New Basware Report Reveals Importance of Finance & Procurement Collaboration, Highlights Continued Lagging Digital Maturity of Accounts Payable Departments
Only 3% of Respondents Say Invoices are Submitted in a Format that can be Processed without Human Interaction
ESPOO, Finland–(BUSINESS WIRE)–A new report from Basware (Nasdaq: BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, highlights how critical it is for finance and procurement teams to create a living, breathing ecosystem that thrives together to achieve a state of Fintopia™. “The State of AP Efficiency in the U.S.” report utilizes data survey responses from more than 180 accounts payable professionals to determine where they were in terms of digital maturity — climbers, drivers, or trailblazers — finding few in the trailblazers category.
“The biggest takeaway from this survey is that finance isn’t solely responsible for achieving the perfect world of Fintopia,” states Sami Peltonen, VP, Product and Business Management North America for Basware. “We describe Fintopia as a state where all data and reporting is dynamic; departments have control over cash flow; transactions are smooth; and processes are seamless. Businesses must start realizing how intertwined the finance and procurement functions truly are and function as one ecosystem. Otherwise, they won’t ever reach their full potential of Fintopia.”
In the report, climbers are defined as those who are currently behind in the transition to digital but who, with concerted effort, still have an opportunity to catch up. Drivers are those who could go either way (leap ahead or fall behind), but who are currently keeping pace with the average players. Trailblazers are on the cutting edge, paving the way to a digitized state — Fintopia. Trailblazers see the finance world in a new, harmonious way where processes flow smoothly and quickly, and financial data is actionable.
The report also illustrates the digital immaturity of many accounts payable departments. For example, surprisingly, one-third of finance professionals are still using a completely manual, paper-based process. Only 3% of respondents say invoices are submitted in a format that can be processed without human interaction. So, based on the data, Basware summarized six key opportunities to achieve Fintopia, and ultimately become a trailblazer, which are detailed in the report.
- Implement an accounts payable process that your team members will call “outstanding.”
- Automate e-invoice processing.
- Bring invoice processing speeds into the digital age.
- Reduce risk with automated data capture.
- Get mobile ready.
- Optimize your collaboration efforts. of companies say their accounts
The report will be introduced during a panel discussion with Sami Peltonen, Brendan Blok, Senior Global Business Advisor, Tommy Benston, Vice President of Client Success, and Lindsay Munn, Head of Global Content Strategy, at the upcoming Institute of Finance & Management’s AP P2P Spring Conference starting on May 19. The report is available for download on Basware’s Fintopia website.
About Basware
Basware offers the largest open business network in the world and is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Our technology empowers organizations with 100% spend visibility by enabling the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions. Basware is a global company doing business in more than 100 countries and is traded on the Helsinki exchange (BAS1V: HE).
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More information about Basware is available at www.basware.com.
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Jeanne Bernish
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This article published with permission from Business Wire
