Basware, a global leader in accounts payable (AP) automation and invoice processing, has been recognised as a leader in two IDC MarketScape Reports.
IDC MarketScape uses a scoring system to assess the strengths and weaknesses of IT companies. The recognitions include:
- Leader in IDC Worldwide Accounts Payable Automation Software for Large Enterprise 2024 Vendor Assessment
- Leader in IDC Worldwide Accounts Payable Automation Software for Midmarket 2024 Vendor Assessment
For years, Basware has been recognised by analysts and customers for its ability to automate and enhance the entire AP and invoice journey – spanning fraud and risk management, global compliance, artificial intelligence (AI), and beyond.
Jason Kurtz, CEO at Basware, commented: “The squeeze from macro-economic headwinds, expanding invoicing regulations, and the rapid evolution of AI are pressuring finance teams to deliver more than ever before, often without more resources. In response, Basware has strengthened its global offering, with significant investment in its technology and team. We’ve received cumulative recognition amongst analysts and customers, which is unprecedented in the accounts payable and invoice automation market. We’ll use this to continue empowering CFOs and their AP teams with efficiencies benefitting their organisation to stay at the forefront of their industries.”
Basware’s solutions address the core pain points facing AP teams, helping customers move from manual invoice handling towards achieving 100% touchless invoice processing. According to IDC, Basware is “a partner that provides a truly automated experience with deeply rooted expertise in global compliance requirements.” Stand alone, or seamlessly integrated with existing systems, Basware evolves AP workflows for some of the most complex global large enterprises that handle thousands of invoices per week:
- Paper packing and materials manufacturer Billerud experienced a 25% monthly cost reduction through automation from AI and machine learning
- Chemical company Huntsman prevented $5 million in duplicate payments through audit and recovery
- Materials processing machinery manufacturer Terex Corporation increased on-time payments to 85% with AI.
- Industrial materials producer Imerys expanded to 14 counties, while integrating 10 ERPs, in under six months with solutions for compliance.
The recognition from IDC follows Basware’s acquisition of statement reconciliation firm AP Matching and fraud prevention company Glantus, alongside key product upgrades to fraud solution AP Protect, and its Touchless Invoice Processing Discovery Dashboard.
Download the report for enterprises here.
