Basware Sets Record Pace in Use of SmartCoding

Wednesday, March 6, 2019

Basware Sets Record Pace in Use of SmartCoding

- Customers Embrace AI with 234% Increase Over 6 Month Period

ESPOO, Finland – March 6, 2019 – Basware (Nasdaq: BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, recently released user data showing how well its customers have adapted to using SmartCoding technology, an AI-assisted aspect of the Basware product.

In the recent 6-month period, more than 180 Basware customers have used SmartCoding automated templates to efficiently process over 80,000 invoices, which indicate how much value customers find in it.

Smart coding helps customers automate their invoice processing of non-PO invoices, going a step further towards touchless invoice handling. With smart coding, invoices that are not automated by purchase order matching, payment plans (schedule, budget or self-billing), or automatic coding templates can now be automatically coded with minimal human interaction. On top of the SmartCoding, the automatic coding templates can now be set to utilize the full invoice data set, both invoice header and invoice line, to define the detailed invoice coding.

“Many P2P systems promise to convert PDF images to data automatically but, to date, only Basware has this ability,” said Mikko Pilkama, SVP Products, Basware. “Scrape or Smash solutions in the marketplace today still require the buyer to manage mapping tasks or demand "buyer validated" compliance, calling into question the ability to create required tax artifacts. These solutions can hardly be considered as automated.”

Using a new state-of-the-art machine learning algorithm, smart coding technology automatically searches and analyzes historical data and invoice coding templates to recommend the proper general ledger coding of non-PO invoices. These invoices would otherwise get trapped in a time-consuming, manual workflow.

“SmartCoding makes life and use of invoice automation easier. Certainly, it is a step closer to touchless invoice handling,” stated P2P leading expert Jari Koivumäki from LähiTapiola.

By leveraging and learning from company financial data, the SmartCoding technology is able to continuously improve the accuracy of its recommendations – increasing efficiency, productivity and accuracy of invoice handling.