Basware, a Nordic procure-to-pay (P2P) provider that until recently pursued a conservative global growth strategy, is not as well known outside its customer base for its set of differentiated and robust capabilities, especially in the AP automation, e-invoicing and supplier network areas. Most recently, through its acquisition of Verian, it added sufficient e-procurement capability to compete against other best-in-class purchasing technology providers (previously, its cloud-based Alusta platform, which forms the basis of its AP automation and invoicing capability today, was not competitive in the e-procurement market against specialized providers). In the trade financing area, we have applauded Basware in the past for taking a highly strategic approach, in partnership with Arrowgrass, to both payables and receivables financing (yet as with most competitive providers, execution in both areas has been slow to date).
Above all, the differentiated capabilities of Basware’s solutions are not well known because the company has underinvested in global marketing efforts. Moreover, at least until recently, Basware has lacked a common theme or rallying cry (e.g., Coupa’s “value as a service”) to unite both its own organization, and partners and customers.
This Spend Matters PRO vendor snapshot explores Basware’s strengths and weaknesses in the P2P, supplier network and trade financing areas, providing facts and expert analysis to help organizations decide if they should shortlist the vendor as a potential provider. Part 1 of our analysis comprised a company and detailed solution overview and a SWOT analysis, as well as a summary recommended fit suggestion for what types of organizations should consider Basware. The remaining parts of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.