Procurement processes drive organization-wide efficiencies and transparency in supply chains
Basware, the leading provider of financial process automation software, today launched new sourcing and contract management solutions to complement its existing portfolio of procurement solutions. The Basware RFx Management sourcing solution allows companies to manage all their sourcing projects in one place, facilitating collaboration around sourcing projects organization-wide, both internally as well as with suppliers. With Basware Contract Lifecycle Management (CLM), organizations can streamline the management of each contract throughout its entire lifecycle, enabling optimum automation and management for all types of contracts. Together these solutions provide companies with efficient and easy-to-use tools to better manage their sourcing and procurement processes based on business value and full process transparency.
“As the prospect of economic downturns and recessions become ever more prevalent, it is increasingly important for companies to gain full spend visibility and to be able to effectively monitor where they spend money and who they trade with. Consequently, the procurement department takes on a broader role as a driver of business process improvement and cultural change within the organization,” says Ilkka Sihvo, CEO, Basware Corp.
Basware RFx Management and Basware Contract Lifecycle Management complete the Basware Procurement Solution suite, integrating seamlessly with the existing Basware Purchase Management (PM) application. The Basware Procurement suite has been designed to automate the entire procurement process from sourcing to approval and ordering.
With the new RFx capability, sourcing efficiencies and best practices can be leveraged throughout organizations, as well as in the supply chain. Users can create and submit sourcing documents, such as requests for information or proposal, and evaluate these according to common criteria set on the system. Once a competitive bidding process is completed with Basware RFx Management, the resulting agreement can be managed and leveraged through the Basware Contract Lifecycle Management application. Purchase orders can then be created with Basware Purchase Management, based on existing contracts. Basware RFx Management provides suppliers with a web interface for searching and viewing, as well as downloading and uploading of sourcing documents.
In a recent supply management spending study,* AMR Research found that supply management budgets increased 14.5% in 2008 from 2007 levels. According to the study, “companies are prepared to spend money to save money, which becomes even increasingly important in shaky economic times.” According to AMR Research, “Supplier connectivity, supply visibility, and contract management are the top three most strategically important supply management investment areas for 2008.”
“Addressing the need to deliver strategic business value and cost-savings with comprehensive, automated procurement processes, Basware now provides a full suite of solutions for controlling the sourcing and procurement processes. Due to its capabilities to span the entire procurement process, the Procurement Solution suite is now a unique solution in the market,” Ilkka Sihvo continues.
The Basware Procurement Solution suite is part of the company’s Enterprise Purchase to Pay portfolio that includes solutions for Invoice Automation, Procurement and Travel & Expense Management.
* Mickey North Rizza and Eric Klein, AMR Research, Inc. 2008: The Supply Management and Spending Report, 2007-2008
About Basware
Basware is the global leader in purchase to pay solutions with more than 1,200 customers and 650,000 users in over 50 countries around the world. Basware solutions automate business-critical financial processes and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented in Europe, the US, and Asia-Pacific through an extensive network of Basware offices and business partners.
In 2007, net sales reached EUR 73 million. The growth target for net sales for 2008 is 15–25%. Founded in 1985, Basware Corporation is a public company listed on the Nordic Exchange Helsinki. Headquartered in Finland, it has seven subsidiaries in Europe and one in the US. www.basware.com