In the recent Spend Matters SolutionMap, Fall 2021, Basware scored extremely high in the AP Automation/Invoice-to-Pay category earning “top tier” rankings in 7 out of the 10 functionalities. Read to learn more about what these top tier rankings are and how a strong AP Automation solution is the foundation for success in your business.
“Top-Tier” Results in the Spend Matters SolutionMap, Fall 2021 report
Basware has always emphasised the importance of a robust AP Automation solution. And it’s become even more important as more and more, countries around the world are digitising their invoicing and accounts payable operations to both keep up with mandated trends and ensure business continuity – two things that automation makes it easier to do.
In the most recent Spend Matters SolutionMap report, Basware received top scores in many core AP automation/invoice-to-pay functionalities as well as were recognised in the “Solution Leaders” quadrant. These top scores included:
Financial Accounting, Services, and Contract Invoicing
Early Pay/Dynamic Discounting
Regarding Basware, SpendMatters mentioned “Basware has continued to invest to excel in its e-invoicing validation and matching capabilities, making them a differentiator in this functional area.” Additionally, the said, “Basware has new development plans to address machine learning based Smart(invoice) Coding, Automated changebacks, tools for power users.”
The value of a strong AP Automation solution
Total automation across your entire procure-to-pay (P2P) is the goal but starting with accounts payable operations is (in our opinion) the best way to start your automated journey. In this AP-first approach you can quickly tackle 3 big issues in your operations.
Challenge 1: You can’t easily locate savings opportunities or efficiencies
The clearest and arguably most important benefit of AP automation is the fact that it cuts repetitive and manual tasks. Manual tasks slow down the AP cycle and make invoice processing much more rudimentary than it needs to be. The operational savings from reducing these manual tasks will help fund additional solutions in your P2P deployment.
(Learn how Heineken improved invoice processing times by 95% in their case study).
Challenge 2: You lack visibility of your purchasing habits and supply base
When you capture 100% of your invoices digitally and store them in a unified system, you can analyse the content of those invoices. This visibility supplies insights into who you are working with and what your expenditure is with them, helping you to find areas for improvement. Improved spend visibility can then inform supplier efforts and help prioritise items or categories. This can generate new savings and ensure the content you need to have in your catalogs will be available when you deploy an e-procurement solution.
Challenge 3: You want a quick win to boost P2P project momentum
Generating initial savings and operational improvements from automating AP functions gives managers the momentum they need to kick of the larger task of a full P2P project. By creating a sense of shared ownership between procurement and finance to collaboratively work together this helps to prove the value of further P2P automation can offer to management.
Automated AP = automated compliance
The regulations around electronic invoicing (e-invoicing) and electronic archiving (e-archiving) vary vastly between countries. And regulatory guidance and practical interpretations are not always clear. In practice, global organisations need to understand all the different local and cross-border requirements, design solutions for those requirements, and then continually manage change in the business environment as requirements change. It’s a full-time job (and then some) that most firms don’t necessarily have the bandwidth to do.
As a global market leader in e-invoicing, Basware has what it takes to support your global e-invoicing compliance requirements. No matter your needs, Basware helps you cover all e-invoice delivery channels. We provide a single source for global compliance by providing support in over 60 countries through our 230+ interoperability partners.