This resource will allow buyers to analyse their own invoice data, offering comparisons against past spending patterns, often uncovering significant opportunities to make savings.
Until now, Tungsten Network Analytics was a paid for, add-on service, providing a range of insights on spending trends and price variances. The free, cloud-based version will now enable buyers on the Tungsten Network to draw live data from the invoices that have already been processed. It will tap into the pool of 16.1m invoices handled every year from Tungsten Network’s 203,000 global suppliers.
More than that, the pricing for the Tungsten Network Analytics product has been restructured to provide three tiers of functionality: free, paid and premium. The free service permits access to top level trends on the way buyers pay their suppliers, providing a picture of their spending over time. The tool also provides useful insight around the currency buyers purchase with and which suppliers they are spending the most money with. The upgraded versions will provide more detailed information on price differences on identical products, helping businesses to typically save between one and four per cent of supplier spend. It will also identify where suppliers have potentially allocated incorrect tax on invoices, allowing businesses to reclaim VAT more easily.
The technology is already being trialled by a number of businesses, and is available immediately to all buyers on the Tungsten Network.
Tungsten Network Analytics has been enhanced with research and development by the Tungsten Centre for Intelligent Data Analytics (TCIDA). A partnership with Goldsmiths University in London, the Centre has been investigating how artificial intelligence can add further sophistication to the product.
You can read more about the company here.
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