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Basware Expands Supplier Management Solution with a Leading Source of Diversity Data

May 10, 2021 / Anurag Khadkikar
SHARESHARESHARE

Basware has enhanced the Supplier Management solution with diverse data, allowing customers to locate minority-owned and small business vendors within their client base. The information is provided by Dun & Bradstreet's Diversity Database, the market's most reliable and definitive source of diverse business information.

“By getting access to our diversity data through the Basware solution, customers will be certain that they have the most huge list on the market at their disposal,” says Lauri Mähönen, Sales Director Finland, Dun & Bradstreet Europe. “We are delighted to be a part of assisting businesses in transforming diversity data into strategic opportunities.”

Diversity is not only a value and an ethical expectation maintained by many business owners; it is also an economic driver, leading to improved profits and innovation. According to The Hackett Group's Supplier Diversity Study, businesses who devote 20% or more of their budget to diverse suppliers will attribute up to 15% of their annual sales to supplier diversity programs. According to the report, 99% of diverse suppliers match or exceed standards, with almost a quarter exceeding expectations.

Basware Supplier Management's diversity metrics allow customers to quickly assess the minority-owned and small business supplier position within their network, assisting companies in developing and evolving their supplier diversity systems. Culling through the data and manually assigning classifications, on the other hand, would waste the procurement team's precious time and effort.

“The genesis of this merger with Dun & Bradstreet was our determination to provide another lens of visibility for our consumers as we see more and more emphasizing supplier diversity, which we applaud,” says Sami Peltonen, Basware's Vice President of Purchase to Pay Product Management. “Visible Commerce, or the state in which transparency and data lead to more efficient and responsible decision making, is the foundation of our solutions, and this enhancement does just that.”

Both suppliers' diversity information is uploaded to the Basware Supplier Management tool. Data for existing suppliers are automatically enriched when imported, as is data for new suppliers during the onboarding process. Via application programming interfaces, diversity indices can also be exported to other customer systems (ERPs).

About Basware

Basware is the only procure-to-pay and e-invoicing solution provider that provides companies with 100% spend visibility through 100% supplier connectivity and 100% data capture. Via automation, our cloud-based technology allows companies to completely manage their spending, minimize financial risk, and reduce operational costs. They are ideally positioned to provide the solution needed for Visible Commerce, which provides customers with full insight into all global flows of money, goods, and services, due to the world's largest open business network and an open technology ecosystem. Basware is a multinational organization with offices in 14 countries and is listed on the Helsinki exchange.