Basware Continues to be Leader in Source-to-Pay Innovation

Introduces new machine learning- and artificial intelligence-based capabilities

Basware, the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services has introduced new machine learning and artificial intelligence capabilities across its suite of Source-to-Pay solutions.

“Basware algorithm-based machine learning services are available to help add value at every point in the purchase-to-pay process by freeing up employee time, eliminating errors, and speeding things up,” said Sami Peltonen, VP Products and Business Management of North America for Basware.

“Earlier this year, we introduced a natural language processing, artificial intelligence based virtual assistant to help users navigate our electronic procurement solution and find transactions much faster. Another capability we just introduced is what we call intelligent order aggregation.”

“The system analyzes historical data to automatically determine the number of approved items waiting to be ordered and compares it to the weekly average for that particular vendor and location. If the number of pending items meets or exceeds the average, a purchase order can be automatically generated.

"If it is less than average, however, the user has the option to wait until the average number of items is reached, before placing the order so that they can save on freight costs as well as take advantage of any volume discounts offered by the vendor,” continued Peltonen. “We know that buyers would benefit from a more efficient way to combine requests without interrupting the flow of business. It was a perfect opportunity to apply machine learning.”

The other areas where Basware has introduced machine learning-based functionality include product mapping and catalog search. One of the biggest challenges for buying organizations is that the product codes they use internally can be very different from what suppliers use on their end.

In this scenario, machine learning can fill the gaps. The new Basware product mapping feature organizes products into the right category, so that suppliers simply upload their catalogs and products which are then automatically matched to the buyer’s defined category, making the catalog management process easier for both buyers and suppliers.

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