Basware's new GenAI tool transforms insights for CFOs

PRESS RELEASE FROM BASWARE - Basware, the world leader in accounts payable (AP) and invoice processing automation, has updated its analytics platform with GenAI for the launch of Basware Insights. This latest innovation will transform the way finance teams analyze, manage and report on their AP processes.
Basware Insights not only provides a solution to a critical reporting challenge for finance leaders, but also delivers real-time analytics and actionable insights, enabling finance teams to streamline operations and maximize their team's potential.

Addressing financial visibility issues

CFOs often struggle to understand key financial processes within their organizations, leaving critical questions - from process performance to areas for improvement - unanswered. They are also concerned with financial reporting, both internally for the boardroom and externally for federal tax authorities. Publicly traded companies are required by the SEC, London Stock Exchange, and other regulators to provide quarterly and annual financial reports to shareholders.

Transforming the efficiency of AP teams

AP managers also have their own reporting requirements to track and improve KPIs for their teams. According to a benchmark report, more than 50% of AP leaders are actively looking for ways to improve their reporting and analytics to stay current with their data.

With 84% of a typical AP practice's workday focused on manual tasks such as collecting, consolidating, analyzing and reporting data, Basware Insights offers a solution that combines full coverage of AP operations with AI-driven, real-time insights.

Natural language processing meets financial analysis

The Basware Insights platform - which allows AP leaders to ask questions in natural language and receive personalized insights - is transforming the way customers and finance departments analyze and use 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 contribute to long-term business growth. With GenAI, the platform will continuously learn and improve the underlying data over time.

Key statistics with 'CFO Cockpit'

With Basware Insights, finance leaders can use the "CFO Cockpit" to monitor key metrics such as touchless invoice percentage, which provides visibility into manual or human intervention in the invoicing process, and retrospective purchase orders (purchase orders created after the invoice is issued). This helps CFOs better manage spending and deeply analyze the billing process. The CFO Cockpit provides CFOs with insight into key financial and operational metrics to optimize overall financial performance.

Perttu Nihti, Chief Product Officer at Basware, commented on the innovation in reporting products: "We live in a rapidly changing environment where CFOs and finance leaders expect to be able to collect financial data from multiple sources and aggregate it into one easy-to-use report. Basware Insights lowers the barriers that finance teams face with data, providing not only quick reporting, but quick insights. Our Insights dashboard is the leading solution for GenAI-driven invoice analytics, enabling finance teams to transform the way they interact with data and achieve their strategic AP goals. These capabilities support our customers on their path to 100% touchless billing, and position us as a leader in innovative invoice analytics. This latest release was developed in collaboration with some of our top customers, allowing us to provide a solution that truly meets the needs of the market."

Insights builds on Basware's broader AI strategy, with the appointment of Anssi Roukonen as Director of AI to manage AI innovation, and the launch of AI Copilot AskMary and the AI-powered fraud prevention and recovery tool AP Protect, to further optimize the CFO environment.