ESPOO, Finland, October 23, 2018, Basware (Nasdaq: BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, introduced committed spend analytics, the latest innovation in Basware Analytics providing complete visibility into all open spend, regardless of its source. Committed spend analytics include 100% of spend, both direct and indirect, based on purchase orders, payment plans and non-PO invoices providing both retrospective and future views into spend.
"The rapid pace of digitalization and globalization is bringing ever increasing demand for data-based insight, particularly around spend. Typically, organizations focus on the retrospective view of how they've spent money, but with committed spend analytics they can now see all open spend likely to occur in the future," said Teemu Toroi, Director, Data & Analytics Product Line Management, Basware. "Committed spend analytics provide visibility to all open POs and non-PO invoices, including externally generated business documents, in one comprehensive view."
Committed spend analytics gauge the level of commitment for the spend based upon business documents - such as purchase orders, payment plans and non-PO invoices - as well as predicting when spend is expected to actualize. Accuracy levels increase as the individual documents flow through the process and the overall number of total documents processed increases.
The full view into all open spend provides valuable insights to finance and procurement departments to use when analyzing cash flow needs and making decisions for the future of the business.
“Having a helicopter view of all organizational spend and the ability to drill down to a granular level makes this a very powerful collaboration tool,” said Toroi. “With everyone looking at the same numbers and setting common targets, organizations can move from the conventional spend analysis to a more strategic operational and tactical spend optimization effort that improves budget follow-up and cost control, as well as cash forecasting.”
To learn more about the new committed spend analytics dashboard, visit the Basware blog to read on and watch the video.