Fisher Scientific’s partnership with Tungsten Network sees AP productivity increase by 37%

Overview

Thermo Fisher Scientific (TFS) is “the world leader in serving science,” dedicated to improving the human condition through the provision of scientific instrumentation, reagents and consumables, and software and services to healthcare, life science and other laboratories in academia, government and industry. Created in 2006 through the merger of Thermo Electron and Fisher Scientific, the Waltham, MA-based multinational corporation employs more than 75,000 people in 250 countries. Its annual revenue now exceeds $25 billion.

Fisher Scientific Europe initially utilized Tungsten Network solutions to inform and guide P2P efforts across its European offices, which lacked uniformity and efficiency.

More recently, Fisher Scientific Europe began experiencing difficulty adhering to changing country and industry specific mandates. Led by Fabienne Pierrot, Finance Director, Accounting and Audit, Thermo Fisher Scientific began working with Tungsten Network to better automate and digitise their regulatory compliance efforts.

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Results

75%

suppliers on the Tungsten Network

50%

using e-invoicing in three years

37%

increased productivity in four years

“After Tungsten implementation, we experienced a vast reduction in the number of suppliers requiring support regarding lost or unpaid invoices. All Tungsten suppliers’ invoices are paid on time. Partnering with Tungsten has allowed the strategy in the AP team to move from a transactional focus to an analytical one, and my team is working on projects that add real value to the organization.”

Fabienne Pierrot, Finance Director, Accounting & Audit, Thermo Fisher Scientific