Basware predicts 2017 will be the year of collaboration, data-driven analytics for business finance
(Thomson Reuters ONE) -
Basware predicts 2017 will be the year of collaboration, data-driven analytics
for business finance
Focus on business ecosystems, customer experience, artificial intelligence among
key trends
Espoo, Finland, 20 December, 2016 - Basware, the global leader in networked
purchase-to-pay (P2P) solutions, e-invoicing and innovative financing services,
predicts that the growing emphasis on analytics will drive internal
collaboration across Procurement, Finance and Treasury functions, as well as
externally through B2B networks. In addition, the industry will focus on the
customer experience and incorporating Artificial Intelligence (AI) capabilities
into solutions to help organizations derive more value from their data.
"Organizations must be agile to thrive in today's fast-paced environment," said
Vesa Tykkyläinen, CEO of Basware. "This requires visibility across the entire
purchase-to-pay process so they can take advantage of opportunities, address
problems and make informed business decisions. At the same time, the need for
companies to strengthen supplier engagement and to connect with their trading
partners easily, transparently and in real time will only grow, furthering their
focus on delivering a cloud-based, consumer-style buying experience over
business networks."
Based on its industry leadership and insight from customer engagements, Basware
has identified the following six key trends that will impact the B2B finance
landscape in 2017:
* The push for transparency will accelerate analytics, collaboration
internally and across business ecosystems
The need for transparency is pushing finance and procurement professionals to
automate across the entire purchase-to-pay process, dissolve the boundaries
between departments and gain access to critical information about suppliers,
purchases, spend and cash flow. By leveraging analytics, dashboards and reports,
key stakeholders can drill down into the data, analyze issues and uncover
opportunities. In parallel to the expanded focus on internal collaboration,
organizations will increasingly turn to business network ecosystems to
transparently connect with trading partners across the globe, conduct invoice
and purchase order transactions in real-time - even with their long-tail
suppliers - and benefit from new value-added services.
* The consumer experience rules
Business users have fully morphed into consumers, expecting consumer-style
usability, interfaces and apps. The millennial generation has fueled this
transformation in the workplace, leveraging the latest technology to get things
done faster and more efficiently. Cloud-based and mobile technology, and easy-
to-use dashboard analytics are enabling finance and procurement professionals to
get the information they need at the tap of a finger, whenever and wherever they
want it.
* AI and machine learning capabilities will enhance solutions
Robotic process automation (RPA) has been incorporated in purchase-to-pay
solutions for quite some time to provide efficiencies and streamlined workflow.
Going forward, technology providers will take it to the next level, adding more
artificial intelligence (AI) and machine learning capabilities into their
solutions. This will allow businesses to incorporate smart capabilities into
their financial business processes to, for example, more intelligently leverage
the data on buyers and suppliers from the millions of transactions conducted on
business networks.
* Interest in blockchain will grow in the financial supply chain
Companies will continue to explore potential opportunities that blockchain and
distributed ledgers offer as a way to conduct financial transactions. Blockchain
technology has the potential to disrupt the space of working capital
optimization and networked purchase-to-pay. While the final use cases of
blockchain technology are not yet known, its unique characteristics as a
distributed shared ledger with a high level of built-in security and robustness
can change both the business model as well as the service infrastructure for B2B
commerce and related processes. Despite many developments in this area, before
companies can fully leverage blockchain technologies, the issues related to
standardization, legislation, system integration and system interoperability
must be addressed.
* The wisdom of the crowd will encourage smart e-procurement
In the new year, more companies will adopt a more collaborative, crowd-sourced
style of purchasing that enables everyone to share information, such as supplier
reviews, and work together toward company goals, such as reduced costs. By
engaging employees and making them better stewards over company funds, this
user-driven process will result in significantly greater cost savings compared
to traditional e-procurement solutions and also provide the agility
organizations need to fund their missions.
* Corporate social responsibility will continue to be of key concern
Companies are continuing to focus on corporate social responsibility (CSR) and
corporate social consciousness as they consider their impact on social and
environmental concerns. Their efforts to reduce waste and create a paperless
business environment will increase interest in paperless invoicing and other
processes. This growing emphasis on CSR will not only impact the types of
products companies sell and how they interact with the environment, but also the
companies they choose to do business with, as they examine the carbon footprint
and CSR initiatives of their trading partners.
About Basware
Basware is the global leader in providing networked purchase-to-pay solutions,
e-invoicing and innovative financing services. Basware's commerce and financing
network connects businesses in over 100 countries and territories around the
globe. As the largest open business network in the world, Basware provides scale
and reach for organizations of all sizes, enabling them to grow their business
and unlock value across their operations by simplifying and streamlining
financial processes. Small and large companies around the world achieve
significant cost savings, more flexible payment terms, greater efficiencies and
closer relationships with their suppliers. Find out more at www.basware.com.
Follow Basware on Twitter: (at)Basware, join the discussion on the Basware
LinkedIn, Basware Facebook and Basware Blog and subscribe for the latest news.
Contacts:
Sirje Ahvenlampi-Hyvönen
Communications Director, Basware
sirje.ahvenlampi(at)basware.com, tel. +358 50 557 3822
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Basware via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 20.12.2016 - 11:00 Uhr
Sprache: Deutsch
News-ID 513945
Anzahl Zeichen: 7666
contact information:
Town:
Espoo
Kategorie:
Business News
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