July 6, 2016
Basware recognized by Supply & Demand Chain Executive for helping global pharma firm transform invoice processing
Firm achieved major cost savings, greater efficiency, financial visibility with Basware Invoice Automation
STAMFORD, Conn. – Basware, the global leader in networked purchase-to-pay (P2P) solutions, e-invoicing and innovative financing services, today announced that it has received a 2016 SDCE 100 Top Supply Chain Projects Award from Supply & Demand Chain Executive for helping a multi-national pharmaceutical firm transform its invoicing process and achieve significant cost savings, efficiencies and financial visibility. The recognition will be included in the June issue of the publication.
“We are very pleased to be recognized for our work helping companies simplify, streamline and gain greater visibility and control over their financial processes,” said Bob Cohen, Basware VP, North America. “Solutions such as Basware Invoice Automation not only help them to save significant time and money, but also to be better positioned to identify and take advantage of business opportunities as they arise. In the case of this pharmaceutical company, the benefits extended beyond Accounts Payable to also include Treasury, Accounting and other departments, enabling the firm to better manage cash flow, conduct quicker audits and ensure compliance, among other advantages.”
By implementing Basware Invoice Automation, the pharmaceutical company achieved high matching rates, and was able to save days of manual work responding to inquiries each month. The firm was able to process an increasing volume of invoices with 70 percent fewer dedicated staffers, who were freed up to focus on value-added activities such as process improvement and customer service.
Also, the company gained visibility into each invoice throughout the process to help its Treasury department accurately forecast working capital and manage cash flow; for Accounting to quickly conduct monthly closes and process accruals in half the time; for Finance to accurately track PO spend; and Auditing to conduct audits more quickly and ensure compliance with regulations. Also, using data from the system, the company implemented a customer service ticketing solution to better monitor inquiries. Following the implementation of Basware Invoice Automation, the AP department received a 97 percent satisfaction rating from colleagues and vendors.
“Our goal with 2016’s SDCE 100 is to shine the spotlight on successful and innovative transformation projects that deliver bottom-line value to small, medium and large enterprises across the supply chain,” says Ronnie Garrett, editor of Supply & Demand Chain Executive. “The selected projects can serve as a roadmap for supply chain executives looking for new opportunities to drive improvement in their own operations. We congratulate all of our winners for a job well done.”
The SDCE 100 is an annual list of 100 innovative supply chain projects, and serves as a guide for supply chain executives looking for new opportunities to drive improvement in their own operations. These projects show how supply chain solution and service providers help their customers and clients achieve supply chain excellence and prepare their supply chains for success.