Basware Named a Leader in Accounts Payable Software in IDC MarketScape Report
Integration to More Than 250 ERP Systems Noted as a Primary Strength
ESPOO, Finland – 30 January 2019 – Basware (Nasdaq: BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, today announced that it has been named a Leader in the January 2019 IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Applications 2018–2019 Vendor Assessment (doc #US44753119). Basware was one of three companies named to the Leaders Category. Basware was evaluated against seven vendors overall. This IDC MarketScape study provides an assessment of the leading SaaS and cloud-enabled accounts payable software solutions and discusses what criteria are most important for companies to consider when selecting a system.
The IDC MarketSpace identified the Basware technology platform and ability to integrate to more than 250 different ERP systems as strengths contributing to its position in the Leaders Category. The IDC MarketScape notes that Basware has “invested a tremendous amount of resources toward innovation,” utilizing machine learning to automate non-PO invoices, offering an intelligent algorithm to identify invoices that are at risk of late payment and leveraging user data to create benchmarks around spend control, accounts payable automation, on-time payment and supplier rate of e-invoicing. This enables AP organizations to track their performance against their peers as they strive to become best-in-class.
“Basware leverages innovation in architecture, cloud strategy and functionality to deliver a powerful accounts payable process experience,” said Kevin Permenter, senior research analyst at IDC. “Additionally, Basware is consistently pushing their product platform forward leveraging powerful intelligent algorithms to capture both direct and indirect spend.”
The report says to consider Basware “when you are looking for an AP automation platform that is capable of handling complex, global organizations with multiple ERP systems and a variety of invoice types (not just indirect but direct, services invoices, logistics invoices, etc.).” Recognizing Basware’s significant presence across Europe, the IDC MarketScape also notes that the U.S. represents its “fastest-growing market outside of Europe.”
“There’s widespread recognition of the traction our platform is gaining globally. We’re honored to be recognized for our position of leadership in Accounts Payable,” said Sami Peltonen, Vice President of Purchase-to-Pay Product Management, Basware. “Our mission is to empower organizations with 100 percent spend visibility and that means capturing all invoices, including direct spend. As IDC acknowledges, we’re pairing that visibility with advances in machine learning and predictive analytics so users can make the most of their financial data.”
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.
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.