Stamford, Conn.—Sept. 18, 2013—Basware, an independent provider of e-invoicing and purchase-to-pay (P2P) solutions, joined forces with BravoSolution, an independent supply management and spend analysis provider, to create a comprehensive source-to-pay (S2P) solution.
Both companies offer technology and consulting solutions across the source-to-pay process. BravoSolution delivers sustained supply management value through a combination of spend analysis, e-sourcing, contract management and vendor management solutions. Basware’s P2P solution and the Basware Commerce Network focus on the automation of procurement and accounts payable processes, and maximize spend under management.
By combining both technologies and process expertise, the partnership can extend the value delivered to customers and plug the “savings gap,” a common issue in which value leaks from negotiated supplier contracts due to non-compliance in the corporate purchasing process.
The combination of supply management, P2P and e-invoicing solutions and services helps companies ensure that the value created through supplier relationship management is realized across the operational purchasing process. Upon completion of a strategic sourcing initiative, the resulting contractual agreement can proactively be managed across its entire lifecycle, and implemented across the business by empowering all end users with easy, consumer-style purchasing systems to ensure preferred suppliers are used and negotiated savings are realized.
"This strategic alliance is focused on capturing the potential value of strategic sourcing through best-in-class operational purchase-to-pay solutions," said Esa Tihilä, CEO of Basware. "The partnership offers customers packaged integration points between the solutions to deliver seamless processes across source-to-pay. We are focused on delivering better buying solutions and services to a joint customer base."
The effective creation and management of contract and catalog content are examples of key integration points for the partnership. The integration allows contracts strategically sourced in BravoSolution to become operational in the purchase-to-pay process through Basware—thereby ensuring the value contracted through strategic sourcing is seamlessly carried through to a compliant purchasing process. Another example is the built-in connectivity of the joint offering to the Basware Commerce Network, the world’s largest open commerce network for P2P transactions, allowing buyers to easily identify, engage and transact across a global network of more than 900,000 actively trading companies from more than 100 countries, with annual spend through the network of more than $420 billion.
”The global recession may be showing signs of coming to an end, but companies are continuing to rely on procurement to deliver significant, sustainable savings—and in turn, make a clear impact on profit margins and profitable growth,” said Nader Sabbaghian, CEO of BravoSolution. “Through our partnership with Basware, we are now able to help procurement and finance teams to better work together to ensure negotiated savings and value are realized right across the business—even after the contracts are signed.”