The Forrester Vendor Landscape: B2B Business Networks, 2017 To 2018 report views Basware as a rapidly growing business network which has expanded the scale and scope of its offering. Read more about why the Basware Network was applauded in this report.
The Forrester Vendor Landscape report scrutinises 23 network vendors and studies their strengths and weaknesses. According to Forrester’s study, Basware continues to show its strength in both e-invoicing and eProcurement solutions. Thanks to our extended business network, we can not only deliver and process electronic invoices but can also support POs, an area where other networks fall short.
Because of interoperability agreements with other public networks, the scope of the Basware Network reaches beyond what any other vendor offers. Forrester also applauded our network-based offerings such as:
Supplier master data enrichment through Dun & Bradstreet and Mastercard Track,
Invoice matching, and
Network-based analytics.
Forrester is not the only analyst to praise the strength of the Basware Network. In the 2018 Gartner Magic Quadrant for Procure-to-Pay Suites Report, Basware was lauded for being a pioneer in the open business-to-business (B2B) network approach and for offering one of the most extensive, global e-invoicing networks available.
The scale of our network is immense with over 1.5 million organisations connected, buying, and selling through it. We’ve also made it a point to partner with more than 220 additional e-invoicing networks worldwide.
Because we use just one connection point, the Basware Network is free for suppliers, making it easy for them to transact with all their buyers from one, central location granting our customers access to over 220 interoperability partners.
Choosing the right business network for your organisation is an important decision that shouldn’t be taken lightly. More and more, networks are becoming an integral part of how corporations operate and a tool for future, strategic success. Forrester predicts that based on past and current evaluations, six new business network types will appear. These include:
1. B2B integration networks
2. B2B application platforms
3. B2B analytics platforms
4. Supply chain coordination platforms
5. Invoice and financing networks
6. PO and invoice delivery networks.
As if there weren’t enough network decisions to make as-is, it’s important to take into consideration your role as either a buyer or a supplier. If you’re a buyer, Forrester recommends looking beyond mere supplier connectivity when it comes to choosing a network. And in the case of a supplier, it’s advised to create a network strategy capable of handling numerous network connections.
It’s time to look beyond supplier coverage and into other value drivers.
Price doesn’t always determine capability.
Give your EDI network visibility into transactions sent across those networks.
Consider a vertical industry network if it’s available.
Choose an e-invoicing specialist network for your invoices.
Pick a vendor with a network that can connect to the largest number of customers.
Encourage your customers to minimise the number of networks you support.
Use an accounts receivable (AR) e-invoicing solution for getting control and extracting value from your invoices.
If you’re ready to start your journey to finding the best business network for your unique organisation, read the Forrester Vendor Landscape: B2B Business Networks, 2017 to 2018 report. Questions? Contact us!