Monday 29th October, 2018
Basware has introduced committed spend analytics, the latest innovation in Basware Analytics providing complete visibility into all open spend, regardless of its source.
Committed spend analytics include 100% of spend, both direct and indirect, based on purchase orders, payment plans and non-PO invoices providing both retrospective and future views into spend.
"The rapid pace of digitalisation and globalisation is bringing ever increasing demand for data-based insight, particularly around spend. Typically, organisations focus on the retrospective view of how they've spent money, but with committed spend analytics they can now see all open spend likely to occur in the future," said Teemu Toroi, Director, Data & Analytics Product Line Management.
"Committed spend analytics provide visibility to all open POs and non-PO invoices, including externally generated business documents, in one comprehensive view."
Committed spend analytics gauge the level of commitment for the spend based upon business documents - such as purchase orders, payment plans and non-PO invoices - as well as predicting when spend is expected to actualise. Accuracy levels increase as the individual documents flow through the process and the overall number of total documents processed increases.
“Having a helicopter view of all organisational spend and the ability to drill down to a granular level makes this a very powerful collaboration tool,” said Toroi. “With everyone looking at the same numbers and setting common targets, organisations can move from the conventional spend analysis to a more strategic operational and tactical spend optimisation effort that improves budget follow-up and cost control, as well as cash forecasting.”