Basware (Nasdaq: BAS1V) is recognized as a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Procure-to-Pay Applications 2021 Vendor Assessment (doc #US45015519, February 2021). To be included in the IDC MarketScape assessment, vendors’ offerings must be “SaaS” or “cloud-enabled;” meet the IDC MarketScape definition of procure-to-pay (P2P); have procurement technology that encompasses P2P; and leverage innovations in intelligent technologies.
“Basware has once again been recognized by the IDC MarketScape as a Leader in Procure-to-Pay,” said Mickey North Rizza, program vice president for IDC’s Enterprise Applications and Digital Commerce research practice. “Basware is a particularly strong fit for companies with a multi-ERP environment and complex global deployment requirements.”
The IDC MarketScape recognized the extensive Basware network and its ability to connect with all suppliers regardless of sending method as strengths contributing to its position in the Leaders Category. Additionally, the assessment notes that Basware recently introduced product enhancements that leverage machine learning, including SmartPDF AI and the Approval Confidence Index.
The report also recognized Basware as a “pioneer in touchless automation,” with technology that “enables 100% visibility and transparency around all spend.” Basware took that visibility one step further with its recent launch of its Spend Insights dashboard, which provides a single view across an organization’s entire spend – direct, indirect, PO and non-PO – and recommendations on suggested actions, all designed to help procurement departments rapidly identify areas for potential savings.
“The socioeconomic and political factors at play in our world have prompted prudent financial practice now more than ever, putting extreme pressure on finance and procurement teams,” comments Sami Peltonen, VP, P2P Solutions, Basware. “But the need for financial discipline also presents an opportunity to these teams to reinvent and recast themselves in a more pivotal business role – and that can easily be done with the touch of a button, with the right procure-to-pay technology. Plus, if your organization does leverage a P2P solution, you’ll quickly realize that technology – by enabling collaboration between procurement and finance processes – can help close gaps and drive continuing innovation across your P2P operations.”
View an excerpt of the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Procure-to-Pay Applications 2021 Vendor Assessment here.
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
Basware is the only procure-to-pay and e-invoicing solution provider that empowers businesses with 100% spend visibility through 100% supplier connectivity and 100% data capture. Our cloud-based technology enables organizations to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation. With the world’s largest open business network and an open technology ecosystem, we are uniquely positioned to deliver the solution required for Visible Commerce, which provides customers with complete transparency into all the flows of money, goods, and services around the world. A global company, Basware has offices in 14 countries and is traded on the Helsinki exchange (BAS1V: HE).