Gartner’s 2020 Magic Quadrant for Procure-to-Pay Suites and 2020 Critical Capabilities for Procure-to-Pay Suites reports are out, and boy is there a lot of buzz this year. With 2020 catapulting businesses into uncharted territories, the importance of implementing solutions that automate processes and support cost savings is unparalleled. In these reports, Gartner takes a deep look into what defines a procure-to-pay (P2P) solutions provider and how companies can use their research to identify and evaluate vendors suited for their spend management needs.
Gartner defines the procure-to-pay (P2P) suite market as “integrated solutions with automated workflows to request, procure, receive and pay for goods and services across an enterprise”. All P2P providers have similar goals to optimize the purchasing process, automate time-consuming and error-ridden accounts payable tasks, produce cost savings, and manage risk. But for Basware, this understanding of the market and vision for change is what coined us a Visionary in the Magic Quadrant report, securing our belief in the importance of continued innovation and future-proofing organizations. For over 30 years, we’ve made it our mission to innovate the best technologies the purchase-to-pay market delivers and envision business solutions for the future.
Gartner predicts that “by 2025, organizations using P2P suites will save 30% year over year on goods and services costs through network price benchmarking and discounts”.
The Basware Network and Marketplace are key contributors to helping customers achieve objectives such as this. The Basware Network connects you to all your suppliers to send purchase orders, receive invoices electronically and manage your supplier data, enabling you to eliminate manual processes, lower processing costs, and ensure global compliance. And the Basware Marketplace, Basware’s online business marketplace, makes it easy for buying organizations to connect, collaborate, and transact with suppliers by making electronic catalogs available within the e-procurement system. With guided purchasing and up-to-date catalogs, Basware Marketplace ensures employees primarily purchase from preferred suppliers at negotiated prices.
As a visionary in the market, our industry-leading accounts payables solution helps manage invoice and PO discrepancies and identify supplier opportunities, to capture quick wins across the buying organization.
In both reports Gartner recognizes Basware’s high performance in the following P2P categories:
Basware’s Performance
Out of 14 vendors, Basware scored highly or exceeded the average in several categories.
#1 for AP Invoice Automation
Basware automates the invoice process to achieve a completely touchless experience through the use of artificial intelligence (AI) and machine learning (ML) technologies, integrated at each step of the process. We process 100% of invoice types and formats for seamless AP processing and cashflow visibility. This expertise is especially important for customers looking to make a quick impact.
Gartner quotes, “Basware has one of the best scores for the finance-focused use case. It is suitable for organizations with an interest in broader P2P processes, and for those that have a specific need to improve their AP and payment processes”, solidifying Basware’s focus of leading with accounts payable process efficiencies.
Tied for #2 for Partner Ecosystem
With growing demands on businesses and the continual innovations of specialist providers, Basware recognizes that the “one size fits all” vendor approach is limiting and encourages companies to embrace a ‘best-of-breed’ ecosystem approach to enhance and develop their procurement and finance operations.
The ecosystem approach is designed to future-proof and provide more effective partnerships, beginning with a strong, centralized P2P core. Basware’s core procure-to-pay solutions consist of the Basware Network, electronic procurement (e-procurement), AP automation, supplier management, and analytics. Through an ecosystem approach, companies can expand their source-pay-pay (S2P) processes and add value-adding services such as contract lifecycle management, request for quotation, supplier risk management, and more – all integrating seamlessly to provide 100% spend visibility.
Leading Scores in Integration
Basware solutions seamlessly integrate with all ERP systems and other financial systems, to provide more visibility and value. With built-in certified configurations, Basware bridges the gaps between our solutions, existing ERP systems, and financial applications, ensuring a centralized view of your data.
Whether you’re expanding on existing solutions or looking to build your core P2P processes, Basware understands the importance of rapid deployment, capturing 100% of your data, and improving processes through integration expertise and support.
Leader in Global Suitability
As a global company with users in over 100 countries and multi-language and multi-currency support, Basware allows customers to easily comply with the tax regimes and compliance requirements of all countries worldwide. Basware’s P2P user interface covers 25 languages, 31 supported languages for data capture from paper invoices, 22 supported languages for data capture from digital PDF invoices, and 20 supported languages for the supplier user interface. Basware’s expertise in international invoicing helps combat the challenge of increasing regulations & changing tax laws, which is why Basware also received top scores in globalization in “The Forrester Wave™️: eProcurement, Q4 2019”.
Critical Capabilities Scoring
The Critical Capabilities for Procure-to-Pay Suites report uses the same sources of information as does the Gartner Magic Quadrant for Procure-to-Pay (P2P) Suites report. These sources include:
"Critical capabilities" are attributes that differentiate products/services in a class in terms of their quality and performance. Each capability is assigned a certain value from 1 to 5 with 1 declaring that most or all defined requirements are not achieved and 5 determining that the capability is not only met but exceeded. Then, each capability is weighted regarding how relevant it is to a specific product or service use case (see weighting chart in the report). This ranking is applied to both the critical capabilities and use cases to determine a vendor’s overall score.
Use cases address the key business problems that are best suited for P2P capabilities. They are intended to portray the most common needs of organizations searching for a P2P suite. And although many businesses will likely require a combination of these use cases to fulfill all their needs, they at least provide insight into various vendors’ abilities within specific areas.
Ready to learn more?
Read more about Basware’s rankings by downloading Gartner’s Critical Capabilities for Procure-to-Pay Suites 2020 report.
Questions about our P2P solutions? Contact us.