New ‘CFO Cockpit’ with GenAI can save financial professionals hundreds of hours a year
Charlotte, North Carolina, October 29, 2024 – Basware, the global leader in accounts payable (AP) automation and invoice processing, has upgraded its analytics platform with GenAI to deliver Basware Insights. The latest innovation will transform how finance teams analyze, manage and report on their AP processes.
Basware Insights not only addresses a crucial reporting challenge faced by finance leaders, but also provides real-time analysis and actionable insights, enabling finance teams to streamline operations and maximize their team potential.
CFOs often struggle to gain visibility into key financial processes across their business, leaving critical questions – from process performance to areas of improvement – unanswered. In addition, they are also tied up with financial reporting, both internally to the boardroom and externally to federal tax authorities. Publicly listed businesses are mandated by the SEC, London Stock Exchange, and other regulatory organizations to release quarterly and annual financial records to shareholders.
Adding to the challenge, AP Managers also have their own reporting demands to track and improve KPIs for their teams. More than 50% of AP leaders are actively looking to improve their reporting and analytics to stay on top of their data, according to a benchmark report.
With 84% of a typical AP practitioner’s day spent on manual tasks, including data collection, consolidation, analysis and reporting, Basware Insights offers a solution, providing complete coverage of AP operations combined with AI-powered, real-time insights.
The Basware Insights platform – which enables AP leaders to ask questions in natural language and receive tailored insights in return – transforms the way that customers and finance departments analyze and interact with data. It provides an easy-to-use, customizable dashboard with AI-driven insights. It also provides data-driven benchmarking for industry-specific insights and specialized reporting capabilities, all of which drive long-term business growth. With GenAI, it will constantly learn and improve the underlying data over time.
With Basware Insights, finance leaders can use the ‘CFO Cockpit’ to monitor key metrics such as touchless invoice rate, providing visibility over manual or human intervention throughout the invoice process, and retrospective POs (POs created after the invoice is sent), helping CFOs manage spend control and analyze the invoice process in-depth. The CFO Cockpit gives CFOs visibility into essential financial and operational metrics to optimize overall financial performance.
Perttu Nihti, Chief Product Officer at Basware, commented on the reporting product innovation:
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. Basware Insights lowers the barriers that finance teams face with data, not only providing fast reporting, but also fast insights. Our Insights dashboard is the go-to GenAI-powered invoice analytics solution, allowing finance teams to transform the way they interact with data and meet their strategic AP goals. These capabilities help our customers on their journey towards achieving 100% touchless invoicing, positioning us as leaders in innovative invoice analytics. This latest release has been built in collaboration with some of our top customers, ensuring we’re delivering a solution that truly meets the needs of the market.”
Insights builds on Basware’s wider AI strategy, hiring Director of AI Anssi Ruokonen to oversee AI innovation, as well as launching AI Copilot AskMary and AI-powered fraud prevention and overpayment tool AP Protect, to help streamline the office of the CFO.
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. Basware. Now it all just happens.™
Basware
Abs Hassanali
Global Head of PR & Communications
abs.hassanali@basware.com