Data Includes Direct, Indirect, PO & Non-PO Spend
ESPOO, Finland, NOVEMBER 17, 2020 -- Basware (Nasdaq: BAS1V) has launched two enhancements to its Analytics solution: a new, highly visual Spend Insights dashboard and a new functionality to enable payment performance analysis. The Spend Insights dashboard provides a single view across an organisation’s entire spend – direct, indirect, PO and non-PO – and recommendations on suggested actions, all designed to help procurement departments rapidly identify areas for potential savings. The payment performance feature now includes payment status and related details enabling the finance department to work with suppliers to improve data quality and the invoice submission process.
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“Spend consolidation has become one of the most important strategies for organisations given the recent widespread financial uncertainties,” states Sami Peltonen, VP of Purchase to Pay Product Management, Basware. “However, before cutting unnecessary costs, organisations are keen to understand exactly where they are spending their money. And that’s where the Spend Insights Dashboard comes into play – Spend insights is built on the backbone of Basware’s ability to capture 100% of an organisation’s invoices to provide 100% spend visibility and enable what we call ‘Visible Commerce.’ The dashboard is revolutionary as it provides this complete visibility in an automated manner, allowing organisations to make more effective, data-backed decisions.”
The Spend Insights dashboard presents the data in a new, simplified user interface that enables a logical flow to an organisation’s data story; it provides granular details, such as visibility into authorised and contract-based spend, in very few clicks. In addition to facilitating a more intuitive spend analysis experience, the dashboard introduces dynamic, data-driven recommendations. It not only highlights an organisation’s top spend drivers, but also offers recommendations on what actions they can take to optimise their supplier base and minimise risk. By providing easy-to-consume insights on-the-go, this dashboard makes the task of understanding spend much less cumbersome.
To learn more, read New Basware Analytics dashboard provides revolutionary 100% spend visibility
Basware is the only procure-to-pay and e-invoicing solution provider that empowers businesses with 100% spend visibility through 100% supplier connectivity and 100% data capture. Our cloud-based technology enables organisations to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation. With the world’s largest open business network and an open technology ecosystem, we are uniquely positioned to deliver the solution required for Visible Commerce, which provides customers with complete transparency into all the flows of money, goods, and services around the world. A global company, Basware has offices in 14 countries and is traded on the Helsinki exchange (BAS1V: HE).