Basware: Simplify Operations and Spend Smarter

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Basware: Simplify Operations and Spend Smarter

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Klaus Andersen, CEO, BaswareKlaus Andersen, CEO
Gone are those days when finance departments were considered to be the back-offices supporting the administration. The role of finance teams has drastically changed over the years, making them the heart of businesses. Today, finance departments have the responsibility to provide valuable financial insights that help drive corporate growth and profitability. But, with the increasing pressure to lower costs without cutting corners, how can financial teams fulfil their new role? The answer lies in the financial supply chain. For most businesses, the financial supply chain is an untapped reservoir of working capital, and the challenge involves keeping that cash moving. This is where Basware plays a pivotal role. With its range of innovative solutions and services, Basware allows financial departments to simplify operations and spend smartly. From giving a clearer picture of financial activities to automating the concerned processes to changing the spend culture to holding on to the cash longer, Basware emerges to be the one-stop solution for financial teams.

Since the launch of its fully integrated purchase-to-pay solution suite in 2005, Basware is providing actionable insights to manage KPIs and workloads in AP departments and financial shared service centres. The company helps its customers to unleash the full potential of their financial supply chain through smarter cash flow management. Thereby, Basware promotes business growth of financial firms by simplifying and streamlining the procurement processes. Through its innovative solutions, Basware drives efficiency and savings with 100 per cent invoice capture and automation, imparts visibility to control risk using actionable predictive analytics, and aids in better planning and forecasting with total cash visibility. Basware also fuels business innovation by leveraging working capital and drives business growth by offering flexible financing options to optimise the capital.

With its range of innovative services and end-to-end solutions that are used worldwide by organisations of all shapes and sizes, Basware has successfully positioned itself as an eminent market leader.

Allowing its customers to connect and transact with more than a million businesses on the Basware Network, the company works as a dedicated team to drive customer success. Its almost 30 years old Purchase-to-Pay enables financial firms to achieve savings and operational excellence and allows them to grow their business through a smarter supplier and working capital management. Furthermore, Basware’s value-added services help customers achieve their goal–be it holding onto cash longer, assisting suppliers in getting paid faster, or using excess capital to capture early payment discounts. Basware thereby plays a crucial role in making financial teams realise tomorrow’s financial goals today.

Besides, Basware offers the most advanced e-Procurement solution on the market to achieve 100 per cent user adoption and automate the entire process. Addressing to the problems of procurement such as limited spend visibility, supplier friction due to non-automated procurement processes, and no control overspending, the Basware e-Procurement solution is an advanced technology and intuitive UX that sets the company apart. The customer favourite tool helps to automate the procurement methods and allows gaining control and saving money. With eCatalogs and webshop punchouts that reflect the latest negotiated prices and items so that users have many approved options to choose from without going outside the process, e-Procurement tool allows financial firms to automate control and compliance without being the spend police. Lastly, the 100 per user adoption also helps finance enterprises to analyse spend data, streamline processes and eliminate inefficiencies, collaborate with smart suppliers, and ultimately save money.

In an instance, Finavia, an aviation company that owns and operates 24 airports across Finland, was challenged by the complexities in managing the purchase of these airports until they collaborated with Basware. With Basware’s centralised purchase-to-pay solution, a single, uniform, purchasing method across the entire network, Finavia was able to boost the efficiency of its procurement function while reducing the number of suppliers simultaneously by 40 per cent. Using a combination of Basware’s purchase management, invoice processing, contract matching, and order matching modules across the Basware network, Finavia was able to improve transparency and spend visibility.

Every Basware employee possesses in-depth knowledge and expertise in financial technology, and brings extensive skillset into the company. Driven by such a motivated workforce, Basware is empowering its employees to yield superior results and strive for excellence.

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Top 10 Accounts Payable and Receivable Consulting/Service Companies in Europe - 2020
Basware

Company
Basware

Headquarters
Espoo, Finland

Management
Klaus Andersen, CEO

Description
Basware is the global leader in providing networked source-to-pay solutions, e-invoicing, and value-added services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organisations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers.