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2016-12-20

Basware: Basware predicts 2017 will be the year of collaboration, data-driven analytics for business finance

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 onanalyticswill drive internal collaboration across Procurement,
Finance and Treasury functions, as well as externally throughB2B 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

Baswareis 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 atwww.basware.com.
Follow Basware on Twitter: @Basware, join the discussion on theBasware
LinkedIn,Basware FacebookandBasware Blogand subscribe for the latest news.
Contacts:

Sirje Ahvenlampi-Hyvönen
Communications Director, Basware
sirje.ahvenlampi@basware.com, tel. +358 50 557 3822

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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

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