Basware’s purpose is to help P2P organisations simplify operations and spend smarter. We have released several innovations in recent months that can help businesses to drive maximum adoption, maximum automation and maximum visibility.
Peer benchmarking is our latest data-driven innovation to help you achieve best-in-class performance by measuring your performance against the upper quartile using the Basware P2P cloud. Knowing where you stand among other companies using the same service enables you to set targets that are ambitious yet realistic – after which you can use all the detailed, ready-made dashboards to analyse possible bottlenecks that may prevent you from achieving peak performance.
Predictive payment analytics
Predictive payment analytics can help you to pay on time and capture valuable early payment discounts. Our intelligent algorithm scans through all of your invoices and indicates the risk of late payment, prompting you to pay extra attention to those invoices that are at highest risk. Transaction history is used to recognise patterns that are most likely to lead to a late payment.
Best-fit matching is an intelligent algorithm that automates invoices regardless of invoice data quality and purchase order source. Even scanned paper invoices without any line data can be intelligently matched with purchase orders or goods receipts. The logic works for both purchase orders generated in P2P and those brought from external PO systems, thanks to Basware’s standard integration capabilities. This means that all suppliers – even the long tail sending paper invoices – can be fully automated and all spend, direct and indirect, can be captured.
Smart coding is our latest innovation to automate the processing of non-PO invoices. We understand that finding a correct cost allocation is often a challenging task for business users, especially if there’s no purchase order from which the information could be copied. Smart coding is designed to eliminate the need for manual coding for non-PO invoices. We have developed an intelligent algorithm to determine cost allocation for an invoice based on templates, automation rules and transaction history. This enables accounts payable professionals to control the rules, but the logic uses historical invoices to find a proper proposal for coding, which business users can simply review and confirm. This substantially improves the business user experience and reduces the need for the AP department to fix the erroneous coding lines.
As we move forward, we envision a networked financial supply chain of solutions and partners where data is king and the focus is on actionable intelligence to make strategic decisions. We are prioritising three key areas:
Analytics and machine learning – businesses are sitting on a real asset: data that can be turned to their advantage for process optimisation and savings. Innovations in the pipeline will build on this, such as embedding AI in an insightful supplier quality dashboard that allows procurement to monitor on-time delivery, error rates and negotiated vs realised savings. AI will also underpin machine learning-powered purchasing, which will allow buying professionals to improve the content and guidance provided to end users. We’re also building AP monitoring capabilities that will allow performance tracking of large or multiple shared service centres, with automatic alerts and thresholds that can prompt decision makers to manage workloads between facilities.
Networked business – with one million companies connected to the world’s largest commerce network, we will continue to expand and extend its capabilities around the provision of open RFQs, supplier discovery and supply chain financing, while applying insights from the UK’s major project with the public sector and thousands of suppliers to continually improve on-boarding in pursuit of 100% adoption.
A friendly user experience – user experience is absolutely central to achieving 100% adoption, internally and externally, so we’re working to strengthen our mobile capabilities to deliver instant insights on the go and a unified UX on any device. We’re also developing guided shopping to enable users to easily locate products across an entire portfolio of catalogues and buy from the right supplier at the right time.