Thijs van Bemmelen, Basware’s Senior Global Partner Marketing Manager, sat down with Basware CFO, Martti Nurminen, to learn more about Basware’s transformation journey to the cloud, extensive and successful partnership strategy, and our multivendor approach to purchase-to-pay (P2P).
In a recent webinar, Basware CFO, Martti Nurminen, highlighted the importance of technology and software in today’s world, the role it plays in modern businesses, and how companies can best navigate the ongoing disruptions of the global economy.
In this recap blog, learn more about Basware’s cloud transformation journey, strategic partnerships, and multivendor ecosystem approach to P2P.
Basware’s Cloud Transformation Journey
As a provider born in the legacy, on-premise era, transforming Basware to the cloud over the last several years has been a journey that has ultimately steered to us to be the strong, market leader we are today.
Here are the 3 key steps identified in the webinar that have guided Basware on its cloud journey:
1. Transformation: In late 2015, Basware shifted focus towards the execution of a cloud transformation journey, recognizing that this idea was a paradigm shift for the entire company. The main goal during this phase was to make the transition to the cloud and then grow cloud revenues – whatever it took.
2. Consolidation: Next, we focused on consolidation. While growth is still important, there had to be a better balance with profitability. We had to further develop internal processes and consolidate systems and product portfolios to drive scalable, profitable growth. We also had to align ourselves in production, support, products, R&D, sales and marketing, and general administration, to ensure a successful execution to the cloud.
3. Optimization: Finally, the optimization phase where business operations efficiency became critically important to drive margin improvements and create even more scalable growth. We made strategic acquisition investments to continue optimizing and fine-tuning growth and profitability within our portfolio.
Partnerships - A fundamental guiding technique
Globalization remains an extremely important element when considering a partner strategy and certainly plays a key role in how Basware has developed theirs. Nowadays, companies find themselves facing a continuously globalized world as technology continues to connect us further. Therefore, the role of partners to enable nimble and fast global market approaches becomes even more important. The ability to support customers together with partners on a global basis is something Basware deems vital to their strategy now and in the future.
Also key to the Basware strategy and successful execution alongside partners are:
Basware’s invoice processing capabilities,
Our Product strategy, and
When all this is combined, it ultimately comes down to bringing Basware closer to partners so that together they can grow and support happy customers on the cloud. So how does Basware actually implement this partner strategy? Through a 4-tier strategy for partnership engagement:
1. Position: We want to position ourselves in an area of the market with an ideal customer profile, where we know we can bring unique and strong value to the customer. (i.e oftentimes large, complex, and multinational organizations)
2. Focus: We want focused partner relationships. Both willing to invest, both willing to commit, and both willing to collaborate.
3. Support: We need to be able to provide a unique partner experience, with clear training, easy-to-use onboarding, and continued service support.
4. Coexistence: To work with partners in this market, we must be willing to coexist. We want to partner with companies that we enjoy working with and understand the importance of partnerships as an extension of their brand.
Growing through P2P ecosystems
The Basware product strategy and globalization is especially important. Basware’s coexistence approach and ability to support customers together with partners, allows customers to select the solution(s) that fit their business best while still getting the support they need globally.
A “technology ecosystem” is defined as “the network of organizations that drives the creation and delivery of information technology products and services”. Though a “one size fits all” tactic might seem like an easy solution to your P2P problems, this blanket approach isn’t practical. It’s clear that no vendor offers a full source-to-pay suite that is best-in-class across all modules.
The idea of solution coexistence through an ecosystem plays a key role in Basware’s partner approach. This notion of openness, transparency, and collaboration is at the heart of what Basware does. Engaging partners in this multi-vendor, “best of breed” solution concept ensures the ultimate goals of creating value for the customer and making sure they are using the best solutions available on the market.
Analysts Gartner and Forrester have recognized Basware as an industry leader in mulitple areas of the purchase-to-pay process.
Gartner Magic Quadrant for P2P suites:
Gartner continues to rank us as the #1 AP automation solution worldwide and among the 3 best e-procurement solutions.
Gartner reiterated our strengths as: best solution for large multinational organizations, ease of deployment, ease of integration and the most extensive e-invoicing network in the world.
Forrester Wave eProcurement:
Forrester gave us top scores in product strategy, specifically pertaining to our open API and coexist strategy with partners.
We also received top scores for our globalization strategy, pointing out our ability to truly support global business.
Our AP automation solutions were again assessed as best-in-class.
For more, watch the full webinar
For the full story and all the details on our cloud transformation journey, our best-in-class solutions, and our ecosystem of strategic partnerships, watch the on-demand webinar.
Contact us at [email protected] to discuss how our companies can become even more successful, through a trusted partnership.