Purchase-to-pay solutions provider Basware has
seen the number of active suppliers and buyers in its Open Network
double in the last year.
The total number of participants in Basware’s
network rose from 160,000 in 2010 to 320,000 in 2011.
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The growth of the network is said to cement
the view that there is an increasing need among buyers and
suppliers to build close trading relationships and emphasise the
benefits of an open network approach.
“According to our research, e-invoicing is key
to achieving operational efficiency,” said Esa Tihilä, SVP for
Connectivity Services at Basware.
“It saves suppliers and buyers’ time and money
and we are seeing cases where it is becoming essential to have the
capabilities to send invoices and other purchase documentation
electronically.
“In the first quarter of the year we saw an
over 50% increase in the transaction volumes in the Basware Open
Network. As it expands and grows, more businesses globally will be
able to reap the benefits of e-invoicing and we will see these
figures continue to rise.”
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By GlobalDataThe Basware Open Network aims to allow
companies of all sizes and across industries to transact
purchase-to-pay documentation electronically, regardless of the
format used.
According to E-invoicing: A Global
View, a Basware study, 61% of global finance professionals
regard increased efficiency and cost savings as a key advantage of
an open purchase-to-pay network. A lack of interoperability was
also seen as a big challenge to engaging suppliers, leading them to
be restricted by networks that support only limited document
formats.
By making it easier for suppliers to submit
e-invoices, it is claimed customers that use the Basware network
can benefit from complete control over cash flow, better working
capital management and improved supplier relationships that
shifting to fully electronic processes provides.
