Basware, a global leader in accounts payable (AP) automation, has announced a significant upgrade to its analytics platform, introducing Basware Insights powered by Generative AI (GenAI). This new tool is designed to revolutionise how finance teams analyse, manage, and report on their accounts payable processes.
In a landscape where financial visibility is increasingly vital, CFOs often find themselves grappling with a lack of clarity regarding key financial processes. This situation leaves critical questions regarding process performance and improvement areas unanswered. Moreover, finance leaders face pressures related to financial reporting, both internally to stakeholders and externally to regulatory authorities. Publicly listed companies are required by the SEC and the London Stock Exchange to disclose quarterly and annual financial reports, adding to the demands on their finance teams.
The introduction of Basware Insights directly addresses these reporting challenges. It offers real-time analysis and actionable insights that empower finance teams to enhance their operations and maximise their potential. According to a benchmark report, over 50% of AP leaders are seeking improved reporting and analytics to better manage their data, highlighting a widespread demand for more effective solutions.
AP managers are also under pressure to track and improve key performance indicators (KPIs) for their teams. With an overwhelming 84% of a typical AP practitioner’s day spent on manual tasks—such as data collection, consolidation, analysis, and reporting—Basware Insights provides a streamlined solution. This platform combines comprehensive coverage of AP operations with AI-powered, real-time insights to alleviate these burdens.
One of the standout features of the Basware Insights platform is its utilisation of Natural Language Processing (NLP). This functionality enables AP leaders to pose questions in natural language and receive tailored insights, fundamentally changing how finance departments interact with their data. The platform boasts a user-friendly, customisable dashboard equipped with AI-driven insights and industry-specific data-driven benchmarking capabilities.
Another key component of Basware Insights is the ‘CFO Cockpit,’ which allows finance leaders to monitor essential metrics, including the touchless invoice rate. This feature provides visibility over manual interventions in the invoice process and offers insights into retrospective purchase orders (POs) created after invoices are sent. The CFO Cockpit serves as a vital tool for CFOs aiming to enhance spend control and conduct in-depth analyses of the invoice process.
Perttu Nihti, Chief Product Officer at Basware, emphasised the importance of this reporting product innovation, stating, “We live in a fast-paced environment where CFOs and finance leaders expect to run financial numbers from various places and create one easy-to-use report.” He highlighted that Basware Insights lowers the barriers finance teams face with data, facilitating rapid reporting and insights. Nihti added, “These capabilities help our customers on their journey towards achieving 100% touchless invoicing, positioning us as leaders in innovative invoice analytics.”
This latest release is part of Basware’s broader AI strategy, which includes the hiring of Anssi Roukonen as Director of AI and the launch of various AI-driven tools aimed at optimising the office of the CFO. With Basware Insights, the company aims to support finance teams in transforming their approach to data and achieving their strategic goals in accounts payable.
