Today Basware announced a new product called Basware Analytics, designed to provide insights into organization-wide spending. Basware is a Finland-based vendor of procure-to-pay solutions and the Basware Commerce Network, which provides connectivity tools to streamline collaboration between buyers and suppliers. Based on Tableau analytics software, Basware Analytics will provide data visualization, a slate of standard reports, and the ability to develop custom reports. All three front-end options will give a customer’s end users role-specific insights into all the invoicing and procurement data that the company stores in other Basware solutions.
A finance manager will be able to use the tool to view spending at the organization-wide level, then drill down into that data in any which way—to look at spending by individual, by department, or by product, for example. At the same time, the finance manager will be able to seamlessly compare actual spending to budgets in real time.
For treasury and accounts payable (A/P) staff, the solution promises a view into upcoming cash outflows at the time the liabilities are incurred, which may be several weeks before the invoice arrives. In addition to enhancing cash forecasting, this may provide opportunities to seek discounts for early payment.
Because the tool was developed specifically for the procure-to-pay process, it more easily offers a high degree of granularity than do more general-purpose business intelligence (BI) tools, according to Basware. And unlike some spend analytics tools, it marries procurement data with A/P and budgeting information. Basware Analytics will be available on June 10.