B2B commerce solutions provider Basware announced two new services as part of its Basware Commerce Network, an online service that helps buyers and sellers streamline financial processes such as ordering and invoicing. The company has added a business directory function alongside a vendor management function, both aimed at helping businesses improve the way they connect, transact, and manage trading relationships.
“By adding more valuable services and capabilities to our network, we’re creating an exciting marketplace that is changing the way business is done. More tightly linked financial and informational supply chains are creating new opportunities for business growth and working capital management,” Ilari Nurmi, senior vice president, products and services at Basware, said in a statement announcing the new capabilities.
The Business Directory allows Basware Commerce Network customers to search and find any trading contact and add them to their personal e-invoicing address book. The goal is to boost adoption of e-invoicing and improve payment efficiencies, the company said. The Vendor Manager service is a tool that helps larger organizations better manage vendor data, a key challenge for accounts payable and procurement functions. Vendor Manager allows vendors to manage their own data on the network with the ultimate goal of helping them get paid more efficiently.
“Our Vendor Manager tool … greatly improves collaboration between buyers and suppliers, and we hope this ability to work together more efficiently will bring about bigger benefits, including better cash flow, fewer late payments and a stronger supply chain overall,” Nurmi said. “The network is continuously evolving and we’ll be looking to add new features to further cement its position as the global network of choice for businesses and government.”
Vendor Manager is immediately available via the Basware Commerce Network. The Business Directory will be available in the Nordics immediately and in additional markets throughout 2016, the company said.