June 2 , 2015
Basware recognized for top 100 supply chain project
Stamford, CT— Basware, a provider of e-invoicing and purchase-to-pay solutions , says that a customer implementation of its ‘Invoice Automation’ solution, which saved an interactive entertainment software company more than $1 million, was selected for the ‘ 2015 Supply & Demand Chain Executive 100’. This annual award from leading supply chain publication Supply & Demand Executive spotlights the leading supply chain projects that demonstrate supply chain excellence.
”It is an honour to be recognized for helping companies achieve excellence in their supply chain finance operations,” says Robert Cohen, vice-president, North America for Basware. “This customer implementation is an example of how we help companies unlock value across their financial supply chain and effectively manage their cash, spend and working capital.”
The interactive entertainment software company turned to Basware for help addressing late payments resulting from manual processes . Basware helped the company solve the problem by implementing Basware Invoice Automation, which enables PO-based invoices to be approved in seconds rather than weeks. Also, since staff can review and approve invoices anywhere, bottlenecks are avoided. The company is able to keep invoices on track, avoid late fees, and improve supplier relations.
The company also realized savings in excess of $1 million over a two-year period with Basware Invoice Automation. These savings were achieved by using the system to identify its top 25 suppliers based on invoice value and approaching them to re-negotiate terms based on early payment discounts. Additionally, it was able to reduce overhead by 70% and streamline accounts payable (AP) and travel & expense (T&E) processes. Other departments are also benefiting from the complete visibility Basware Invoice Automation offers. Treasury is using the automated solution to effectively manage and forecast working capital with close to 100% accuracy. Finance has improved reporting and achieved faster, more accurate month-end accruals. Since the solution provides a complete audit trail, internal and external audits can be completed in hours rather than weeks.
The 2015 Supply & Demand Chain Executive 100 features supply chain solution and service providers that are helping customers implement successful, innovative transformation projects that deliver bottom-line value. Submissions were evaluated by the magazine’s editorial staff primarily based on scope of the project, creative application of technologies and extent of the business impact.