Klaus Andersen, CTO & Interim CEO
“I’m going to make him an offer he can’t refuse.” This quote is a part and parcel of all Godfather movies. The situations in the market are also similar. If you want to do better business you have to make them an offer that they cannot refuse. For this firms need to stop being the compliance police that they are and focus more on strategic initiatives that drive growth while also elevating their organizational status. In this regard, Basware helps firms change their spending behavior across the entire organization to increase compliance and spend control while reducing supplier risks to provide their customers with goods and services promptly. This in turn creates a culture of spend-stewardship with a self-managing system that frees up time to negotiate better contracts and thereby come up with an offer that cannot be refused. Furthermore, incorporating this culture also improves supplier relationships, select the right size for your supplier base, and so on.
Automating Purchase-to-Pay Processes
By automating the purchase-to-pay process, customers gain more value for the money that they spend. These automated processes enable them to make smarter buying decisions, enable financial agility, and free up the financial capital that maybe tied up in the supply chain. To this end, Basware offers a seamless purchase-to-pay suite that greatly simplifies operations for their customers.
With Basware’s purchase-to-pay suite, customers can streamline financial and procurement processes to improve productivity, reduce their operational costs, and collect data to gain actionable insights. They are also able to understand how the capital is being used throughout the organization and identify more strategic opportunities by gaining complete visibility over their entire direct and indirect spending. Furthermore, they can also generate cost savings that would provide new revenue that would fund new growth initiatives.
Basware enables customers to future-proof their business, overcome business challenges, and establish a scalable infrastructure that facilitates growth with the right set of solutions. The purchase-to-pay solutions include Analytics, for actionable insights; AP Automation, for reducing costs and complexity; WePROCUREMENT, for changing spend behavior; Travel and Expense Management, for the management of travel and all related expenses; Business Consulting, to gain expert insights; and Solutions for SMEs that are tailor-made for their business sizes.
Effectively Managing Procurement
Inspired by consumer online shopping, Basware Procurement is a people-friendly solution specifically created to remove barriers related to successful procurement and user adoption. The solution comes with a host of intuitive features that include consumer style shopping with Basware Purchase, greater on-contract spend with Basware Catalogs, and budget consumption tracking with Basware Contracts. Furthermore, through Basware Analytics, users receive interactive reports and dashboards to increase the ease in which money is spend in relation to the budget, ensure compliance, and manage supplier performance in real time. Results— better buying decisions and more on-contract purchasing, savings, and recognition for procurement.
With Basware Procurement, customers can enhance their whole buying process in three different ways. They have better control over their expenditure and can take more informed decisions by gaining immediate visibility over all invoice spends. Secondly, the supplier onboarding process is simplified and customers can ensure that the purchases are done based on the frame agreements that are put in place. Finally, it also helps them increase savings by making it easy for people to purchase from preferred suppliers. Thereby, customers are able to achieve unprecedented levels of spend under management by ensuring that they realize the true potential of purchasing.
e-Procurement for the Tech-Savvy Workforce
To automate the entire procurement process right from catalog management to order requisition including fast approval workflows, PO delivery, receipt of goods, spend analytics, and so on, Basware offers an advanced e-procurement solution—WePROCUREMENT. Customers can leverage the software to implement an enterprise-wide approach to procurement software and achieve twice the savings that they would receive from using a traditional solution.
With The Basware Network, Customers Can Reduce Their Invoice Handling Costs That Saves Resources Thereby Allowing Accounts People To Work On More Strategic Tasks
Furthermore, it fosters spend stewardship and frees up more time for the procurement teams to focus on more strategic initiatives.
"Basware Helps Firms Change Their Spending Behavior Across The Entire Organization To Increase Compliance And Spend Control While Reducing Supplier Risks To Provide Their Customers With Goods And Services Promptly"
Basware realizes that the key to the success of any e-Procurement solution is 100 percent user adoption. The solution has to be used by everyone in the organization to request and process the goods and services required by them to do their job effectively. To encourage adoption, the company employs a collaborative e-procurement approach and implements a system that fits into the existing workflow of their customers. This offers them the easiest way to buy and approve with intuitive and customizable workflows. This ensures that the users understand the real benefits that they gain which includes understanding how the spending behavior affects the entire organization.
Increasing Productivity through an Open B2B Network
Customers can become a part of the world’s largest open commerce B2B network with Basware. They can gain access to more than 220 global partner networks having in excess of a million buyers and suppliers. This ensures that they can identify new sources of supply and decrease transaction costs through electronic catalog exchange and ordering. Customers are always connected and can buy whatever products they want and from anywhere easily through one-click requisition and access via mobile and tablet apps. By leveraging the Basware Network, they can send and receive purchase orders and invoices, manage vendor data, connect with trading partners, create or join payment programs, and enable better cash flow by utilizing financial services, all from a single point of contact.
With the Basware Network, customers can reduce their invoice handling costs that saves resources thereby allowing accounts people to work on more strategic tasks. They can also connect with suppliers easily by associating with more than one million businesses in over 100 countries worldwide. Additionally, with better invoicing efficiency, they can improve process speeds while also reducing errors via automated invoice processing.
Rejuvenating Transactional Efficiencies for Customers
Basware processes billion-worth transactions of their customers that flow through their network daily. The esteemed clientele of the company include industry giants such as Versik, Heineken, ABB Global Solutions, Toyota, and more as well as other SMEs also. They have been helping these businesses to gain operational efficiencies through streamlined purchase-to-pay solutions.
In an instance, Finavia, a service provider that facilitate smooth air traffic and international connections to and from Finland, was facing increased process costs since their procurement was decentralized. They understood that centralization of procurement could only be achieved by having a purchase-to-pay (P2P) system. They contacted Basware to implement a centralized purchase-to-pay system that would support high adoption of e-procurement. With the implementation of Basware’s Purchase Management, Invoice Processing, Contract Matching, and Order Matching, along with the Basware Network, the customer has been able to get greater transparency and spend visibility, increased savings in production costs, and also established harmonized operating methods. This has further enabled them to provide greater discounts to their users. “We now have a uniform purchasing method throughout the group. The number of suppliers has decreased considerably: from 8,627 in 2008 to 3,492 in 2013,” explains Ismo Karjalainen, Procurement Director at Finavia.
Market Leader with Rich History
Founded in 1985 in Finland, Basware launched their first product, financial management software in 1992. The company got publicly listed in the Helsinki NASDAQ and also came out with their purchase management software and e-invoicing service at the start of the new millennium. From there, the company has been on the growth spree and 2005 saw the launch of their purchase-to-pay suite. Today, the company has launched several other products in the market and has also acquired several other businesses to establish themselves as one of the market leaders in providing purchase-to-pay solutions for customers.