- Better financial decision making across Purchase-to-Pay leads to greater profit, productivity & growth
- Data visualisation creates actionable insight for every employee across the entire organisation
Basware, the leading provider of e-invoicing and purchase-to-pay solutions, has launched its advanced reporting suite, Basware Analytics. Offering sophisticated data visualisation, it will empower employees across the business to improve cost management and become financial champions.
Financial leaders need an accurate picture of financial performance. The only way to achieve this is to combine transactional data across invoicing, procurement, accounts payable and their trade network. Basware Analytics is unique in its ability to provide deep analysis and insight across the vast range of Purchase-to-Pay (P2P) information to help businesses make smarter decisions.
“Companies of all sizes need to closely manage and understand their costs and financial strategies to ride out fluctuations in the economy. Basware Analytics gives employees at every level accurate, up-to-date insight into the financial transactions and interactions that define the movement of cash in their business,” commented Esa Tihilä, CEO of Basware. “Basware Analytics processes spend, invoice and procurement data to give financial teams the insight that they need to make better decisions. With this data, organisations can strengthen their long-term financial performance.”
Financial management can have a huge impact on the bottom line, which makes sophisticated P2P analytics a source of competitive advantage for businesses.
Basware Analytics packages customisable dashboards tailored to specific job functions. Whatever the role of the user, there is a pre-packaged configuration to give them instant, impactful insight. Basware has taken its 25 years of experience of P2P best practice and created these persona-oriented dashboards to maximise the relevance for CFOs, Financial Shared Service Centre (FSSC) leaders, procurement professionals and any other business leaders looking for deep P2P analytics. These dashboards include:
- CFO / CPO Spend Visibility – Financial leaders can get instant, cross-enterprise visibility of spend. They can break it down by location; category; by supplier or organisation; and view this over time and by value
- CFO / CPO Vendor Analysis – Financial leaders can identify supplier rationalisation and negotiation opportunities by visualising top suppliers by spend value and transaction volume
- FSSC / AP Manager Process Metrics – Department heads can drive continuous improvement and remove bottlenecks by visualising average invoice cycle time, manual financial process efficiency, invoice cycle details by supplier and average invoice approval and review process duration
- Business Managers Tracking – Analysing cost centre spend by location, category and supplier enables cost centre owners to spot cash-saving opportunities and support their budget management
Basware Analytics is available to users also via tablet devices. This means that they can access reports any time, anywhere, and create reports on demand, which ensures that whenever insight is required to support decision-making, it is available.
Esa Tihilä continued: “Too many organisations get into trouble because they make quick, reckless changes that are based on gut-feel or inaccurate information. Even if this helps cut headline costs initially, it can mean that a CEO has insufficient resources at his disposal to start growing the company again when times change. Basware Analytics has been developed to give business leaders the insights that they need to make smart, long-term decisions.”
Peter Loughlin, Managing Editor at purchasinginsight.com, said: “This new addition to Basware’s already comprehensive purchase-to-pay platform is a powerful analytical engine. The data visualization techniques that have been used in Basware Analytics to create reports are as attractive as they are functional. I can easily envisage CPOs as well as cost centre owners spending a great deal of time using the tools available to develop deeper insights into their business. With the launch of Basware Analytics, Basware has managed to keep its offering fresh and contemporary but more than that, its reporting suite is delivering what all e-procurement products should have been delivering years ago - insight.”
Basware Analytics sits on Basware’s Alusta platform and will be available in the next release in June.