Adecco Group achieves tightly balanced cash flow with Tungsten Network
Read how the world’s leading talent company works with Tungsten Network to achieve tightly balanced cash flow mission critical to a business processing tens of thousands of invoices every week
The Adecco Group, the world’s leading talent advisory and solutions company, is dedicated to making the future work for everyone. Each day it enables more than 3.5 million careers. Adecco skills, develops and hires talent in over 60 countries, supporting organisations to embrace the future of work. As a Fortune Global 500 company, Adecco leads by example, creating shared value that fuels economies, and builds better societies. Its culture of inclusivity, fairness and teamwork empowers all its employees. It’s headquartered in Zurich, Switzerland and listed on the SIX Swiss Exchange (ADEN).
Elisabeth Doppelhofer, Interim Head of Shared Services at The Adecco Group UK & Ireland, has overall responsibility for cash collections. She acknowledges Tungsten makes the job a lot easier by using the Tungsten Network. Her team serves the invoicing needs of 2,700 employees and 25,000 temporary staff, all of which must be invoiced and paid every week.
“Today”, says Elizabeth, “when a client says they want an invoice via Tungsten Network it’s as easy as saying I need an invoice via email. We know all the requirements. Set up is straight forward. It takes a couple of weeks at most. And the you get once the system is set up outweigh everything else.
“As soon as an invoice is sent across, we know straight away if it is accepted or rejected. That may sound quite basic – but you do not get that insight with other forms of invoicing.”
Elisabeth and her team currently achieve a 98% acceptance rate on all invoices on first submission. This means these invoices are paid to terms – and to a credit control department that’s the pinnacle.
“We have found that with using Tungsten we do not have to credit and rebill if there is an error. And that saves time and effort. It is so efficient. Time spent on the Tungsten accounts is minimal as we have all the information, we need at our fingertips.
Summing up the key benefits of using Tungsten as a Supplier, Elisabeth listed visibility, and PO management efficiency, with great customer service underpinning everything.
Elisabeth explained, “we have a dedicated account manager who helps me if I have any issues. This one-to-one management is excellent. This is a real differentiator for Tungsten.
“We are in recruitment and pay our workers every week. Therefore, we need to be able to bill our customers as quickly as possible to recoup those funds. A billing delay of one week on 25,000 invoices has a huge impact. The job of my team is to tightly balance our cashflow. It is mission critical. Tungsten enables us to achieve this”.
Elisabeth puts the success of the Adecco Group and Tungsten relationship down to mutual understanding.
We met with the Tungsten team early on and through that mutual understanding of each other’s business we have the built the basis for great customer service.
About Tungsten Network
In June 2020 Kofax acquired Tungsten, the world’s largest, compliant business transaction network. Tungsten processes invoices for 60 percent of the FTSE 100 and 68 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organizations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever, and the U.S. Federal Government.
Kofax enables organizations to Work Like Tomorrow™—today. Its Intelligent Automation software platform and solutions digitally transform content-intensive workflows. Customers realize faster time-to-value and increased competitiveness, growth, and profitability by combining Kofax’s cognitive capture, RPA, process orchestration, analytics and mobile capabilities while increasing business resiliency and mitigating compliance risk.