ESPOO, Finland, Dec. 1, 2017 /PRNewswire/ -- Basware, the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services announced today the results of a commissioned study conducted by Forrester Consulting on behalf of Basware, titled The Total Economic Impact™ Of Basware's Purchase-To-Pay Cloud Solution. The study examines the potential return on investment (ROI) enterprises may realize by deploying Basware's P2P cloud solution.
Forrester's interviews with five existing Basware customers and subsequent financial analysis found that interviewed organizations experienced benefits of €4.6 million over three years versus costs of €1.1 million, adding up to a net present value of €3.5 million and an ROI of 307%. On average the payback time for the investment was 12 months. Interviewed companies are large business service companies with approximately €300 million in annual spend.
Among the key findings highlighted in the study, which analyses how P2P cloud solutions benefit current Basware customers, are for example the following: increased spend under management, AP productivity gains, end-user time savings and maintenance cost savings.
"Without a doubt, the P2P solution helped us to bring more spend under management. We're absolutely light years ahead of where we were," said one interviewee, vice president of procurement and technology services of a large hospitality company.
Another interviewee, global head of procurement and knowledge operations in a business service organization, highlighted the savings in concrete terms.
"We actually measured and estimated our whole invoice processing cost. I think we were calculating at the beginning our processing costs to be around €40 per invoice, and now I think we're down to €22, including full labor costs and associated IT costs. We roughly lowered our invoice processing cost by 45%."
Vesa Tykkyläinen, Basware's CEO, comments: "Benefits are clear, no doubt about it. The question is not 'who should implement our solutions' but 'who can afford NOT to'? With Basware's P2P cloud solution organizations can automate their processes, gain visibility, and realize significant cost savings. The future of purchase-to-pay lies truly in the cloud."
Read the commissioned study conducted by Forrester Consulting, The Total Economic Impact™ Of Basware's Purchase-To-Pay Cloud Solution (November 2017).
Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Basware's commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com.
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