Supply & Demand Chain Executive Recognizes Basware for Top 100 Supply Chain Transformation Projects

STAMFORD, Conn., May 4, 2011 – Basware, the global leader in purchase-to-pay solutions, today announced that a customer implementation of its Invoice Automation solution has been recognized by Supply & Demand Chain Executive as a top 100 supply chain transformation project in the publication’s “100 Great Supply Chain Projects" awards program. By standardizing on Basware’s Accounts Payable (AP) technology in its Shared Service Centers worldwide, a global leader in the power industry has been able to adopt end-to-end
electronic processes, achieve real-time visibility over all of its invoices, and ensure efficiency and reliability in its AP processes.

Using Basware Invoice Automation, the company has been able to obtain significant process improvements and implement global best practices to achieve higher levels of automation. The solution has enabled the global leader to cut in half the processing time of millions of invoices annually, and currently some of the company’s group units are able to achieve 60% fully automatic, straight-through processing without any manual intervention. Additionally, the flexibility of the Basware solution to adapt to local variations of the organization’s accounts payable process and regulatory environment has enabled it to implement the solution in 19 countries, with more planned over the next couple of years.

”We are honored to be recognized for our work in helping to transform the financial supply chain,” said Ari Salonen, general manager, North America for Basware. “We work closely with our customers to promote the innovative application of technology and best practices to help them achieve higher levels of automation, and our solutions have had a critical impact on their businesses.”

This is Supply & Demand Chain Executive’s tenth Top 100 Supply Chain award, and the magazine focused the criteria for its "100" feature on supply chain transformation projects that have had a significant impact on companies. The submissions were evaluated primarily on: ambitiousness/scope of the project; creative application of technologies/solutions/ services used; the business results/impact; and clarity of submission.

"Our goal with this year's '100' is to put the spotlight on successful and innovative transformation projects that are delivering bottom-line value to small, medium and large enterprises across the different functions that comprise the supply chain," said Barry Hochfelder, editor of Supply & Demand Chain Executive. "The projects featured in the '100' article can serve as a roadmap for supply chain executives looking for new opportunities to drive improvement in their own operations."

Basware, along with the other award recipients, will be featured in the cover story of the June 2011 issue of Supply & Demand Chain Executive, as well as online at Supply & Demand Chain Executive is a sister publication to CPA Practice Advisor, both of which are published by Cygnus Business Media.