170 |
Kerry Gould | +44 (0)7872 811 735 |
tungsten@speedcomms.com |
About Tungsten Network
Tungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises 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 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 organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and the US Federal Government.
About GroupM
GroupM is the leading global media investment management company for WPP's media agencies including Mindshare, MediaCom, Wavemaker, Essence and m/SIX, and the outcomes-driven programmatic audience company, Xaxis. Responsible for more than US $108B in annual media investment by some of the world's largest advertisers, GroupM agencies deliver an advantage to clients with unrivaled insights into media marketplaces and consumer audiences. GroupM enables its agencies and clients with trading expertise, data, technology and an array of specialty services including addressable TV, content and sports. GroupM works closely with WPP's data investment management group, Kantar. GroupM delivers unrivaled marketplace advantage to its clients, stakeholders and people.
Discover more about GroupM at www.groupm.com.
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