New milestone exemplifies Basware's strategy and capabilities to transform AP and invoice automation
CHARLOTTE, N.C., July 25, 2024 /PRNewswire/ -- Basware, a global leader in accounts payable (AP) automation and invoice processing, unveils inclusion as a leader in two IDC MarketScape Reports.
IDC MarketScape uses a scoring system to assess the strengths and weaknesses of IT companies. The recognitions include:
- Leader in IDC Worldwide Accounts Payable Automation Software for Large Enterprise 2024 Vendor Assessment
- Leader in IDC Worldwide Accounts Payable Automation Software for Midmarket 2024 Vendor Assessment
For years, Basware has been recognized by analysts and customers for its ability to automate and enhance the entire AP and invoice journey – spanning fraud and risk management, global compliance, artificial intelligence (AI), and beyond.
Jason Kurtz, CEO at Basware, commented:
"The squeeze from macro-economic headwinds, expanding invoicing regulations, and the rapid evolution of AI are pressuring finance teams to deliver more than ever before, often without more resources. In response, Basware has strengthened its global offering, with significant investment in its technology and team. We've received cumulative recognition amongst analysts and customers, which is unprecedented in the accounts payable and invoice automation market. We'll use this to continue empowering CFOs and their AP teams with efficiencies benefitting their organization to stay at the forefront of their industries."
Basware's solutions address the core pain points facing AP teams, helping customers move from manual invoice handling towards achieving 100% touchless invoice processing. According to IDC, Basware is "a partner that provides a truly automated experience with deeply rooted expertise in global compliance requirements." Stand alone, or seamlessly integrated with existing systems, Basware evolves AP workflows for some of the most complex global large enterprises that handle thousands of invoices per week:
- Paper packing and materials manufacturer Billerud experienced a 25% monthly cost reduction through automation from AI and machine learning
- Chemical company Huntsman prevented $5 million in duplicate payments through audit and recovery
- Materials processing machinery manufacturer Terex Corporation increased on-time payments to 85% with AI.
- Industrial materials producer Imerys expanded to 14 counties, while integrating 10 ERPs, in under six months with solutions for compliance.
The recognition from IDC follows Basware's acquisition of statement reconciliation firm AP Matching and fraud prevention company Glantus, alongside key product upgrades to fraud solution AP Protect, and its Touchless Invoice Processing Discovery Dashboard.
Download the report for enterprises here.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in each market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That's why the world's most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. With Basware, Now it all just happens.™
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SOURCE Basware
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