Digital invoicing and procure-to-pay technology provider Basware rolled out a new “Spend Insights” dashboard and a new feature to allow for payment performance analysis as two enhancements to its Analytics offering, according to a Tuesday (Nov. 17) announcement.
The Spend Insights dashboard offers one look into all of an entity’s spend, including indirect, direct, non-PO and PO data, along with suggestions for action. It provides information in a new design that offers a “logical flow to an organization’s data story," according to the announcement. In addition, the feature showcases the top spend drivers and provides suggestions on how an entity can optimize its vendor base and keep risk to a minimum.
Sami Peltonen, VP of purchase to pay product management for Basware, said in the announcement that the feature is created on the backbone of the firm’s capacity to take in all of an entity’s invoices to offer full spend visibility and allow for what the firm refers to as “visible commerce.”
“The dashboard is revolutionary, as it provides this complete visibility in an automated manner, allowing organizations to make more effective, data-backed decisions,” Peltonen said.
Furthermore, the payment performance function now comes with payment status and related information, which lets the finance division work with vendors to bolster the quality of information in addition to invoice submission workflow.
The news comes as Basware launched SmartPDF AI in an expansion of its SmartPDF product to automate the processing of machine-readable PDFs to eInvoices. The self-learning system automatically makes changes if a supplier sends an invoice for the first time or a current supplier changes its bill formats.
Basware Director of Network Solutions Sami Nikula noted in a previous announcement that the firm had a large collection of data to train the novel AI models, “allowing us to confidently achieve the targeted field level accuracy of 97 percent.”