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More e-commerce growth from new directory services on Basware Commerce Network

The large e-invoicing networks and platforms have, for several years now, been providing much more than the infrastructure for e-invoicing. 

The latest developments in the move away from simple e-invoicing are the new services on the Basware Commerce Network which is already the largest open business network in the world and acts as a marketplace connecting 1 million companies across 100 countries. These new services make it easier for buyers and suppliers to connect, transact and manage trading relationships over the network. 

Business Directory

The Business Directory, allows businesses signed up to the Basware Commerce Network to easily search and find any trading contacts, such as suppliers and customers, and add them to their individual e-invoicing address book. There are two ways to use the Business Directory. The first is simply to search for your customer or supplier manually by typing their name into the search field. Once found, it’s just one click to ‘Add to My Network’, see figure below:

Source & Copyright©2016 - Basware

(The Business Directory will be available in the Nordics immediately and in further markets throughout 2016.)

The second method, to be introduced during the second quarter of 2016, is to import a list of suppliers or customers and let the network match them against the entire Business Directory. This makes it easy to search the network and connect with your trading partners quickly and efficiently.

Vendor Manager

Vendor Manager – a tool for larger organisations who often have hundreds or thousands of suppliers who provides vendor information management self-service. This overcomes one of the key problems in both Accounts Payable and Procurement functions in the large organisations, see figure below:

Source & Copyright©2016 - Basware

Basware believes that the Vendor Manager will enable buyers to empower businesses in their supply chain to manage key data required to process and pay invoices to the correct accounts, on the right terms and in a timely manner. In making the changes themselves to certain fields, they can get paid more efficiently. This might include a change to the accounts payable contact, a new bank account number, or enriching the invoice data with the buyer’s own internal vendor code for improved invoice-to-order matching. Vendors can also upload documents required to establish a business relationship with the customer such as industry certificates or annual tax forms (US).

Vendor Management is globally available via the Basware Commerce Network from January 1, 2016. 

Changing the way business is done

The results from the Business Directory and the Vendor Manager are combined on the user’s Network Dashboard. The dashboard highlights not only all of their customers and suppliers but also the methods they use to interact as well as the status of on-going supplier on-boarding activities. Trading partners can be invited to participate in different payment programs or invited to use a sponsored e-invoicing service (or other network services). See figure below:

Source & Copyright©2016 - Basware

Basware believe that these two new services will help to change the way business is carried out on the Basware Commerce Network. Ilari Nurmi, SVP, Products & Services at Basware: “By adding more valuable services and capabilities to our network, we’re creating an exciting marketplace that is changing the way business is done. More tightly linked financial and informational supply chains are creating new opportunities for business growth and working capital management,” 

Nurmi added, “Traditionally, many large firms have invited suppliers to submit e-invoices via the Basware Commerce Network. Organizations (both suppliers and buyers) might not realize that being part of the Basware network gives them free access to interact with other trading partners. Now, by using the Business Directory it becomes easier for suppliers to find and connect with more of their customers (and vice versa). Our Vendor Manager tool also greatly improves collaboration between buyers and suppliers, and we hope this ability to work together more efficiently will bring about increased benefits, including better cash flow, fewer late payments and a stronger supply chain overall.”

CTMfile take: These two new Basware services show the growing maturity and depth of services in the e-commerce networks which have grown from the basic e-invoicing networks. The ability of Basware’s Business Directory to search for the customer or supplier on both their own network, and also across the other networks they connect to, is vital. As always, it is not only who you know, but also who you are connected to. This will become a critical differentiator between the e-commerce networks.

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