September 17, 2013 - Basware, the largest independent provider of e-invoicing and purchase-to-pay (P2P) solutions, has joined forces with BravoSolution, the leading independent supply management and spend analysis provider, to create a comprehensive source-to-pay (S2P) solution.
Both companies offer best-in-class technology and consulting solutions across the source-to-pay process. BravoSolution’s offering delivers sustained supply management value through a combination of spend analysis, eSourcing, contract management and vendor management solutions. Basware’s Purchase to Pay solution and Basware Network focus on the automation of procurement and accounts payable processes, and the maximisation of spend under management. By combining both technologies and process expertise, the partnership can extend the value delivered to customers and plug the 'savings gap', a common issue in which value leaks from negotiated supplier contracts due to non-compliance in the corporate purchasing process.
The combination of industry-leading supply management, P2P and e-invoicing services helps companies ensure that the value created through supplier relationship management is realised across the operational purchasing process. Upon completion of a strategic sourcing initiative, the resulting contractual agreement can proactively be managed across its entire lifecycle and activated across the business by empowering all end users with easy, consumer-style purchasing systems to ensure preferred suppliers are used and negotiated savings realised.
"This strategic alliance is focused on releasing the potential value of strategic sourcing through best-in-class operational purchase-to-pay solutions," said Esa Tihilä, CEO of Basware. "The partnership offers customers packaged integration points between the solutions to deliver seamless processes across source-to-pay, for example for such customers like our key client Finnair. We are focused on bringing about better buying solutions and services to a joint customer base, building on our existing and impressive traction in key regions across the globe."
“Finnair has collaborated with Basware for many years in invoice processing and payment solutions, and is also currently implementing the complete Basware Purchase to Pay suite. As a next phase of this collaboration, Finnair is pleased to confirm that it is implementing BravoSolution’s strategic sourcing solution to form an integrated Source-to-Pay solution based on the announced global partnership between Basware and BravoSolution,” said Jari Huhtinen, Vice President, Procurement, Finnair Plc.
The effective creation and management of contract and catalog content are examples of key integration points for the partnership. The integration allows contracts strategically sourced in BravoSolution to become operational in the purchase-to-pay process through Basware – thereby ensuring the value contracted through strategic sourcing is seamlessly carried through to a compliant purchasing process. Another example is the in-built connectivity of the joint offering to the Basware Network, the world’s largest open commerce network for P2P transactions, allowing buyers to easily identify, engage and transact across a global network of over 900,000 actively trading companies from over 100 countries, with annual spend through the network being more than $420 billion.
”The global recession may be showing signs of coming to an end, but companies are continuing to rely on procurement to deliver significant, sustainable savings – and in turn, make a clear impact on profit margins and profitable growth,” said Nader Sabbaghian, CEO of BravoSolution. “Through our partnership with Basware we are now able to help procurement and finance teams to work better together to ensure negotiated savings and value are realized right across the business – even after the contracts are signed.”
"The Basware-BravoSolution union immediately creates a significant and formidable provider in the marketplace. Companies looking to transform their source-to-pay processes would be wise to call on these partners," said Andrew Bartolini, Chief Research Officer at Ardent Partners.
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Basware provides open, secure, cloud-based purchase-to-pay and e-invoicing solutions to organizations of all sizes, resulting in greater efficiencies in procurement, accounts payable and accounts receivable.
Companies across all industries, from small businesses to corporate giants use Basware solutions to drive sustainable cost savings, proactive insight to cash flows and improved buyer–supplier relationships. The Basware Network is founded on the principles of openness, where all types of organizations can collaborate and trade, making it the largest in the world. Today we connect millions of business users in 900,000 companies across over 100 countries.
Basware is the global leader in providing solutions for better buying, better selling and connected commerce. Find out how Basware boosts financial performance and profitability at www.basware.com.
Supply management executives are now, more than ever, under pressure to deliver more savings, develop and manage strategic supplier relationships, accelerate procurement cycles, and maintain process excellence. Confronted with these diverse yet consistent challenges, CPOs and sourcing professionals must seek tailored solutions that deliver rapid ROI to their business.
BravoSolution offers leading software and services to fit the needs of today’s sophisticated supply management organisations. Our services organisation, one of the world’s largest teams of professionals dedicated exclusively to sourcing and procurement consulting, delivers lean, targeted services to support strategic sourcing and procurement initiatives. Our industry leading software toolkit supports the full supply management lifecycle across myriad industries, geographies and business models.
As of today, over 50,000 procurement professionals in 60 different countries are benefiting from BravoSolution’s technology and service – unlocking tangible benefits such as increased process efficiency, decision support, cost reduction, improved process governance, greater quality relationships with vendors and the ability to share, understand and act upon the wealth of sourcing-related data held within their organisation. BravoSolution has locations in the United Kingdom, Italy, France, Germany, Spain, Benelux, the United States, the United Arab Emirates, South America, Mexico and China. www.bravosolution.com