Basware launches new procurement solution

25th May 2008

Basware, a provider of financial process automation software, has launched new sourcing and contract management solutions to complement its existing portfolio of procurement solutions. The Basware RFx Management sourcing solution, says Basware, allows companies to manage all their sourcing projects in one place, facilitating collaboration around sourcing projects organisation-wide, both internally as well as with suppliers.

The new product, Basware Contract Lifecycle Management (CLM), is designed to allow organisations to streamline the management of each contract throughout its entire lifecycle, enabling optimum automation and management for all types of contracts.

"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," said Ilkka Sihvo, CEO, Basware Corp.

According to AMR Research, "Supplier connectivity, supply visibility, and contract management are the top three most strategically important supply management investment areas for 2008." In a recent supply management spending study, AMR Research found that supply management budgets increased 14.5% in 2008 from 2007 levels illustrating that companies are prepared to spend money to save money.

Basware RFx Management and Basware Contract Lifecycle Management complete the Basware Procurement Solution suite, integrating seamlessly with the existing Basware Purchase Management (PM) application. The Basware Procurement suite has been designed to automate the entire procurement process from sourcing to approval and ordering.

The Basware Procurement Solution suite is part of the company's Enterprise Purchase to Pay portfolio that includes solutions for Invoice Automation, Procurement and Travel & Expense Management. Click here to read an FSN White Paper on Purchase to Pay .