Basware has been named a Leader in the Forrester eProcurement Wave. Forrester eProcurement Wave reports are created with the intention of giving buyers a central document from which to evaluate the various eProcurement vendors in the market. Through detailed vendor analyses, providers are ranked based on the strength of their current offerings, strategies and market presence. Read more to learn about the Forrester eProcurement Wave and Basware’s position.
Why Do I Need an eProcurement Solution?
eProcurement solutions are becoming more prevalent in both local and global organizations. Why? Because the benefits of an electronic procurement solution are hard to pass up. Elite eProcurement solutions solve problems such as:
When your organization adopts eProcurement, you unlock an intuitive and easy-to-use solution that encourages user adoption and provides your organizations with the information you need to make more strategic procurement decisions. But with so many eProcurement vendors on the market, it can be hard to sift through the multiple websites and marketing messages to decide which is the best fit for your company. That’s where the Forrester eProcurement Wave comes in handy.
Selecting the Right Solution – Forrester Wave Results
It’s important to remember that when considering the Forrester Wave, it helps to think of the results like a landscape. In order to fully understand a vendor’s placement, it’s important to understand how the results are gathered and consider a vendor’s placement relative to the others.
Basware received a score of 3.49 in the current offering category, and the highest score possible in 10 criteria, including:
Mobile requisitioning (5): Forrester examined the vendor’s ease of use when it comes to creating requisitions on-the-go. This included capabilities such as speech recognition, photo item recognition, QR abilities, smart recommendations, and location and context awareness.
Invoice digitalization (5): Forrester examined how easy it is for suppliers to submit invoices digitally, including various file transfer types, AI-enhanced tracking of invoice data, autocorrection, automatic and GL coding.
Invoice validation (5): Forrester examined how comprehensive the vendor’s solutions are to validate invoices through methods such as two-, three-, and four-way matching. Additionally, they reviewed solutions’ ability to provide the invoice before the receipt and support matching without a PO.
Process optimization (5): Forrester examined how effectively the vendor’s drives continual improvement through KPI dashboards, data visualization aimed at process improvement, and the ability to both alert-up and drill down on errors.
Supplier integration (5): Forrester examined how easy it was for suppliers to connect their systems with the product. They considered factors like how capable the vendor’s eProcurement is of providing self-service account management for suppliers, delivering real-time price updates, and more.
Multinational organizations (5): Forrester examined the breadth of the product’s support for complex global enterprises, determining if it includes offering a shared service purchasing function and integrate with multiple back-end ERPs.
Global language and regulation support (5): Forrester examined the breadth of the product’s support for many countries’ local requirements, determining if it includes user language support, tax calculations, supplier support, and data privacy compliance.
Commercial strategy (5): Forrester examined how well the vendor’s commercial model helps them achieve ROI and delivering value-based pricing.
AI strategy (5): Forrester examined the vendor’s vision for using AI to transform P2P by embedding AI within eProcurement and continuously develop those technologies.
Roadmap and planned enhancements (5): Forrester determined how likely they feel the vendor will be at delivering future enhancements and maintaining a leadership position.
According to Forrester, Basware eProcurement “is a leading choice for CPOs and CFOs who hope to achieve 90% or more process automation across their P2P spend, including simple and complex categories. It excels at automating capture and processing of many different types of invoices, including milestone, time, and periodic billing.” And whereas the name “Basware” may be a lesser known P2P brand in North America, we are growing rapidly, replicating the success we’ve had in Europe and achieving over 18% year-over-year growth in the first three quarters alone.
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