Last week, I attended Basware’s annual customer event in Lisbon. The event focused on sharing the latest product and strategy updates with customers and gathering their feedback on products and user experiences. A recurring theme was Basware’s customer-centric innovation. Here are some noteworthy updates:
- Advanced Data Analytics and Insights. Invoice and accounts payable (AP) data are essential for cash management and financial planning, yet many companies struggle to extract meaningful insights. Existing tools offer only basic summaries, requiring manual analysis and lacking AP-specific detail. To solve this, Basware has launched “Insights,” a solution built for AP process mining that delivers targeted benchmarking insights for AP teams, enabling smarter decisions and deeper analysis. Forrester believes more AP invoice automation vendors will join the race to offer advanced data analytics and insights capabilities. In our recently published The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024 report, we also highlighted advanced insights will be a key differentiation in AP automation space.
- Return-on-Investment Analysis. In today’s economic uncertainty, CFOs need clear ROI and business outcomes. With tighter budgets, companies demand proof of value for AP automation investments. To meet this need, Basware’s Customer 360 project helps clients accurately measure business impact and calculate the ROI of automation. This approach aligns well with Forrester’s Total Economic Impact™ Methodology which offers a comprehensive ROI analysis and technology investment business case framework that includes future technology, business flexibility, and associated risks.
- Invoice Fraud Management. Invoice fraud is a growing challenge as businesses shift from paper invoices to e-invoicing. Fraudsters exploit digital channels, particularly business email, to launch attacks by counterfeiting electronic invoices and using fake email addresses to deceive buyers into making payments to illegitimate suppliers. To combat this, Basware has introduced advanced AI/ML-based fraud management models that leverage extensive customer invoice data to flag suspicious suppliers and invoices. Forrester predicts that invoice fraud will continue to rise, with vendors competing on the accuracy and performance of their AI/ML risk models and algorithms.
To learn more about AP invoice automation, Forrester clients can read Forrester’s relevant reports and webinars (see the below links) or request a guidance session or inquiry.
The Accounts Payable Invoice Automation Landscape, Q4 2023
The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024
Lessons From The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024
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