A new report from Basware
(Nasdaq: BAS1V), the global leader in networked source-to-pay
solutions, e-invoicing and innovative financing services, highlights how
critical it is for finance and procurement teams to create a living,
breathing ecosystem that thrives together to achieve a state of
Fintopia™. “The State of AP Efficiency in the U.S.” report utilizes data
survey responses from more than 180 accounts payable professionals to
determine where they were in terms of digital maturity — climbers,
drivers, or trailblazers — finding few in the trailblazers category.
“The biggest takeaway from this survey is that finance isn’t solely
responsible for achieving the perfect world of Fintopia,” states Sami
Peltonen, VP, Product and Business Management North America for Basware.
“We describe Fintopia as a state where all data and reporting is
dynamic; departments have control over cash flow; transactions are
smooth; and processes are seamless. Businesses must start realizing how
intertwined the finance and procurement functions truly are and function
as one ecosystem. Otherwise, they won’t ever reach their full potential
In the report, climbers are defined as those who are currently
behind in the transition to digital but who, with concerted effort,
still have an opportunity to catch up. Drivers are those who
could go either way (leap ahead or fall behind), but who are currently
keeping pace with the average players. Trailblazers are on the
cutting edge, paving the way to a digitized state — Fintopia.
Trailblazers see the finance world in a new, harmonious way where
processes flow smoothly and quickly, and financial data is actionable.
The report also illustrates the digital immaturity of many accounts
payable departments. For example, surprisingly, one-third of finance
professionals are still using a completely manual, paper-based process.
Only 3% of respondents say invoices are submitted in a format that can
be processed without human interaction. So, based on the data, Basware
summarized six key opportunities to achieve Fintopia, and ultimately
become a trailblazer, which are detailed in the report.
Implement an accounts payable process that your team members will call
- Automate e-invoice processing.
- Bring invoice processing speeds into the digital age.
- Reduce risk with automated data capture.
- Get mobile ready.
- Optimize your collaboration efforts. of companies say their accounts
The report will be introduced during a
panel discussion with Sami Peltonen, Brendan Blok, Senior Global
Business Advisor, Tommy Benston, Vice President of Client Success, and
Lindsay Munn, Head of Global Content Strategy, at the upcoming Institute
of Finance & Management’s AP P2P Spring Conference starting on May 19.
The report is available for download on Basware’s Fintopia
Basware offers the largest open business network in the world and is the
global leader in providing networked purchase-to-pay solutions,
e-invoicing and innovative financing services. Our technology empowers
organizations with 100% spend visibility by enabling the capture of all
financial data across procurement, finance, accounts payable and
accounts receivable functions. Basware is a global company doing
business in more than 100 countries and is traded on the Helsinki
exchange (BAS1V: HE).
More information about Basware is available at www.basware.com.