In order to provide complete functionality, this web site needs your explicit consent to store browser cookies. If you don't allow cookies, you may not be able to use certain features of the web site including but not limited to: log in, buy products, see personalised content, switch between site cultures. It is recommended that you allow all cookies.

Future-proof Your S2P Strategy with a Best of Breed Ecosystem Approach

Automate your source-to-pay cycle using multi-vendor specialists to build an ecosystem rather than a single-solution, for fast time to value and ROI.

What is a Best-of-Breed Software Ecosystem?

A business ecosystem is a dynamic group of products or services that, when they come together, constitute a coherent solution to realise a specific value proposition. Boston Consulting Group, 2020

A ‘best-of-breed’ ecosystem approach in the context of source-to-pay (S2P) is one where companies don’t rely on a single vendor to deliver technology to automate all the S2P stages from sourcing to payments, but instead use an open technology architecture, enabling multiple best-of-breed solutions to work alongside each other, united around a central core.

S2P Best of Breed Software Advantages

  • Provides faster implementation time and ROI on technology investments.

  • Ensures you get the most innovative technology on the market, now and for the future.

  • Minimises your business risk with a proven integration methodology.

  • Achieves true 100% visibility of your organisation’s suppliers and spend.

How does a Best-of-Breed Ecosystem Work?

The Best-of-Breed (BoB) ecosystem philosophy works in the same manner as an S2P single suite covering all stages but without relying on a single solution or provider. Instead ecosystems leverage specialist vendors for different stages of the S2P cycle, all connected by a single core. This data-driven core centralises all S2P processes and data via open API technology.

Through an ecosystem approach, customers can expand existing procurement or accounts payable technology to include broader S2P functionality through complementary solutions and value-added services like contract lifecycle management, strategic sourcing, supplier risk management and more by using specialist partners. This expansion is powered by integration capabilities to ensure the whole process is seamless, each module is entwined, and all data is centralised and visible at the core.

Basware encourages clients to embrace a holistic ecosystem of solutions that is built around their business needs, so they are not forced into adopting a single suite, which may not deliver the best or most advanced functionality across the entire S2P process. With this approach, companies can quickly realise the benefits of best-of-breed solution functionality and technological innovations across their S2P operations, while gaining the benefits of a strong P2P solution at the core.

Basware Best-Of-Breed Ecosystem Approach

As a leading provider of procure-to-pay (P2P) solutions, Basware supports an open S2P ecosystem philosophy and enables co-existence and connection amongst best-of-breed solutions and multiple vendors, backed by our robust integration capabilities and our strong core.

The data-driven core centralises processes and spend visibility, using Basware procure-to-pay solutions, comprised of the business network, electronic procurement, AP automation, supplier management and analytics.

We believe that these services combined with a balance of specialist, recommended partners plugged into it mean you have superior tools working together to give you:

  • Complete visibility of spend and cashflow data in one place.

  • Choice of 250+ ERP integrations and 220+ network interoperability partners.

  • A single core platform that centralises data and delivers actionable insights.

  • Benefits of AI and ML overlaid on top of your S2P data to drive smart recommendations and touchless processing.

How Basware Adds Value with a Best of Breed Software Approach

100% Spend Visibility

The greatest benefit of source-to-pay automation is the collection and aggregation of financial data across your entire operations in one single platform. Basware is the only solution with the capabilities to capture 100% of your data, regardless of data source and empower you with a centralised core of insight.

When you're able to on-board all of your suppliers, capture all invoices from direct and indirect spending, you can achieve 100% visibility across all of your spend and suppliers.

Data Depth and Analytics

Basware captures 100% of spend and supplier data at the central core giving 100% data visibility. With Basware, you can use your financial data, to create a range of reports and dashboards to help you analyze key procurement, AP, and finance metrics. Basware also helps you turn the data into actionable insights, enabling you to improve processes, identify and address bottlenecks, analyse spending patterns, and manage both cashflow and suppliers better.

Basware Analytics enables you with insights and the ability to track progress against goals, benchmark your success over time and against top performing companies, streamline processes and more.

Increase Efficiencies

S2P automation eliminates repetitive, manual activities that slow-down your process, which increase processing costs and make it difficult to make strategic decisions.

Paper-based processes inhibit resource optimisation and if you aren’t already leveraging the benefits of automation your employees are spending time on tactical data entry reducing productivity and strategic gains.

Basware allows you to benefit from programmed, automated workflows so processes are streamlined and accelerated, errors and exceptions are reduced, and contract compliance is increased through usage of preferred suppliers.

With visibility at every stage, you can use the centralised core to identify and resolve any challenges around lengthy processing cycles, late payment fees, duplicates and more.

Supply Chain Risk Mitigation

As supply chains become more complex, they also become vulnerable to third party risks with suppliers from all over the world delivering to locations globally. Having visibility over all your suppliers and the tools to manage them effectively is becoming increasingly more critical. 

Basware enables you to connect to all your suppliers and consolidate all supplier data, for easy access. With Basware Supplier Management you can gain visibility over your entire supply chain and leverage tools to manage all suppliers from a centralised location. 

With Basware, you can automate the supplier management process and free up time spent on maintaining supplier information. Supplier data is validated against and enriched using external sources like Dun and Bradstreet or other 3rd party data risk companies and can be used to receive insights into possible duplicates, missing supplier data, and supplier risk and compliance scores. You can use this data to take corrective actions, minimise risk and reduce fraud. 

Capabilities

Partner Network

At Basware, we believe in strategic partnering for better problem-solving. We have cultivated relationships with experts in the end-to-end source-to-pay digital transformation experience, including strategic sourcing, contract lifecycle management, spend analytics, payments and financing services.

It is our goal to not only provide best-in-class solutions for our customers, but to enable them to have the best experience and adoption possible with the assistance of experts in change management, solution implementation, program management, project governance, stakeholder management, risk assessment, and business transformation.

Global Compliance

As a global company with users in over 175 countries and multi-language and multi-currency support, Basware offers customers the strongest global compliance offering with updated tax and legislation regulations for all countries worldwide.

We received top scores in for our globalisation capabilities and global deployment in “The Forrester Wave™: eProcurement, Q4 2019” and the “2019 Gartner Magic Quadrant for Procure-to-Pay Suites report”.

Additionally, we offer customer support in 8 languages.

Seamless Integration

One of the biggest benefits about this holistic approach is that you can start small, in phased rolls outs or add on to existing systems.

Through our open API, integration capabilities and the Basware Network we can co-exist alongside existing ERP systems, S2P modules and processes.

Best-of-Breed Ecosystems Gaining Traction

The idea of a Best-of-breed ecosystem has been gaining traction since analysts cited that no single vendor can truly offer a full source-to-pay suite that is best in class across all modules and stages of the S2P process.

This is not the fault of single-suite vendors, rather a reality of the change in demand and increased complexity that businesses are now grappling with. The more progressive, agile companies are already aware of this and are actively forging partnerships with best-of-breed technologies to reflect this shift and modernise the S2P process.

Visionary CFOs and CPOs today are embracing this new architecture to avoid over-investment in technology that has the potential to become rapidly outdated.

Discuss whether a Best-of-Breed Ecosystem approach is right for you?

If you are unwilling to commit to the huge financial investment of a single-suite solution and would like to modernise your S2P processes and build your S2P around your company – speak to one of our consultants here.