There’s been a lot of buzz over the past few months about business commerce networks with an influx of articles, whitepapers, analyst reports, blogs and other materials discussing the various types of networks and the pros and cons of each. But I’d like to take this narrative a step further and take a granular look at how the Basware Network is different. Read on to learn the benefits you can realize by joining the Basware Network – even if you already have a purchase-to-pay solution from a different provider.
We have good news for you – you can augment your current financial processes by simply joining the Basware Network to send and receive financial documents, regardless of the solutions you currently have in place. Here are five reasons to join the Basware Network:
1. Your suppliers are not required to change how they operate.
Recently my wife and I went car shopping. She’s not really one for all the bells and whistles, but she really wanted a sunroof. As we quickly learned, the only way to get a sunroof was to buy the premium edition with leather seats, LED lights and all the other options that she had no interest in. Sound familiar? It seems that in the world of purchase to pay there are a ton of all or nothing solutions. However, Basware understands that every organisation’s requirements and their suppliers’ needs are different, and we built our solutions accordingly so that you can achieve 100% supplier on-boarding.
Have you implemented a purchase-to-pay solution, but you’re struggling to get tier 2 and 3 suppliers to conform to the new process and solution? The Basware network is different because:
We accept all invoice formats: The Basware Network offers a variety of integrated solutions so that your suppliers can continue sending you invoices the same way they do today. ALL invoice types (paper, electronic, EDI/XML, PDF, etc.) can be received, converted and sent to you as true e-invoices (i.e.- invoices with structured data formatting for machine reading without human intervention) through the Network. This means you can truly get all of your suppliers using the Network to send you invoices and receive other financial documents like purchase orders (POs).
We capture all spend: Because we can on-board 100% of your suppliers and capture all invoice types across a variety of enterprise spending – covering direct, indirect, PO, Non-PO spending – you get a true picture of how money is being spent at your organisation with 100% spend visibility.
It’s free: Joining the network is free and easy for your suppliers, while other networks charge suppliers to participate. Fees can be a strain on small suppliers. Support your small suppliers and their financial health, making it easy for you to get electronic invoices and helping to reduce supply chain risk.
2. You will streamline processes and better manage vendors.
A more streamlined process is the most commonly stated value of the business-to-business (B2B) network, but what does that mean for you in practice? It means communication in the click of a mouse and data at your fingertips.
The Basware Network connects global buyer and supplier communities, allowing the exchange of business-critical information automatically. Yes; this includes purchase orders and invoices, but it goes so much farther:
Imagine full visibility throughout the procurement process (including order confirmations, changes, shipping, etc.).
Imagine automatically having all the pertinent information and documentation for supplier onboarding instantly.
Imagine automatically verifying supplier data through Dun & Bradstreet.
Imagine your suppliers seeing the status of payment on their invoices without having to contact your team.
All of this and more happens every day through the Basware network, saving organisations massive amounts of time around supplier onboarding, invoice processing and supplier communication, while helping to reduce the risk of vendor fraud and keep vendor master files clean.
3. You get exponential reach.
Just as important as what the Basware network does for you is who you can connect with because of the reach you get with the Basware Network. We always tout that Basware is the world’s largest open commerce network, but what does that mean exactly? It means that Basware has thousands of buyers and suppliers on-boarded to the Network (so many of your suppliers are likely to already be there), and we also leverage partner networks to extend our reach into new geographies and industries. So, even if your suppliers opt to use another business network, you can receive their invoices through a single connection.
Through our interoperability agreements with over 220 global networks, Basware customers can still reach suppliers not directly on the Basware Network, allowing fast, easy adoption from suppliers who are already transacting electronically. Suppliers using various systems that are connected through the open network don’t have to do anything to start a new relationship with you. They can continue to use whatever network they do today, and their information flows seamlessly to you through Basware’s Network. No new contracts; no new formats; no new processes…simple, huh?
4. You can automate global compliance.
We all know that the world is getting smaller every day. One new sale can open an organisation to an entirely new region, full of opportunity and excitement. But with new opportunity comes new rules and regulations. Compliance varies from country to country and regulations never stay static. It often seems that just as we wrap our arms around what is being required of us, the rules change.
Basware is a truly global organisation with customers in over 100 countries, and we fully automate VAT compliance so that you don’t have to keep track of the details. We understand the difference in regulation between sending an invoice in Brazil and receiving an invoice in Spain. We offer a solution that can be leveraged where you do business, and we monitor and analyse pending regulatory changes so you can focus on your business. For more information on global compliance, check out the PayStream Advisors 2017 Global AP Automation report.
5. You get access to data and value-added services.
One of the biggest advantages of using the Basware Network is the sheer amount of data that can be collected for analysis – every piece of information on an invoice, every timestamp, every transmission in or out of the network is aggregated. With Basware, your data can be compiled, augmented and analysed to provide key insights on business-critical topics such as supplier quality, spend analytics and fraud detection…to name a few.
In addition to improved analytical insights, you can use this data to inform decisions you make related to cash flow and supply chain financing. With a tighter electronic connection between buyers and suppliers, it’s easier to activate programs like dynamic discounting and early payment plans. The Network also gives you access to third parties that can help you setup supply chain financing programs. These value-added services enable you to be much more strategic with how you manage excess cash, support your suppliers' cash flow needs and optimise cost savings.
So, are you convinced yet? The Basware Network delivers more value by and large than the competition. Basware integrates with 250+ ERPS and can seamlessly integrate into your existing purchase-to-pay processes. We’re ready when you are – contact us today to get started.