Gartner Critical Capabilities for Procure-to-Pay Suites 2021 report is out and takes a deep dive into what Gartner has determined as the “critical capabilities” for procure-to-pay (P2P) solutions to help organizations simplify and “consumerize” their end-to-end purchasing process. Each year, customers expect more functionality and spend visibility, requiring P2P suite providers to continuously evolve. While most mainstream P2P suites offer standard capabilities, this report scores 12 P2P providers’ critical capabilities and use cases so customers can use the information to inform their P2P solution evaluation and selection.
Gartner defines P2P suites as “integrated solutions with automated workflows to request, procure, receive and pay for goods and services across an enterprise”. For this report, P2P suites support the following processes at minimum:
E-purchasing enables employees to order goods and services through a centralised, controlled solution, similar to online shopping. To achieve high e-purchasing scores, functionality around the creation of a requisition through e-forms, catalogs, or free text orders are considered. Gartner also reviews the ease of use around how POs are transmitted to suppliers and the final step in the e-purchasing workflow, the receipt of goods and services.
Accounts Payable Invoice Automation (APIA)
Accounts payable (AP) automation refers to the automated technology that is used to streamline the entire AP process from invoice receipt to payment. AP invoice automation (APIA) solutions are evaluated on their ability to manage exceptions, support account coding and approval workflows when no PO exists, support supplier communication, and electronic invoice archival for global compliance.
In addition to these features, functions like dynamic discounting, supplier registration, employee expense management, and payments are considered additional functionalities.
Out of 12 providers, Basware scored highly across many of Gartner’s critical capabilities and use cases:
Leader in AP Invoice Automation – 4.7 score
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 receives a leading rating for APIA […] Basware has one of the best scores for the finance-focused use case, due to its deep functionality for capturing and processing invoices. Basware customers process a significantly higher percentage of electronic invoices, either directly or through partner networks, than do customers of other solutions assessed in this report”, solidifying Basware’s focus of leading with accounts payable process efficiencies.
Invoice workflows, invoice coding, dispute resolution, invoice matching, and the constantly evolving regulations concerning global tax compliance can all be automated through Basware AP Automation – receive all invoice data electronically to guarantee 100% data capture, gain 100% spend visibility, reduce redundant manual work, minimize exception handling, and seise early payment discounts through faster invoice processing.
Excels in Partner Ecosystem – 4.1 scores
Most P2P suite evaluation processes focus on product capabilities alone, missing the value that can be delivered by a provider’s partner ecosystem. Leading P2P providers have established ecosystems with a number of preconnected partners, including ERP vendors, tax engines plug-ins, supplier data providers and strategic sourcing applications to name a few.
Basware’s partner ecosystem approach is designed to future-proof and provide more effective partnerships, beginning with a strong, centralised 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 extend functionality beyond their P2P processes to fulfill other value-adding services such as contract lifecycle management, request for quotation, supplier risk management, and more – all integrating seamlessly to provide 100% spend visibility.
Streamlined Integration Capabilities – 4.0 score
As mentioned above about the importance of a partner ecosystem, integration capabilities is critical where multiple solutions function together for the best business results. Basware solutions seamlessly integrate with 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 centralised 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.
Leveraging AI and ML for Continuous Innovations and Improvements
Basware uses artificial intelligence (AI) and machine learning (ML) technology to enhance APIA functionality. AI and ML capabilities deliver many benefits across the P2P cycle, from invoice capture and data extraction to coding and matching, our innovative AI and ML technologies add value by accelerating processing times, reducing the need for manual effort, and eliminating errors.
Specifically targeting fraud detection and the autocoding (or “Smartcoding”) of invoices, Basware helps customers harness the power of innovations to deliver measurable impact on P2P operations. With this desire to push the boundaries of automation, it’s no surprise that Basware is the Global #1 for AP Automation.
Critical Capabilities Methodology
Gartner recognizes that the critical capabilities evaluated do not represent all capabilities for every solution; therefore, clients should use the critical capabilities analysis as one of several sources of input about a provider before making a decision.
Each capability is assigned a value from 1 to 5 with 1 decreeing that the capability is poor or absent and 5 determining that the capability is not only met but significantly exceeded. Then, each capability is weighted regarding how relevant it is to a specific product or service use case. 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.
Ready to Learn More?
Read more about Basware’s rankings by downloading Gartner Critical Capabilities for Procure-to-Pay Suites 2021 report.
Want to access your level of true automation? Visit our Bridging the Gap to True Automation page to ensure that you’re tapping into AI to boost insights and productivity risk falling behind.
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