ESPOO, Finland, March 15, 2018, Basware, the leading provider of Source-to-Pay (S2P) solutions, has released enhancements to its Supplier Spend Dashboard, empowering customers with more actionable data to reduce costs and increase value through advanced analytics.
Basware’s analytics for supplier spend deliver comprehensive spend visibility to help procurement professionals make better, faster and more confident buying decisions, and provides historical data and buying trends to support strategic supplier negotiations. The solution collects and analyzes procurement data to provide valuable insights for areas like spending across suppliers, top spend categories, controlled versus uncontrolled spending, on-contract and off-contract spending rates, etc.
Spend and supplier data is not only helpful for procurement teams – AP can also benefit by looking at how suppliers may be contributing to inefficiency in the payment process. Understanding the causes of manual work in AP – such as paper invoices, invoices that don’t automatically match to contracts or POs, exception handling, lacking data, etc. – allows AP and procurement teams to collaborate better and work with suppliers to eliminate issues. And, improving the AP process ultimately results in better spend control.
“Even with the wealth of data available today, it’s easy for companies to lose track of spending across their organization without a way to make sense of this information and take action,” says Sami Peltonen, VP of Purchase to Pay Product Management, Basware. “This enhanced dashboard provides graphical representation of total running spend and trends in this area over time so our customers can drill into the details and set targets to control more spend and seize cost saving opportunities.”
Further enhancements offer procurement professionals tools to zero-in on opportunities to increase compliance and funnel spend to preferred suppliers. Now customers not only can drill into category spending but can also view spending habits by department and see how much spending is occurring on negotiated contracts versus off-contract. By looking at department-specific spend categories, procurement professionals can see which suppliers are used by various departments, how much money is being spent and if it makes sense to create or re-negotiate contracts with these business partners. They can also see opportunities to rationalize the supplier base across all departments, leverage bulk ordering and get volume discounts to realize cost savings.
“Our goal is to help customers reach their strategic goals by arming them with unfettered access to their own financial data and the technology to use it in ways that propel their business forward,” Peltonen said.
For more information on Basware’s analytics for source to pay, visit Basware.com and read “5 ways to slice a dice spend data for cost reduction” blog from here.
Basware is the global leader in providing networked source-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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