Electronic invoicing company Tungsten has teamed up with the Institute of Finance and Management (IOFM) to help educate its business customers on how to streamline supply chain management.
Their partnership, announced Friday (May 5), aims to provide businesses with resources to cut out friction in their supply chains, especially when it comes to accounts payable processes, Tungsten and the IOFM said.
Tungsten identified use of paper and lack of digitization in the procure-to-pay process as some of the most common sources of friction within the supply chain, even as more companies are turning to procure-to-pay automation tools.
“Every business has friction in its procure-to-pay cycle,” said IOFM Executive Director Brian Cuthbert in a statement. “This initiative will measure for the first time the primary sources of P2P friction and the impact of P2P friction on the supply chain. Identifying and eliminating P2P friction will help businesses accelerate their supply chain to increase cash flow and profit margins and reduce the cost of goods.”
The first step in their partnership is to survey professionals about their P2P processes, which they will do at IOFM’s AP & P2P Conference this week.
“Tungsten Network believes that removing procure-to-pay friction is the linchpin to enhancing globally supply chain efficiency,” said Tungsten Network CMO Connie O’Brien in another statement. “Our mission is to help customers eliminate P2P friction through digitization. Developing this friction finder tool with IOFM will help our customers identify and remove friction from their supply chain.”