Schneider Electric realises cost savings of $500,000 in the first year of its e-invoicing initiative
Schneider Electric invoice automation success can be attributed to the full commitment of its AP department to partnering with Tungsten Network to onboard its suppliers and work with other company stakeholders to advance understanding of the benefits of digitisation.
Within six months, 38% of suppliers had converted to e-invoicing, with a further 16% in the process of switching. By that time, Schneider Electric had already realized $200,000 in operational savings and could project $500,000 in annual savings with Tungsten Network fully deployed. With e-invoicing, Schneider has experienced fewer errors, faster cycle time and more invoices processed straight through without requiring manual intervention.
Meet Schneider Electric
Schneider Electric is a French multinational enterprise specializing in digital automation and energy management. Combining innovative energy technologies, real-time automation, software and services, and provides integrated solutions for homes, buildings, data centers, infrastructure and industries. Schneider first approached Tungsten Network in 2008.