Tungsten Corporation PLC

Tungsten Corporation PLC is a leading global supply chain enabler headquartered in the heart of London. They are a team of technologists, B2B commerce experts, process mavens and digital evangelists dedicated to accelerating global trade through the intelligent use of data and the death of paper.
They have built the world’s most trusted, compliant business transaction network, Tungsten Network, and a suite of services designed to improve business outcomes for our networked firms. These include real-time spend analysis through Tungsten Network Analytics and access to disruptive supply chain financing through Tungsten Network Early Payment. For more than 18 years, they have been connecting companies with their customers, enabling tax-compliant electronic invoicing. Processing more invoices, bringing on new customers, and adding new countries, allow us to elevate the network effect for our members.

Tungsten is solely focused on bringing companies closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow management.

Providing e-invoicing solutions and supply chain financing to a range of Fortune 500 companies down to a large number of SME’s, Tungsten processes £173bn of payments across 192 countries annually.
Key Figures
2000 Year founded
£173bn Network transactions in FY19
120,000 Suppliers on Tungsten Network
50 Tax and regulatory compliant countries
38,690 Trees saved by Tungsten Network clients eliminating paper
25% Reduction in AR operating costs for clients
60% Reduction in AP operating costs for clients

Our history with Tungsten
Harcourt Matthews has been proactively involved since early 2017 – date

Situation & Objective
Harcourt Matthews is a Recruitment Business Partner to their UK Finance and Business Operations communities recruiting and delivering Executive, Management and Operations level talent into their organisation

The implementation of a new recruitment strategy from Tungsten led to the hire of a Recruitment Manager with a remit to reduce spend on recruitment agencies to zero. With a high turnover of staff and the need to hire high calibre individuals quickly, key positions were highlighted as requiring external support. Having worked closely with the new Recruitment Manager at a previous employer, Tungsten contacted Harcourt Matthews to assist with the recruitment of a Finance Business Partner managing a small finance team in the UK responsible for all management reporting and financial planning.

Actions:
Quickly identify why their own recruitment methods had been unsuccessful in identifying the right individual and ensuring that all stakeholders had the same expectations of the role.

Sourcing and placing people on an interim and permanent basis in the following skills lines:

  • Financial Planning – Head of FP&A, Finance Business Partner, Finance Analyst
  • Legal Compliance – Compliance Manager
  • Shared Service – Malaysian Based Head of Financial Shared Services
  • Group Financial – Group Financial Control
  • Senior Management Team – Finance Director
  • Interim Budget Support

Examples: –

Interim Finance Budget Specialists
During a period of high turnover in finance combined with a finance transformation project and important budget setting period, Harcourt Matthews was asked to provide 3 interims (manager and 2 analysts) who could quickly hit the ground running and run a budget process with no templates and no prior knowledge or handover for support. These 3 candidates had to become the 3 most senior individuals in the finance team overnight and deliver a budget on-time to a challenging shareholder.

After heading up the finance team for over 6 months, one of these individuals was then hired by the new CEO to head up a new Strategic Projects team.

Results & benefits for Tungsten using Harcourt Matthews:
As the first port of call for the Recruitment Manager, Harcourt Matthews continues to provide support for roles than cannot be sourced directly and also providing advice around market challenges, salary benchmarking and backup to unsuccessful processes for recruitment in the UK and at the Shared Service Centre in Kuala Lumpur.

Roles we have worked on recently include:
Salaries range from Interim: £300 – £700 per day pay rates and Permanent: £28k – £130k plus + bens

Executives
Finance Director

Finance & Transactions
Group Financial Controller
Head of Financial Shared Services (Kuala Lumpur)
Head of FP&A
Finance Analyst

Other
Compliance Manager