Automation of Purchase to Pay Processes Ensures Compliance & Speeds Cash Flow Cycles
EXTON, Pa. and ESPOO, Finland -- February 16, 2009 -- Elemica, the leading B2B supply chain execution network, and Basware, the leading provider of purchase to pay solutions, have entered into a global partnership. The combination of Elemica's Order Management and e-Invoicing solutions with Basware's Enterprise Purchase to Pay solution allows companies to eliminate manual invoicing processes, speed up information flow, and reduce order-to-cash cycle times.
Under the partnership,Basware's customers will be able to receive e-invoices from their suppliers via Elemica and benefit from Elemica's extensive supplier network in the chemical industry. Both Elemica's suppliers and Basware's buyers are now able to automate the Purchase to Pay process further by simplifying and streamlining the invoicing process. This helps companies to effectively meet compliance requirements and to improve overall business performance by minimizing the time and money spent handling invoices.
"Managing cash flow is more critical than ever in this economic environment, and anything that businesses can do to speed up that process leads to bottom line improvements," said Mike McGuigan, CEO of Elemica. "By totally automating the invoice handling process, savings accrue because companies eliminate errors, speed up processing, and lower workloads for improved productivity."
"Many of our customers have large amounts of suppliers in the chemical industry. By partnering with Elemica we are now able to offer better service to our customers and help them boost their supplier relationships," said Ilkka Sihvo, CEO, Basware Corp. "Basware promotes an open e-invoicing network that allows buyers and suppliers to use a single connection in their Purchase to Pay process. Through Elemica, our customers are able to receive compliant, real-time invoices."
Basware customers receive purchase invoices electronically through an interface to the Elemica supplier base. Invoice data is then automatically sent to the Basware Invoice Processing solution, allowing Basware's customers to automate their entire procurement and inbound logistics cycle with suppliers. Through these automated connections, customers gain better control over cash flow with faster processing of invoices, facilitate compliance with regulatory requirements, reduce work processes, simplify audits, and mitigate risk.
About Elemica
Elemica was founded by 22 leading global corporations to deliver best-in-class integration of trade partners in the external supply chain for seamless execution of business processes such as order management. Elemica's leading-edge technology unites global trade partners and provides a true framework of 'Connect Once. Connect To All.' The sophisticated hub automates the execution of key business processes, removes transactional and communication barriers, and integrates the information flow between business partners, resulting in reduced cost of operations and faster process execution with fewer resources. From order entry to invoice processing for logistics, planning, and purchasing, the Elemica network enables real-time data exchange, improves productivity, decreases errors, and increases customer and business partner satisfaction. Elemica has connected more than 1800 companies across multiple industries and processes over $50B in annual transactions. Clients include Dow, BP, Rohm and Haas, Shell Chemicals, BASF, and Lanxess. For more information, visit http://www.elemica.com.
About Basware
Basware is the global leader in purchase to pay solutions with more than 1,200 customers and 650,000 users in over 50 countries around the world. Basware solutions automate business-critical financial processes and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented in Europe, the US, and Asia-Pacific through an extensive network of Basware offices and business partners. In 2008, net sales reached EUR 86 million. Founded in 1985, Basware Corporation is a public company listed on the NASDAQ OMX Helsinki Ltd. Headquartered in Finland, it has seven subsidiaries in Europe and one in the US. For more information, visit http://www.basware.com. Press contact: Emilia Vaajoensuu, Communications Manager, Basware, emilia.vaajoensuu@basware.com.
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