Study Highlights Significant Savings and Benefits for Companies Adopting Basware Purchase-to-Pay (P2P) and e-invoicing Solutions
STAMFORD, Conn., Oct. 5, 2015 - Basware, the leading provider of e-invoicing and purchase-to-pay solutions, today announced the results of a commissioned study conducted by Forrester Consulting on behalf of Basware, titled The Total Economic Impact™ of Basware's Integrated Purchase-to-Pay (P2P) Software Solution (September 2015). The study, as a result of in-depth interviews conducted by Forrester with executives from four Basware customers, examines the potential return on investment (ROI) organizations may realize by deploying an integrated P2P solution. The study concludes that Basware generated a risk-adjusted return on investment (ROI) of 277 percent with a payback time of 15 months and €3.2 million in net present value (NPV) for companies using its P2P solutions over a three-year term.
A commissioned study conducted by Forrester Consulting on behalf of Basware reveals that organizations that have close ties between procurement and accounts payables (AP) functions gain significant savings and more optimized spend management. Moreover, the set-up in procurement and AP functions should be detailed in order to ensure that automation is effective. This will result in increased compliance throughout both functions.
Among the key benefits highlighted in the study, which analyzes how P2P solutions benefit current Basware customers, are the following:
- Accounts payable productivity gains of approximately €560,000: with the introduction of the Basware P2P solution, a composite organization is able to increase the proportion of e-invoices from initially 30 percent up to 80 percent in the third year.
"Our invoice handling process has been streamlined. Invoices can now be matched automatically to a purchase order or a contract and we have uniform working practices. Our AP personnel have become more productive and over the years their number has decreased. We actually think that the role of the AP professional has changed a lot, because before, they had to do basic invoice data handling. But nowadays, it's more like expert services such as analyzing the data and handling deviations in the process."
- Development Manager at a large property management company
- Incremental early pay discounts of about €850,000: prior to the introduction of the Basware P2P solution, the company achieved 30 percent of the available early pay discounts; this percentage increased to 80 percent in the third year.
"We systematically go after achieving early pay discounts. In the past, we captured about 50 percent of all early pay discounts that were available to us; with Basware, we were able to push it to 95 percent."
-Manager Finance at a large manufacturing company
Esa Tihilä, CEO, Basware Corporation, said, "It's clear that the benefits of not only implementing Basware solutions, but also bringing together accounts payable and procurement, can be far reaching, and have a major impact on the profitability of an organization. Organizations need to consider a mixture of better processes and making sure the right technology is in place. That way, those benefits that are clearly very valuable can reach multiple departments throughout the business. With Basware Purchase-to-Pay and e-invoicing solutions organizations are able to automate processes, gain visibility, and realize significant cost savings."
Read the commissioned study conducted by Forrester Consulting, The Total Economic Impact™ of Basware's Integrated Purchase-to-Pay (P2P) Software Solution (September 2015).
To find out more about the study and the return on investment achieved by the companies analyzed, please join a Basware webinar on October 15, 2015 at 10:00 a.m. EDT.
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. We help our customers to succeed and create added value to their business through better financial management. 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 at www.basware.com.