New sourcing and contract management tools from Basware Inc.,the U.S. unit of Finland's Basware Corp., enable companies tomonitor and manage all of their sourcing projects in one place andstreamline the management of each contract throughout its entirelifecycle. The applications also enhance the procurement processand straight-through processing (STP) capabilities of Basware'spurchase-to-pay product suite.

Basware RFx lets companies collaborate around sourcing projects,organization-wide, internally as well as with suppliers. Users cancreate and submit sourcing documents, such as requests forinformation or proposals, and evaluate them according to commoncriteria set in the system. The second tool, Basware ContractLifecycle Management, streamlines the management of each contract.It lets financial professionals develop and maintain client/partnerbusiness agreements in one centralized place, enabling easy accessto contract information. It includes automated handling ofcontract-based invoices, contract-based self-billing and automatichandling of purchase orders based on contract definitions.

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