Espoo, Finland, March 27, 2018 – Basware, the global leader in networked source-to-pay solutions, e-invoicing, and innovative financing services, predicts businesses are moving towards an era of super-charged financial administration, #Superfinance, at an ever-escalating pace. #Superfinance means cloud-based financial administration, an effective purchase-to-pay process, and utilizing artificial intelligence.
Financial experts of the new era are looking towards the future eagerly. They predict that the combination of artificial intelligence and the human mind will propel the field of finance forward with the unstoppable ability to make game-changing decisions quickly based on reliable data.
“The super-charged financial administration of the future will use technology to its fullest potential. Data from #SuperFinance can be analyzed and used as a basis for new business innovations. When financial administration is properly facilitated, it streamlines operations while offering 100 % spend visibility from data collected across procurement and finance processes. This opens the door for new competitive advantages,” Teemu Toroi, Head of Data Services at Basware explains.
Data is the key to the future – not just collecting as much of it as possible, but also ensuring its accuracy. While many companies have understood the importance of automation in recent years, the finance era of the future leverages complete, accurate data collected through automation across a large, open and reliable commerce network.
“If the main data in the automated purchase-to-pay is of bad quality, it will often lead to ineffective operations. Once the main data is in the right place, it enables reconciliation, and payments flow quickly,” Toroi says.
Several companies are extremely interested in how they could utilize artificial intelligence and machine learning in their operations. There is a lot of potential in using them in #Superfinance.
“One example is to improve the quality of data with machine learning. This means teaching neural networks to fix and enrich the incoming data,” Teemu Toroi from Basware reveals.
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Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing, and innovative financing services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com.
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