Basware: What Makes It Great (Invoice-to-Pay SolutionMap Analysis)

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Editor’s note: This “What Makes It Great” column is normally reserved for SolutionMap Insider Subscribers, but Basware has generously agreed to support access for readers who are not yet members.

The Spend Matters Invoice-to-Pay (I2P) SolutionMap is an amalgam of different markets. On the one hand, it includes capabilities that typically fit squarely into the e-invoicing box. But it also examines aspects of accounts payable automation and procure-to-pay systems (like supplier network connectivity), as well as the broader connectivity, collaboration and compliance components of these areas.

Within the I2P market, Basware is one of the top ranked SolutionMap providers for Q3 2018, delivering above-the-benchmark functional and customer reference scores. Basware also participates in SolutionMaps for E-Procurement and Procure-to-Pay (P2P), as well as offers broader source-to-pay capabilities through a partnership with Scanmarket. But the purpose of this analysis is to explore exactly how Basware stands out in a crowded invoice-to-pay field — an area where it shines, in fact.

“What Makes It Great” is a recurring column that shares insights from each quarterly SolutionMap report for SolutionMap Insider subscribers. Based on both our rigorous evaluation process and customer reference reviews, each brief offers quick facts on the provider, describes where it excels, provides hard data on where it beats the SolutionMap benchmark and concludes with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider it.

Basware: Quick Facts

  • Founded: 1985
  • Headquarters and support locations: Espoo, Finland. Offices in Stamford, Connecticut; and Chicago, Illinois; Parsippany, New Jersey; Fort Mill, South Carolina; the U.K.; France; Belgium; Germany; Norway; Sweden; Russia; Australia; Singapore; and India
  • Number of employees: 1,700
  • Total annual revenue: €149 million
  • Customers: 2,700+, including ABB, United States, Postal Service, Goodyear, Metsa, Envision Healthcare, Crown Commercial Service, Government of South Australia, Philips, Siemens, Tyco, Heineken, Yum, ExxonMobil, Total, AstraZeneca, Novartis, Renault, Toyota, Daimler, Suez, Sodexo, ArcelorMittal, AkzoNobel, Accor, DHL, KLM, IKEA, H&M, Nasdaq
  • Active users: 2 million end users total
  • Regions served: North America, South America, Europe, Middle East, Asia, Australia

Where Basware is Great (Invoice-to-Pay SolutionMap)

Basware is a proven, comprehensive and low-risk choice for all invoice-to-pay requirements and buying scenarios. Its native e-procurement capability also provides optionality for finance and accounts payable organizations that want to extend e-invoicing, AP automation and early payment initiatives into transactional purchasing.

Here’s where Basware excels in SolutionMap:

Support For E-Invoicing and Accounts Payable Automation Requirements

  • Basware is tied as the leader in the Q3 2018 SolutionMap Benchmark within the core invoicing (e-invoicing) and accounts payable automation category
  • It beats the benchmark across all core invoicing and accounts payable automation requirements, including Invoicing Setup, Invoice Creation/Capturing/Submission, Services Invoicing and Contract Invoicing, Invoice Validation/Approvals, Invoice Integrations, Invoice Compliance, Invoice Mobility, Invoicing Analytics and Invoicing Roadmap
  • Basware’s supplier network enablement (in support of these requirements) beats the benchmark across all core areas in support of invoice-to-pay
  • As noted previously on Spend Matters PRO:
    • Basware’s roots in AP and associated treasury/working capital management and overall straight-through processing capability were designed for large-scale, finance-driven P2P processes and control. From modular P2P product functionality to analytics and reporting, Basware’s ability to treat finance as an equal partner in the spend and cost management equation stands out from others
    • When the Basware solution is working, you don't even know it's there. When the supplier submits an invoice through the platform, it is automatically transmitted over the Basware Commerce Network (BCN) to the buyer's invoice store (be it the Basware e-procurement module, ERP or third-party solution), automatically matched to a purchase order or payment plan (if possible), compared to goods receipts and other specified criteria, and, if all of the units and amounts are within tolerance, automatically queued for payment

Payment and Financing

  • Basware delivers standout capability to support both payment and trade financing (e.g., dynamic discounting, receivables & payables financing)
  • Basware delivers above-the-benchmark capability for all areas of payment and finance capability considered in the SolutionMap dataset. These areas include Payment Methods, Payment Processing, Payment Cards, Financing On-Boarding, Trade Financing (Receivables and Payables Financing), Collaboration, Financing Analytics and Overall Payment/Financing Average Score
  • As noted previously on Spend Matters PRO:
    • Even without invoice automation, Basware’s payment plan capability stands apart from other typical solutions we have seen in the market. Many organizations have recurring invoices that are not associated with purchase orders and correspond to master contracts which may (or may not) be in the sourcing/procurement system. These can typically have anywhere from one (leasehold payment) to 100+ invoices (mobile phone bills by user) a month
    • Each of these needs to be processed and paid, and just like a regular invoice (that corresponds to a PO), if it is valid, for the correct amount (or within a tolerance on a cell phone bill), and, if not a duplicate, it needs to be paid (as it was already technically approved when the contract was signed). Manual review is a waste of time and effort, so the Basware platform allows a payment plan to be defined to whatever detail is necessary to capture these invoices, define rules for each instance, and automatically approve and queue for payment those that are OK”

Customer Experience

  • Basware beats the customer service benchmark average or delivers top-tier performance in the Q3 2018 SolutionMap across a range of survey questions, including overall net promoter score (recommend this provider), level of value perceived (overall), level of value perceived (as a technology/solution provider), meet the expectations, pricing / affordability, quick deployment, ability to maximize savings, ability to maximize spend under management, ROI, business value, end user experience/ease of use, unique capabilities, process expertise, compliance expertise, category depth/support, industry expertise, modular capability/feature/functionality, ability to handle our company’s specific needs, configurability and systems integration
  • From an implementation and customer service perspective, SolutionMap customer satisfaction respondents rating Basware site how “the vendor's implementation team responded timely, thoroughly and courteously,” adding that “the team was outstanding”
  • Regarding the same area, another organization notes that “Basware has the most professional and responsive staff of any vendor that we do business with … [who responded] “quickly and effectively addressed and corrected any problems.” This client notes that “Basware understands exactly what we are trying to accomplish with our P2P system and has addressed most needs before we even realize we need them.” Further, Basware is “highly focused on customer satisfaction with existing product and include the customer in product development”
  • From an overall experience perspective with Basware’s solution, one customer says that they are “happy with [the] selection,” citing the “ease of use, ease of setup and configuration.” Another organization notes that the “project management was superb, kept all stakeholders accountable for timely and correct completion of tasks … [and that] the project stayed on time and budget”

Beating the Benchmark

Based on the Q3 2018 Invoice-to-Pay SolutionMap benchmark featuring 16 providers, Basware scores above benchmark (or in the top-tier) in the following areas:

  • Core Invoicing
    • Invoicing Setup
    • Invoice Creation/Capturing/Submission
    • Services Invoicing and Contract Invoicing
    • Invoice Validation/Approvals
    • Invoice Integrations
    • Invoice Compliance
    • Invoice Mobility
    • Invoicing Analytics
    • Invoicing Roadmap
    • Average
  • Payment/Financing
    • Payment Methods
    • Payment Processing
    • Payment Cards
    • Financing On-Boarding
    • Trade Financing (Receivables and Payables Financing)
    • Collaboration
    • Financing Analytics
    • Average
  • Supplier Network
    • Supplier Network (Core)
    • Supplier Onboarding
    • Supplier Information Management
    • Supplier Performance and Risk Management
    • Order Management
    • Invoicing
    • Other Supplier Network Value-Added Services
    • Ability to Connect to Multiple Supplier/Business Networks
    • Other Capabilities
  • Configurability
    • Business Rules/Workflow
    • Multi-Currency
    • Business-User Configuration
    • Vendor/Consultant Configuration
    • Average
  • Technology
    • Cloud
    • Robotics/AI/Machine Learning
    • Big Data
    • Mobile
    • OCR/Scanners
    • Open Standards
    • Integrations
  • General Services
    • Data Management Services
    • Managed Services/Co-Sourcing/Outsourcing
    • Consulting/Change Management
    • Average
  • Customer Survey
    • Recommend This Provider
    • Level of Value Perceived
    • As a Technology/Solution Provider
    • Meet the Expectations
    • Pricing/Affordability
    • Quick Deployment
    • Ability to Maximize Savings
    • Ability to Maximize Spend Under Management
    • ROI
    • Business Value
    • End User Experience/Ease of Use
    • Unique Capabilities
    • Process Expertise
    • Compliance Expertise
    • Category Depth/Support
    • Industry Expertise
    • Modular Capability/Feature/Functionality
    • Ability to Handle Our Company’s Specific Needs
    • Configurability
    • Systems Integration

Best-Fit Customer Scenarios

 

Basware is a recommended fit for all Invoice-to-Pay SolutionMap buying personas. Best-fit shortlist scenarios will include:

  • Any procurement, finance or accounts payable team considering overall or individual invoice-to-pay components (including e-invoicing, supplier network, accounts payable automation and trade financing capabilities)
  • Top-tier functional capability is needed to support core invoicing and accounts payable automation
  • Payment and trade financing capability is required
  • Situations in which broader support for e-procurement or procure-to-pay is a current or future consideration as an extension of invoice-to-pay
  • High levels of customer satisfaction are valued

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