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Visible Commerce

Complete visibility across all the flows of money, goods, and services around the world, leading to more effective and ethical decision making.

What is Visible Commerce?

A simple push of a button can transform businesses, economies, lives, and the world around us. All without us seeing a single thing. It's about time we looked deeper beneath the surface of business and used the information we have to make more efficient ethical decisions.

Visible Commerce is a state where transparency and data lead to more effective and ethical decision making. At Basware, we believe that a world of transparent exchange of money, goods, and services, enabled by the ready availability of data, empowers people to make better business decisions, leading to a better world economy for everyone.

Using Transparency Enhances Reputation and Manage Risk

The movement toward transparency is being driven by increasing customer concerns about the ethics of business and by the competitive advantages that transparency can bring to an organization.

Those companies that have invested in more visible finance and procurement see greater transparency throughout the rest of the organization, and with it,: and better decision making, as well as greater cost savings and revenue growth, according to a survey of global executives conducted by Harvard Business Review Analytic Services:

  • 90% of executives say increased business transparency leads to better-informed decision-making across the entire organization
  • 55% of executives say ethical and commercial considerations are equally important when evaluating suppliers
  • 26% of executives say transparent finance and procurement processes would lead to an 11% to 20% cost reduction

Realizing a World of Visible Commerce

According to a Cone Communications CSR study, 78% of consumers want to buy from responsible, sustainable, ethical, and good companies. With Visible Commerce, the possibilities to do so are virtually limitless.

Do you want to work only with suppliers who share your values around sustainability? You can. Do you want to free up working capital to expand into new markets? You can do that, too. Our vision of the future is a world of Visible Commerce – a world with full visibility, full transparency, and full responsibility. Just imagine what the ability to see every transaction, every exchange of goods and services brings to key decision-makers in your business.

Basware Visible Commerce Capabilities

We've been helping our customers move towards a world of Visible Commerce for many years. One of the key elements of this shift is helping customers better understand, and where appropriate, adjust their supply chains to better align with their goals and values as an organization.

100% Spend Visibility

Too often, the big supply chain mistakes businesses make - be it fraud, inhumane work conditions, or life-threatening supply shortages - could have been avoided if companies had known where they were spending their money and who they were truly doing business with.  Basware provides a holistic view into 100% of your suppliers and spend from a single, centralised location to enable better strategic decision making. Armed with data and visibility into company spending, you will be in a better position to control your spend, mitigate risk, and manage the entire supply chain. 

Minimize Supply Chain Risk

With the data available within Basware solutions and our partner ecosystem, we can not only display financial information such as revenue and credit ratings for your supplier base but also continuously check the compliance of your suppliers. For example, you can monitor whether a supplier appears on one of the worldwide sanction lists, is connected to politically exposed persons, or stands out due to negative media coverage. This additional transparency is incredibly helpful for companies with a broad supplier base spread across many different regions and countries and maybe even across several ERP systems. Proactive notifications in these areas mentioned enable companies to take timely measures to remain true to their own compliance requirements and company values.

Environmental Sustainability

Visible Commerce can also help businesses be more environmentally sustainable -– tracking suppliers' credentials on greenhouse gas emissions, use of conflict minerals, water conservation, and many other metrics allow organizations' finance and procurement professionals to make informed decisions about who they do business with and what impact they have on the environment and in society. By adopting electronic invoicing and onboarding more suppliers to e-invoicing, you can also make a significant difference to the environment. With the carbon footprint index available as part of Basware Analytics, you can track your carbon footprint over a period and compare that to the average of the Basware community to drive awareness of green values within the organization. 

The move toward Visible Commerce is a necessary evolution now that technology is becoming embedded in our everyday lives. It will restore a sense of knowing the people behind the transactions, not just leave us as "a push-button Society.

JP Morris, Spend Matters