Basware has launched two enhancements to its Analytics solution: a new, highly visual Spend Insights dashboard and a new functionality to enable payment performance analysis. The Spend Insights dashboard provides a single view across an organization’s entire spend – direct, indirect, PO and non-PO – and recommendations on suggested actions, all designed to help procurement departments rapidly identify areas for potential savings. The payment performance feature now includes payment status and related details enabling the finance department to work with suppliers to improve data quality and the invoice submission process.
“Spend consolidation has become one of the most important strategies for organizations given the recent widespread financial uncertainties,” states Sami Peltonen, VP of Purchase to Pay Product Management, Basware. “However, before cutting unnecessary costs, organizations are keen to understand exactly where they are spending their money. And that’s where the Spend Insights Dashboard comes into play – Spend insights is built on the backbone of Basware’s ability to capture 100% of an organization’s invoices to provide 100% spend visibility and enable what we call ‘Visible Commerce.’ The dashboard is revolutionary as it provides this complete visibility in an automated manner, allowing organizations to make more effective, data-backed decisions.”
The Spend Insights dashboard presents the data in a new, simplified user interface that enables a logical flow to an organization’s data story; it provides granular details, such as visibility into authorized and contract-based spend, in very few clicks. In addition to facilitating a more intuitive spend analysis experience, the dashboard introduces dynamic, data-driven recommendations. It not only highlights an organization’s top spend drivers, but also offers recommendations on what actions they can take to optimize their supplier base and minimize risk. By providing easy-to-consume insights on-the-go, this dashboard makes the task of understanding spend much less cumbersome.