Buyer Supplier Collaboration Takes Center Stage in Procurement Marketplace Update

- Offers Greater Contract Compliance, Improved Supplier Relations and Flexible Content Sharing

Espoo, Finland, 11 October 2018 – Basware (Nasdaq: BAS1V) the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, introduced new functionality in its Marketplace solution. The enhanced product offers buyers and suppliers the opportunity to improve collaboration while, at the same time, making it easier for users to buy from preferred suppliers and increase spend compliance. Mobile search is also included in this update.

For most organizations, off-contract spend remains one of the most difficult issues to resolve. When employees don’t purchase from preferred suppliers, it impacts negotiated savings as well as the leverage to negotiate better prices with suppliers in the future.

This problem only becomes worse as the number of suppliers and the frequency of price list changes increases. When maintaining up-to-date price lists within the e-procurement system becomes a challenge, negotiated savings are lost and procurement teams are consumed with addressing one-off purchases from too many suppliers. As a result, many organizations struggle with time-consuming, manual one-off ordering, poor levels of contract compliance and reduced spend under management.

Basware Marketplace, an advanced solution within the Basware Purchase-to-Pay suite, makes it easy for buying organizations to procure goods and services from preferred suppliers. Marketplace enables companies to connect, collaborate and transact with their suppliers and ensures employees primarily purchase from preferred suppliers by facilitating flexible content sharing between buyers and suppliers.

Buyers can use Marketplace to connect with existing suppliers or onboard strategic suppliers with easy-to-use self-service tools. Suppliers can easily manage all their products and services in one place and make them available to multiple buyers, eliminating the need to maintain multiple price lists. Users have access to a user-friendly shopping experience, showing only relevant items with accurate pricing.

“This Marketplace update puts buyers more in control of the catalog management process,” said James Mitchener, Procurement Product Manager, Basware. “Buyers can now load catalogs into the system on behalf of suppliers. They can also augment product specific keywords provided by suppliers and add relevant content tags to enable users to find appropriate products and services more easily in the catalog.”

“We have also introduced mobile search as part of the Marketplace solution,” continued Mitchener. “Mobile searching lets the company buyers and category managers control and optimize the users' search experience to best fit to company purchasing policies and users' preferences - showing all the search results in a single screen and guiding users to the right source of products and services.”

The new and improved Marketplace takes procurement performance to the next level by:

• Providing an intuitive user experience for end-users.
• Increasing adoption of the e-procurement system with more catalog content.
• Driving more business to preferred suppliers and preventing maverick spend.
• Ensuring greater contract compliance and capture of negotiated savings.
• Delivering better visibility into spend and bringing more spend under management.

To learn more about Marketplace, visit our blog. For more information on Basware procurement functionality, visit the Basware website.

Contact:
press@basware.com

About Basware:
Basware (Nasdaq: BAS1V) is the global leader in providing networked source-to-pay solutions, e-invoicing and innovative financing services. Basware commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com. 

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