90% of Shared Services leaders ‘very concerned’ about mandates

London, March 17, 2021: Tungsten Network expert Ruud van Hilten, SVP Country Compliance, joined global finance and procurement leaders to moderate Keeping up With Compliance in 2021: Automating Systems for a Touchless Economy, a roundtable discussion during the Shared Services & Outsourcing Week (SSOW) Winter conference.

The SSOW 2021 agenda reflects the increased focus global businesses place on strategic digitisation and streamlining complex financial processes. “More than ever, Global Business Services leaders need to step up in so many different ways: leading back-office integration, championing digital transformation, and incubating innovation to fuel organisational transformation, whilst continuing to find new ways of delivering value” says Karen Magnusson, Manager, Shared Services & Outsourcing Network.

The roundtable participants, leaders from multi-nationals in pharmaceuticals and manufacturing industries, shared a common need for agility to manage the challenges of a turbulent regulatory landscape. Van Hilten provided guidance on how automation and digitisation solutions can help global Accounts Payable, Accounts Receivable, and Procurement teams manage compliance mandates and drive toward straight through processing goals.

With over 90% of roundtable delegates responding that they were “very concerned” about upcoming mandates and changes, maintaining global compliance will remain a strategic innovation area for finance teams. Magnuson continues, “Companies must take action now as this is an issue that is not going to go away, it will only intensify.”

“There’s no question that the country mandate and tax landscape will become increasingly complex in the months and years to come,” says Van Hilten. “Preparedness is more critical now than ever, and what our roundtable highlighted was the limited internal resources many finance professionals have at their disposal to ensure compliance and avoid costly mistakes.” 

Marisa Teh, Chief Product Officer of Tungsten Network, says, “The most successful finance leaders engage with best-in-breed partners to manage compliance requirements and optimise processes. That’s where Tungsten Network provides key value. We make the investment to maintain compliance so our customers can stay focused on their businesses.”

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Tungsten is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.

Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 50 countries, and last year processed transactions worth over £195bn for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.

Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 300 people.

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