Evaluation based on Ability to Execute and Completeness of Vision
Basware, the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services, today announced it has been positioned by Gartner, Inc. in the Leaders quadrant of its latest Magic Quadrant for Procure-to-Pay Suites* report. This was the second consecutive year for Basware to be recognized as a Leader in this report, now published for the second time.
"Basware, which has advocated open business networks, has the world's largest open e-invoicing network and has excelled in end-to-end purchase-to-pay (P2P) solutions and services for several years. Customer experience is at the core of our values and operations and we continue to work closely with our customers to further develop our services and sustain our market leadership," says Esa Tihilä, CEO at Basware. "The Basware Network accelerates informational and financial supply chains and connects buyers with suppliers in ways that change how cash flow is managed. This is complemented by our networked Financing Services, enabling organizations to make or take payment as cash flow requires.
Celgene, a global biopharmaceutical company, has implemented Basware's solutions globally through its two Shared Service Centers, one in the US and the other one in Switzerland. Celgene launched an Accounts Payable Center of Excellence, went 100% paperless, and cut invoice processing times in half with Basware. "We've become so lean and efficient and we couldn't have done it without Basware. What other companies told us would take a year, the Basware team was able to accomplish in just six months. We plan to continue innovating our processes to deliver increased visibility, efficiency and value within AP, as well as to our internal stakeholders in Treasury, Audits, Finance and Procurement, and externally to our suppliers," says Philip Thomas, Manager, Shared Services, Global Purchasing Operations and Accounts Payable, Celgene.
Tihilä continues: "We consider our positioning in the Leaders quadrant to be a strong indicator of Basware's excellence in delivering extensive, networked purchase-to-pay solutions, enabling our customers across the world to achieve better financial agility. CFOs and their organisations are recognising the power these solutions have - creating significant cost savings, improving operational efficiency, building better relationships with suppliers, enabling more flexible payment terms and boosting cash flow."
According to Gartner: "P2P suite Leaders demonstrate a market-defining vision of how technology and services can help procurement establish, develop and maintain contract compliance and cost-effective processes for managing and controlling external spend. They have the ability to execute against their vision with products and services, and they have demonstrated results in the form of growth and customer satisfaction. Leaders successfully sell into multiple industries and multiple geographies. Leaders are often what other providers in the market measure themselves against, and they are the most likely vendors from this report to be in the P2P suite business five years from now."
Basware acquired Verian in April 2016, which offers complementary, native solutions in asset and inventory management and travel and expense reporting. Verian was positioned highest in the Visionaries quadrant for ability to execute in the Gartner Magic Quadrant for Procure-to-Pay Suites report for the second consecutive year.
Tihilä says: "Together Verian and Basware will provide customers with the most comprehensive purchase-to-pay, B2B network and market-leading financing services available today, through these joint capabilities."
Gartner defines the procure-to-pay suites as delivering four primary capabilities: E-purchasing, Catalog management, E-invoicing and Accounts Payable Invoice Automation (APIA). For inclusion in the 2016 Magic Quadrant for Procure-to-Pay Suites report, Gartner evaluated 12 different software vendors and placed Basware in the Leaders quadrant.
*Gartner Magic Quadrant for Procure-to-Pay Suites by Deborah R Wilson, Paolo Malinverno, Magnus Bergfors and Desere Edwards, 13 June, 2016.