We are excited to share the recent recognition received by Basware in the Gartner Critical Capabilities for Procure-to-Pay Suites 2022 report. In this blog, we deep-dive into Gartner's findings and how they assess our capabilities:
Understanding Gartner's methodology
Gartner defines procure-to-pay (P2P) suites as integrated solutions with automated workflows that facilitate the request, procurement, receipt, and payment for goods and services across an enterprise. To assess these suites, Gartner focused on critical capabilities related to Accounts Payable Invoice Automation (APIA) and E-Purchasing.
AP automation plays a crucial role in streamlining the entire AP process, from invoice receipt to payment. APIA solutions are evaluated by Gartner based on their ability to manage exceptions, support account coding and approval workflows in the absence of a PO, enable supplier communication, and facilitate electronic invoice archival for global compliance. Additional functionalities like dynamic discounting, supplier registration, employee expense management, and payments are also considered.
E-Purchasing enables employees to order goods and services through a centralized, controlled solution, similar to online shopping. For Gartner the key factors in high e-purchasing scores include functionality related to requisition creation through e-forms, catalogs, or free text orders. Gartner also evaluates how well POs are transmitted to suppliers and the final step in the e-purchasing workflow - the receipt of goods and services.
Basware's Performance
Among the 15 P2P providers evaluated, Basware stood out with high scores across various critical capabilities and use cases identified by Gartner. As a visionary in the procure-to-pay market, Basware takes an AP-first approach to P2P, focusing on providing the best AP solution possible. This approach has been consistently proven by the Critical Capabilities report for three consecutive years.
The Importance of Finance Automation: In the current volatile and uncertain business climate, full visibility into company-wide spend is essential. When we spoke with Gartner Basware strongly advocated that streamlining and automating Accounts Payable processes serve as the foundation for an effective P2P strategy. Gartner agreed highlighting our strength to help our customers consolidate their supplier spend, making it an ideal starting point for any organization's procurement efforts.
Our Unique Vision for the P2P Market: Unlike the one-size-fits-all approach recommended by some, Basware's vision of the P2P market revolves around fitting automation into enterprises' realities. Again this resonated with Gartner's analysts highlighting our integration capabilities into existing complex ERP landscapes, making automation compatible with multiple ERPs and procurement solutions, and ensuring Basware can work smoothly despite various sources of PO creation.
The Path to Fast Time-to-Value: Based on over 35 years of experience working with multinational enterprises, Basware's approach was noted as a fast time-to-value and low-risk investment. By considering automation capabilities in the context of their existing landscape, enterprises can make the best choices and embrace a P2P strategy that aligns perfectly with their day-to-day operations.
