Basware upgrades analytics platform with GenAI, providing CFOs with new insight tools

Charlotte, North Carolina, October 29, 2024 – Basware, a leader in global accounts payable (AP) automation and invoice processing, has upgraded its analytics platform with GenAI, launching Basware Insights. This latest innovation will transform the way finance teams analyze, manage, and report on their accounts payable processes.

Basware Insights not only addresses the critical reporting challenges faced by financial leaders but also provides real-time analytics and actionable insights, enabling finance teams to streamline operations and maximize their team's potential.

Addressing the Financial Visibility Gap

Chief Financial Officers (CFOs) often struggle to gain a comprehensive view of key financial processes within their business, leaving critical questions unanswered, from process performance to areas for improvement. Additionally, they are burdened by financial reporting work, including both internal reports to the board and external reports to federal tax authorities. Public companies are required by the U.S. Securities and Exchange Commission (SEC), the London Stock Exchange, and other regulators to publish quarterly and annual financial records to shareholders regularly.

Enhancing Accounts Payable Team Efficiency

To make matters worse, accounts payable managers also have their own reporting needs to track and improve their team's key performance indicators (KPIs). According to abenchmark report, over 50% of accounts payable leaders are actively seeking to improve their reporting and analytics capabilities to stay on top of their data.

Given that a typical accounts payable practitioner spends84%of their time on manual tasks such as data collection, integration, analysis, and reporting, Basware Insights offers a solution that combines AI-driven real-time insights with comprehensive coverage of accounts payable operations.

Natural Language Processing Meets Financial Analysis

The Basware Insights platform allows accounts payable leaders to ask questions in natural language and receive customized insights instantly, transforming the way customers and finance departments analyze and interact with data. The platform offers easy-to-use customizable dashboards with built-in AI-driven insights, while also providing data-driven industry benchmark comparisons and specialized reporting capabilities, all designed to drive long-term business growth. With GenAI, the platform will continuously learn and optimize the underlying data over time.

Monitor Key Metrics with the "CFO Dashboard"

With Basware Insights, financial leaders can use the "CFO Dashboard" to monitor key metrics such as the touchless invoice rate, gaining insight into manual intervention in the invoice processing cycle, and retroactive purchase orders (i.e., POs created after the invoice is issued), helping CFOs manage spend control and gain deeper insight into the invoicing process. The CFO Dashboard provides CFOs with visibility into key financial and operational metrics to optimize overall financial performance.

Commenting on this reporting product innovation, Perttu Nihti, Chief Product Officer at Basware, said: "We live in a fast-paced environment where CFOs and financial leaders expect to be able to pull financial data from different sources and produce an easy-to-use report. Basware Insights lowers the barrier for finance teams when it comes to data, providing not just fast reporting but also fast insights. Our Insights dashboards are the go-to choice for GenAI-driven invoice analytics solutions, enabling finance teams to transform the way they interact with data and achieve their strategic accounts payable goals. These capabilities help our customers on their journey towards 100% touchless invoice processing, making us a leader in innovative invoice analytics. This latest release was developed in collaboration with some of our top customers, ensuring we deliver a solution that truly meets market needs."

Insights builds on Basware's broader AI strategy, following the company's appointment of AI Director Anssi Roukonen to lead AI innovation, and the launch of AI assistant Copilot AskMary as well as AI-driven fraud prevention and overpayment tool AP Protect, all aimed at helping streamline workflows in the CFO's office.

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