Predictive Analytics Powers Basware’s Ability To Forecast Late Payments
Customers Capitalize On New Capability to Improve Cash Flow
ESPOO, Finland, July 11, 2017 - Basware, the leading provider of e-invoicing and Source-to-Pay (S2P) solutions, today announced the availability of predictive analytics capabilities in its cloud-based Source-to-Pay solution. The release incorporates an intelligent algorithm to show which invoices are at risk of being paid late. This helps organizations prevent late payments, capture early payment discounts and optimize cashflow.
“The future is all about data – how companies capture it and how they use it. Predictive analytics show users the powerful knowledge that is in their data by analyzing patterns found in transactional information and predicting potential future outcomes. This enables more proactive decision-making that drives competitive advantage,” says Ilari Nurmi, SVP of Purchase to Pay Business Area, Basware.
In addition to introducing the predictive analytics capabilities, the latest release of Basware Analytics also includes a completely new payments dashboard. This dashboard visually displays historical invoice data to highlight trends that customers can leverage to drive strategic outcomes. For instance, customers can follow the whole lifecycle of invoices starting from supplier sending through payment, enabling them to streamline invoice processing and maximize the days available for the approval process.
“The introduction of predictive intelligence is an evolution in the journey towards delivering artificial intelligence-powered insights that give our customers a distinct advantage. With this level of insight, our customers reduce the cost of operations, spend smarter and build strong business relationships with suppliers. Our aim is to help customers harness the power of innovation like predictive and prescriptive analytics, and artificial intelligence, while providing them with a roadmap to success,” said Sami Peltonen, VP of Purchase to Pay Product Management, Basware.
Basware deploys new releases to customers monthly to ensure they have the latest advancements in S2P technology at their fingertips. Visit the Basware blog to learn more about how advanced analytics enable organizations to be more strategic.
Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Basware’s 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. Follow Basware on Twitter: @Basware, join the discussion on the Basware LinkedIn, Basware Facebook and Basware Blog.