Wednesday 21st March, 2018
Basware has released enhancements to its Supplier Spend Dashboard, empowering its customers with more actionable data to reduce costs and increase value through advanced analytics.
Basware’s analytics for supplier spend will deliver comprehensive spend visibility to help procurement professionals make better, faster and more confident buying decisions, and provides historical data and buying trends to support strategic supplier negotiations. The solution collects and analyses procurement data to provide valuable insights for areas like spending across suppliers, top spend categories, controlled versus uncontrolled spending, on-contract and off-contract spending rates, etc.
Accounts Payable can also benefit by looking at how suppliers may be contributing to inefficiency in the payment process. Understanding the causes of manual work in AP – such as paper invoices, invoices that don’t automatically match to contracts or POs, exception handling, lacking data, etc. – allows AP and procurement teams to collaborate better and work with suppliers to eliminate issues.
“Even with the wealth of data available today, it’s easy for companies to lose track of spending across their organisation without a way to make sense of this information and take action,” says Sami Peltonen, VP of Purchase to Pay Product Management, Basware. “This enhanced dashboard provides graphical representation of total running spend and trends in this area over time so our customers can drill into the details and set targets to control more spend and seize cost saving opportunities.”
"Our goal is to help customers reach their strategic goals by arming them with unfettered access to their own financial data and the technology to use it in ways that propel their business forward," Peltonen said.