Basware's September Product Update

We are pleased to update you on our latest feature releases supporting both AP and Procurement teams. We also outline the market drivers we see affecting the industry and how our product development strategy is evolving. We hope you enjoy... 

Highlights from our release Notes:

Enhanced Invoice Search for Power Users - With advanced search, power users can now use dedicated fields as search criteria, including value pickers, range inputs, and toggles. They can target the search better for more precise results.  In practice, a cost center owner can now search for all invoices in their cost center, a project manager can search for invoices in certain projects, or a buyer can search for invoices from a certain purchase order or supplier. This gives improved visibility into spend and reduces the need for business users to ask for the data from the AP clerks.

View More AP releases here

A bundle of new functionality for Procurement - Purchase requisitions can now be approved directly from notification emails, allowing easy approvals on the go. Buyers can now rate and review catalog items, helping other users pick a suitable product, and professional buyers select recommended products based on ratings. Finally, a new quick quote user interface for suppliers allows easy collaboration for quotes and the renewal process.

The major trends we are seeing:

Reviewing Q3, the first major trend we are seeing is that the risk of economic downturn is still on the horizon, and with that, companies are increasingly more cautious in their investment decisions. There has been a shift in focus toward cost savings, cash flow, and working capital management. The priority is for actionable insights provided through data aggregation and process orchestration across organizational layers. We're hearing from both customers and prospects that ensuring that technology drives greater business agility is a vital consideration in the current climate.

The regulatory landscape also continues to evolve, especially concerning e-invoicing mandates. The France 2024 mandate dominates, with the recent news of a delay in the deadline, but the dialogue is continuing on how to not only prepare for the French mandate but how to master this complex subject with 18 countries set to implement new regulations in the next 2 years.

Finally, technological disruptions are ceaselessly challenging enterprises. As labor shortages drive digital transformation, there is increasing pressure for technology vendors to provide AI capabilities that allow customers to remove repetitive low-value tasks. The expectation is to enrich the employee experience and elevate overall productivity. Basware has a clear roadmap for addressing this, the forefront being our SmartPDF solution.

What does this mean for our Product Development Strategy?

We've identified the following 4 themes that we are centering our long-term product development strategy around:

True Automation - We're expanding upon our True Automation for TIP, touchless invoice processing, with the goal that we deliver solutions that achieve "Zero-touch" invoice processing, "least touch" procurement, and infused analytics & recommendations into daily user experiences.

Complete Coverage - We focused on ensuring our platform continues to deliver global compliance, digital transactions, and seamless collaboration with any supplier, irrespective of their location or network provider.

Deeper Expertise - We are committed to ensuring 100% data capture so our solutions can provide unprecedented business visibility and control. Automated data extraction services your Business Intelligence (BI) needs, giving you insights on everything from environmental footprints to spending patterns.

Open Platform  - This is the foundation of our product strategy. As the only truly open AP platform on the market, we believe this allows our customers to achieve immediate ROI benefits without the risk of S2P/P2P vendor lock-in.

Next Steps

We invite you to join us for our main product launch event, Basware Bespoke, on November 9th, when we will announce our next set of innovations and provide you the opportunity to join Deep-Dive sessions with our project management team. Learn More Here