STAMFORD, Conn., June 1 –Basware, the leading provider of e-invoicing and purchase-to-pay solutions, today announced 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 honor to be recognized for helping companies achieve excellence in their supply chain finance operations," said 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 inseconds 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.
"This year's '100' recognizes the solutions and service providers that have helped companies implement innovative programs to achieve supply chain excellence. They have produced measurable gains in ROI through cost-cutting and increased efficiency chains," said Barry Hochfelder, editor of Supply & Demand Chain Executive.
Basware, along with the other award recipients, are featured in the June 2015 issue of Supply & Demand Chain Executive, and available online at www.SDCExec.com.
About Supply & Demand Chain Executive
Supply & Demand Chain Executive is the executive's user manual for successful supply and demand chain transformation, utilizing hard-hitting analysis, viewpoints and unbiased case studies to steer executives and supply management professionals through the complicated, yet critical, world of supply and demand chain enablement to gain competitive advantage. On the Web:www.SDCExec.com.
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. Our Basware Commerce Network, the largest open business network in the world, connects 1 million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow.
Find out how Basware helps money move more easily and lets commerce flow atwww.basware.com.