Basware Analytics gives business leaders visual insight to boost financial performance
STAMFORD--Basware has launched its advanced reporting suite, Basware Analytics. Offering sophisticated data visualization, it empowers employees across the business to improve cost management and become financial champions.
Basware Analytics is unique in its ability to provide deep analysis and insight across the vast range of Purchase-to-Pay (P2P) information to help businesses make smarter decisions. Combining transactional data across invoicing, procurement, accounts payable and their trade networks is the only way to give financial leaders an accurate picture of financial performance.
“Companies of all sizes need to closely manage and understand their costs and financial strategies to ride out fluctuations in the economy,” said Esa Tihilä, CEO of Basware. “Basware Analytics gives employees at every level accurate, up-to-date insight into the financial transactions and interactions that define the movement of cash in their businesses. Additionally, Basware Analytics processes spend, invoice and procurement data to give financial teams the insight that they need to make better decisions. With this data, organizations can strengthen their long-term financial performance.”
Sophisticated purchase-to-pay analytics provide competitive advantage for businesses by enabling effective financial management, which can have a huge impact on the bottom line.
Basware Analytics packages customizable dashboards tailored to specific job functions. Based on the role of the user, there is a pre-packaged configuration to give each user instant, impactful insight. Basware has taken its 25 years of experience in purchase-to-pay best practices and created these persona-oriented dashboards to maximize the relevance for CFOs, Financial Shared Service Center (FSSC) leaders, procurement professionals and any other business leaders looking for deep purchase-to-pay analytics. These dashboards include:
> CFO / CPO Spend Visibility – Financial leaders can get instant, cross-enterprise visibility of spend. They can break it down by location, category, supplier or organization, and view this over time and by value
> CFO / CPO Vendor Analysis – Financial leaders can identify supplier rationalization and negotiation opportunities by visualizing top suppliers by spend value and transaction volume
> FSSC / AP Manager Process Metrics – Department heads can drive continuous improvement and remove bottlenecks by visualizing average invoice cycle times, manual financial process efficiency, invoice cycle details by supplier and average invoice approval, and review process duration
> Business Managers Tracking – Analyzing cost center spend by location, category and supplier enables cost center owners to spot cash-saving opportunities and support their budget management
Basware Analytics is available to users also via tablet devices. This enables them to access reports anytime, anywhere, and create reports on demand, which ensures that whenever insight is required to support decision-making, it is available.
Tihilä said, “Too many organizations get into trouble because they make quick, reckless changes that are based on gut-feel or inaccurate information. Even if this helps cut headline costs initially, it can mean that a CEO has insufficient resources at his or her disposal to start growing the company again when times change. Basware Analytics has been developed to give business leaders the insights that they need to make smart, long-term decisions.”
Peter Loughlin, managing editor at purchasinginsight.com, said: “This new addition to Basware’s already comprehensive purchase-to-pay platform is a powerful analytical engine. The data visualization techniques that have been used in Basware Analytics to create reports are as attractive as they are functional. I can easily envisage CPOs as well as cost center owners, spending a great deal of time using the tools available to develop deeper insights into their business. With the launch of Basware Analytics, Basware has managed to keep its offering fresh and contemporary but more than that, its reporting suite is delivering what all e-procurement products should have been delivering years ago - insight.”