To Basware, recognition underscores expertise in AI-driven finance with Invoice Lifecycle Management powered by 40 years of innovation
Basware, the global leader in Invoice Lifecycle Management, has been named a Leader in the first Gartner® Magic Quadrant™ for Accounts Payable Applications. For Basware, this exemplifies its commitment to continuous innovation for the office of the CFO – delivering an end-to-end invoice lifecycle solution that spans from network and invoice ingestion to statement reconciliation and recovery services.
As the Accounts Payable (AP) automation market is set to grow at a 12.8% CAGR through 2030, businesses are under increasing pressure to embrace digital transformation and AI, while e-invoicing compliance mandates, sophisticated fraud threats, and the shift to cloud-based ERP systems are reshaping finance operations. These pressures are compounded by squeezed budgets, making efficiency and automation critical for financial resilience. Basware empowers organizations to address these challenges head-on.
Redefining AI-driven, end-to-end Invoice Lifecycle Management, Basware is powered by the largest, open e-invoicing network and unmatched data insights, strengthening the most complex financial operations worldwide. This is done through intelligent automation, stemming from Basware’s ability to handle all invoices, everywhere in any format, along with offering full compliance and complete control of the entire invoice lifecycle process.
Unlike any other market solutions, Basware provides full visibility and a single source of truth across all invoices on its platform. The result is lower operating costs, compliance and fraud protection, optimized working capital, talent development and retention, and better decision making.
More than 6,500 customers across the globe including DHL, Heineken, and Sony have selected Basware’s Invoice Lifecycle Management to streamline invoice processing, enhance compliance, reduce costs, and gain full visibility and control over their operations. Collectively, customers have processed more than 2 billion invoices totaling more than $10 trillion in invoice spend through Basware, leveraging its automation and AI-driven insights to drive efficiency.
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Jason Kurtz, CEO at Basware, commented: Basware is redefining how finance teams operate – eliminating inefficiencies, ensuring compliance, and delivering AI-driven insights so CFOs can make smarter, faster, strategic decisions. We believe that being named a Leader in the first Gartner Magic Quadrant for Accounts Payable Applications is a testament to our relentless commitment to driving value in AP automation. After 40 years of innovation, we’re still leading the charge to make the invoice lifecycle process 100% touchless, 100% compliant, and 100% protected.”
Examples of customer achievements made possible with Basware include:
- INNIO seamlessly implemented AP automation at speed after a private equity buyout while simultaneously delivering millions in annual savings.
- Billerud leveraged AI and machine learning to modernize invoice processing, reducing total invoice costs by 25%.
- Huntsman saved nearly $9 million in duplicate payments and errors.
- Heineken achieved 100% automation and a 95% compliance rate, a powerful foundation for its upcoming SAP S/4 HANA ERP migration slated for 2027.
Robert-Jan Van Looy, Senior Process Expert Purchase to Pay at Heineken, a Basware customer, shared:
“We are pleased to see Basware recognized as a Leader in the Gartner Magic Quadrant. This validates our decision to partner with Basware in delivering on our Evergreen strategy to become the Best Connected Brewer.”
Basware’s recognition as a Leader in the Gartner Magic Quadrant comes on the heels of key innovations, including the launch of Basware Insights, advancements in GenAI, and the introduction of AP Assurance, an integrated fraud protection and statement reconciliation solution. This also follows recognition from other major industry assessments, including Basware being named a Leader in The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024, being featured in the IDC MarketScape: Worldwide Accounts Payable Automation Software for Large Enterprises 2024, and peer-recognized as a Customers’ Choice in the 2023 Gartner Peer Insights™ ‘Voice of the Customer’: Procure-to-Pay Suites.
Source: PRNewswire