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Basware continuous innovations and improvements

Don't fear new technologies - Basware is here to keep you ahead of the curve and armed with the latest and greatest purchase-to-pay innovations.

Artificial Intelligence & Machine Learning  

AI has been steadily evolving with major improvements over the last few years. Today we are surrounded by AI-driven technologies which are often quite subtly trying to help or influence us, for example, suggesting what we might want to read, watch, hear, or purchase — silently aggregating transactions and making assumptions based on trends.

We are beginning to see task assistants and associate systems that, with the right interface, allow humans to delegate work to a computer. Finance is just the latest in a series of business functions being affected by the rapid increase in the use of AI and RPA. A range of solutions for automating accounts payable (AP) have been progressing over the past 30+ years already, minimizing the need for a large staff of AP clerks. Solutions have evolved with increasing degrees of process automation and RPA will continue to incorporate types of AI, such as machine learning, to assist people in completing tasks and making decisions.

The other areas where Basware has introduced machine learning based functionality include product mapping and catalog search. One of the biggest challenges for buying organizations is that the product codes they use internally can be very different from what suppliers use on their end. In this scenario, machine learning can fill the gaps. The new Basware product mapping feature organizes products into the right category, so that suppliers simply upload their catalogs and products which are then automatically matched to the buyer’s defined category, making the catalog management process easier for both buyers and suppliers.

On the catalog search side, the Basware electronic procurement solution leverages a flexible product master data model behind the scenes, so that procurement departments can create a database of products with multiple suppliers, prices, units, etc. for each product where needed. Then a highly intelligent algorithm automatically selects or suggests the best option based on pre-defined criteria like availability, location, price or delivery schedules, without exposing end users to all the complexity in the back-end.

For the end user, search query optimization makes the process of finding and ordering products and services very easy. The Basware solution creates a link between queries that come up empty handed and the items that are then added to the shopping cart.

See AI in action
Artificial Intelligence & Machine Learning  

Natural Language Processing Virtual Assistants

Through natural language processing and artificial intelligence, purchasing becomes faster, intuitive, and enjoyable.

Basware Assistant is an intuitive and conversational UI tool that delivers a new and simplified way to interact with Basware's procurement application and perform functional tasks without having to physically navigate the system. It's a tool that leverages artificial intelligence and naturally language processing to interact with users in a way like humans interact. 

The Basware Assistant uses natural language processing and artificial intelligence to create a new and simplified way for people to interact with Basware’s e-procurement solution. They can communicate with the Basware Assistant like they would with a person, to search for orders and purchase requests using vendor and item names, as well as ID and document numbers. By giving people the ability to specify what they are looking, it eliminates the need for having to navigate a series of screens to reach their intended purchase.

Through its natural language processing and AI capabilities, the virtual assistant improves system usability, taking another step in streamlining the overall procurement experience. Not only does it help people find purchase orders and order requests more quickly and save them time, it also reduces the training required for new people to buy with Basware.

The Assistant’s data-driven insights and overall ease of use reinforce that Basware is the easiest, simplest and cheapest way for employees to procure what they need, so they use the application because they want to, not because they have to. This is what will ultimately drive 100 percent user adoption of any procurement technology.

With the proliferation of devices such as Amazon echo and Google home, artificial intelligence has become a part of life, whether we realize it or not. These devices were built from the ground up with conversational interfaces only. Purchase-to-pay software systems are a little different. Entering an invoice using a conversational interface will probably not work. But many functions can be achieved using a chatbot for purchase to pay. Imagine the following real-world situation:

Think of all the possibilities where tasks could be completed by simply asking a chatbot for help – no more searching, scrolling, clicking or typing – just simple questions with accurate answers. Need to re-order supplies – simply tell the chatbot. You need look up a previous invoice to see how much a contractor billed you – simply ask the chatbot. The possibilities are endless.

Chatbots save time, make the purchase-to-pay solution easy to use, eliminate the need for users to go back and forth with questions to one another and reduce frustration. Ultimately, companies reap unparalleled efficiency and garner high levels of user adoption for purchase-to-pay systems while delighting their users.

The Basware Assistant is here to help with day-to-day tasks. There will always be functions in the system that require traditional UIs or RPA to accomplish, but so many use cases can be achieved simply by using a chatbot that is NLP ready and intelligent about the purchase-to-pay domain as well as the application.

Meet our Chatbot
Natural Language Processing Virtual Assistants

Predictive Analytics

The predictive analytics capabilities in Basware's cloud-based Source-to-Pay solution incorporates an intelligent algorithm to show which invoices are at risk of being paid late. This helps organizations prevent late payments, capture early payment discounts and optimize cashflow.

Predictive analytics show users the powerful knowledge that is in their data by analyzing patterns found in transactional information and predicting potential future outcomes. This enables more proactive decision-making that drives competitive advantage.

The introduction of predictive intelligence is an evolution in the journey towards delivering artificial intelligence-powered insights that give our customers a distinct advantage. With this level of insight, our customers reduce the cost of operations, spend smarter and build strong business relationships with suppliers. Our aim is to help customers harness the power of innovation like predictive and prescriptive analytics, and artificial intelligence, while providing them with a roadmap to success.

Advanced analytics empower AP teams to be more strategic and add more value as they evolve into the AP team of the future.

By automating functions end-to-end, from sourcing all the way through invoice processing and payment — even areas like travel & expense reporting and asset management — you will create a comprehensive data set to analyze and build on with predictive and actionable insights. This data set is what enables your AI solution to look at historical trends, transactional details, user behaviors and tell you when there’s an opportunity to capture early payment discounts, consolidate suppliers, address potentially fraudulent activity, and more.

See it in action
Predictive Analytics