Basware adds Predictive Analytics to forecast late payments

Basware, the provider of e-invoicing and Source-to-Pay (S2P) solutions, has announced the availability of predictive analytics capabilities in its cloud-based Source-to-Pay solution. The release incorporates an intelligent algorithm to show which invoices are at risk of being paid late.

"The future is all about data – how companies capture it and how they use it. Predictive analytics show users the powerful knowledge that is in their data by analysing patterns found in transactional information and predicting potential future outcomes. This enables more proactive decision-making that drives competitive advantage," says Ilari Nurmi , SVP of Purchase to Pay Business Area, Basware.

In addition to introducing the predictive analytics capabilities, the latest release of Basware Analytics also includes a completely new payments dashboard. This dashboard visually displays historical invoice data to highlight trends that customers can leverage to drive strategic outcomes.

For instance, customers can follow the whole lifecycle of invoices starting from supplier sending through payment, enabling them to streamline invoice processing and maximise the days available for the approval process.

"The introduction of predictive intelligence is an evolution in the journey towards delivering artificial intelligence-powered insights that give our customers a distinct advantage. With this level of insight, our customers reduce the cost of operations, spend smarter and build strong business relationships with suppliers.

“Our aim is to help customers harness the power of innovation like predictive and prescriptive analytics, and artificial intelligence, while providing them with a roadmap to success," said Sami Peltonen , VP of Purchase to Pay Product Management, Basware.

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