Tungsten Network released their new Universal Workflow cloud-based system that manages multiple enterprise resource planning (ERP) systems, a Thursday (June 16) press release emailed to PYMNTS said.
Universal Workflow follows other Tungsten Network products in its ‘any to any’ connectivity, the release said. The release also stated that this new system was an answer to customers who wanted to perform broader selections of tasks with Tungsten’s services, including those who have to manage several different ERP systems.
The company’s products have all been based around automating accounts payable (AP) products. That includes all the processes from receiving the invoices to payment submission. These systems provide reporting and transparent audit activity.
Chief Product Officer Marisa Teh said the cloud-based nature of Universal Workflow, along with its connectivity potential, could help customers “unlock the efficiency gains and cost savings our Workflow provides.”
Jon Cage, Tungsten chief technology officer, said companies putting Tungsten Workflow in play along with eInvoicing can cut down on processing costs by 60 percent.
“Universal Workflow further eliminates traditional integration costs and effort related to hosting, hardware, and administration. We handle all of that for our customers so they can focus on the business, not technology,” he said, according to the press release.
AP automation has been gaining traction with the opportunity to fix what has been seen as a weak link in the chain of processes. The pandemic has only made the concerns more glaring.
The AP automation market was somewhere around $1.6 billion as of 2019. By 2024, it is predicted to be around $3.1 billion.
One part of the new push for automation is collaboration, PYMNTS wrote, with the pandemic having shown companies that when legacy products don’t work, change might be forced upon them.