April 2008
BasWare's procurement portfolio expands with sourcing and contract lifecycle management solutions
Basware, the leading provider of financial process automation software, has just launched new sourcing and contract management solutions to complement its existing portfolio of procurement solutions.
The Basware RFx Management sourcing solution allows companies to manage all their sourcing projects in one place, facilitating collaboration around sourcing projects organization-wide, both internally as well as with suppliers.
With Basware Contract Lifecycle Management (CLM), organizations can streamline the management of each contract throughout its entire lifecycle, enabling optimum automation and management for all types of contracts. Together these solutions provide companies with efficient and easy-to-use tools to better manage their sourcing and procurement processes based on business value and full process transparency.
"As the prospect of economic downturns and recessions become ever more prevalent, it is increasingly important for companies to gain full spend visibility and to be able to effectively monitor where they spend money and who they trade with. Consequently, the procurement department takes on a broader role as a driver of business process improvement and cultural change within the organization," says Ilkka Sihvo, CEO, Basware Corp.
RFx Management and Contract Lifecycle Management complete the Procurement Solution suite, integrating seamlessly with the existing Purchase Management (PM) application.
In a recent supply management spending study,* AMR Research found that supply management budgets increased 14.5% in 2008 from 2007 levels. According to the study, "companies are prepared to spend money to save money, which becomes even increasingly important in shaky economic times." According to AMR Research, "Supplier connectivity, supply visibility, and contract management are the top three most strategically important supply management investment areas for 2008."
The Basware Procurement Solution suite is part of the company's Enterprise Purchase to Pay portfolio that includes solutions for Invoice Automation, Electronic Purchasing and Travel & Expense Management, all of which are available through TAG Services.
* Mickey North Rizza and Eric Klein, AMR Research, Inc. 2008: The Supply Management and Spending Report, 2007-2008