Procurement networks can add value to procurement applications by increasing automation and improving supplier collaboration, according to Gartner
Espoo, Finland, 18 April, 2016 – Basware, the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services, has been listed by Gartner, Inc. in its Technology Insight for Procurement Networks* report.
According to Gartner: “By electronically connecting buyers and sellers, procurement networks can increase the level of automation and efficiency of the procurement processes, including automatic matching of purchase orders and invoices, and prequalification of suppliers through the use of public supplier profiles.”
The recommendations of the report, which analyses how IT and procurement leaders should evaluate network capabilities as part of the application selection process or as extensions to existing investments, are:
- Analyze your work streams and investigate what type of support is being offered by various vendors in relation to your key spend categories.
- Don't focus on network size. Instead, focus on the services and technology support that the network provider offers to ensure smooth supplier onboarding and interaction in the geographies that are important to you.
- Don't underestimate the complexity of e-invoicing on a multinational scale.
According to Gartner: “Most buying organizations tend to focus on selecting and evaluating applications rather than networks. However, the network capabilities can be a crucial factor in achieving the automation that the application is set to support.”
“Basware has excelled in end-to-end purchase-to-pay automation for several years. We serve today a global network of organization of all sizes that are automating accounts payable processes, controlling their spend with e-procurement and rolling out e-invoicing to speed up payments, cut costs and boost cash flow. Basware’s largest open commerce and financing network helps companies achieve efficiency and cost benefits through the automation of key business and finance functions. This is complemented by Basware’s networked Financing Services, enabling organizations to make or take payment as cash flow requires. The scale of our network with buyers and sellers across the world provides the most flexible platform to get connected and improve relationships with suppliers,” says Esa Tihilä, CEO, Basware.
According to Gartner: “Organizations that are considering investment in, or replacement of, procurement and sourcing technology should take supplier collaboration capabilities into consideration.”
Gartner used the following 8 evaluation factors in its report: Supplier connectivity options, onboarding support, ongoing supplier support, fee structures, compliance, process support, supplier opinions and growth, and viability of the network provider. For inclusion in the March 30, 2016 Technology Insight for Procurement Networks report evaluated 7 different service providers.
*Gartner “Technology Insight for Procurement Networks” by Magnus Bergfors, 30 March 2016.
Download the report: www.basware.com/gartner-procurement-networks
Join the Network: www.basware.com/global-business-network-basware
About Technology Insight for Procurement Networks report:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com.
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