Basware Kicks Off 2019 with Most Extensive Open Business Network

Thursday, January 24, 2019

Basware Kicks Off 2019 with Most Extensive Open Business Network

Espoo, Finland – Jan 24, 2019 – Basware (Nasdaq: BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, is starting 2019 with an unmatched number of connected organizations on the Basware Network. The 2018 Gartner Magic Quadrant for Procure-to-Pay Suites ranked Basware as a Leader, praising it for its extensive e-invoicing network and naming it a “pioneer” in the open B2B network approach.

“Our position as a Leader in the Gartner Magic Quadrant is the result of decades of bringing the latest technologies and processes to the global markets,” said Vesa Tykkyläinen, CEO of Basware. “We have a massive scale of organizations connected through the open network. Suppliers are not charged for this access so diversity within the network is rich.”

“Companies find great value working with our teams to explore possibilities within the network,” said Eric Wilson, Senior Vice President, North America. “In a matter of weeks, our team recently activated nearly 2,000 suppliers for one customer using our electronic or PDF invoicing. We use the world's largest global business database, Dun & Bradstreet, to enrich supplier data, and we work with one of the world's largest financial organizations, Mastercard, to provide innovative payment solutions on the network. There is nothing comparable to it in today’s marketplace.” 

The Basware Network isn’t just about easy transactions, it’s also about automating as many processes as possible and ultimately deriving as much quality data from those processes as possible. The future of open business networks lies in mastering unstructured data and making sense out of data chaos; the Basware Network provides a solution because of its open, extensive nature. If both suppliers and buyers aren’t actively connecting on the network, data isn’t actively flowing through it. Therefore, the data that’s collected is fragmented and shows an incomplete picture providing incomplete insights. Without complete, quality data, artificial intelligence (AI), predictive analytics, and all other innovative features are rendered useless because everything depends on data being available, accurate, and up-to-date.  

To learn more about the Basware Network, visit the blog and read It’s Not Magic; It’s the Largest Open B2B Network in the World.