Laura Schroder
Vice President, Global Product Marketing

Ten years ago I joined a small start-up company with big plans to design a new ERP solution to run entirely in the cloud.  It was the kind of opportunity that doesn’t come around that often: the opportunity to shake up a market and create a new solution category.  It was exciting and just a little bit crazy but we succeeded.  

After just a few months at Basware I feel that same thrill of excitement that comes with creating something new.  It’s exciting because Basware is reinventing the traditional purchase-to-pay solution category with a simple idea that has the potential to help turbocharge global commerce.

The idea is this: By combining the power of best in class purchase to pay solutions with robust spend analytics and just in time financing - and powering all of this with the world’s largest open commerce network - Basware is helping companies unlock enormous value within commercial transactions that are already taking place.  

It’s a simple idea that not only helps individual companies optimize cash flow in their supply chain but also benefits the companies they do business with.  Everyone wins.

Cash is the bottom line

Cash flow is the oxygen of any business.  Without cash, a company can’t invest in new projects, expand into new markets or open new lines of business.  It can’t innovate, grow or even meet current financial commitments without sufficient cash.  

That’s one reason companies try to hold on to their cash as long as possible, losing sight of the fact that their suppliers also need cash to grow and thrive.  Of course, many business understand that their suppliers are part of the team – and would like to negotiate more favorable payment terms with key suppliers - but may be prevented from making timely payments due to slow, manual payment processes.  

What if it was easy to eliminate the obstacles to timely payments, collaborate with suppliers to negotiate better payment terms, and by doing so improve your cash position and minimize supply risk in your global supply chain?

The network effect

If cash flow is the oxygen of your business, think of the network as the circulation.  B2B networks such as the Basware Network, the world’s largest open commerce network, make accessibility to business services such as eInvoicing, dynamic discounting, interim financing and invoice factoring much easier for buyers and sellers.  

The network already knows who the buyer is, who the supplier is, the transaction history between these two trading partners, what has been ordered, what has been invoiced, including credit notes and it knows when the purchase order or invoice has been approved. All this data is relevant for offering the right services at the right place at the right time.

Buyers and sellers both benefit from the network effect because it creates a virtuous circle of improved collaboration, faster cycle times and lower cash flow risk.  Suppliers have reduced receivables risk, enabling them to grow the business and pass on savings to customers, while buyer payment programs and working capital strategies scale across the business.

It all starts in the cloud

Many people argue that finance should move their business solutions to the cloud because their on premise systems don’t provide the capabilities, insight or flexibility they need to drive growth and innovation.  But there are many other reason for migrating finance to the cloud, including rapid time to value, access to continuous technical innovation and more strategic use of valuable IT resources.

Basware’s 100% cloud-based Alusta platform is helping customers transform their financial operations into a collaborative planning and operational hub while taking advantage of the latest innovations in mobile, analytics and just in time supply chain financing.  

Business and IT leaders love it because they can take action in real-time on business information with embedded analytics, role-based dashboards and multi-dimensional reporting. As a result, they are able to make better investment decisions, disseminate key financial information across the business and align spend behaviors across the company with corporate goals.

Most importantly, they are able to respond more quickly to changing business needs and market opportunities and play a true advisory role to the business when it comes to making strategic investment decisions.

100 Days at Basware and ‘I’m All About the ‘Bas’

Basware has built its core business around eInvoicingAP automation and purchase-to-pay solutions.  Over time it has built up a vast open network of connected buyers and sellers while moving key product areas to the cloud in order to deliver continuous innovation.  And recently Basware launched a new line of Financing Services solutions to deliver just in time financing in the supply chain.

The combined offering represents an exciting new category of Networked Purchase-to-Pay that brings together the power of best in class Purchase-to-Pay solutions, global market reach with the Basware Network, and financial agility with Basware Financing Services.

With Basware Networked Purchase-to-Pay solutions, companies are able to unlock value in their financial supply chain for themselves and the companies they do business with.  Get connected today and we’ll show you how you can unlock the power of the network in your financial supply chain.