Basware adds supplier diversity data to Supplier Management solution

Basware has added diversity data to its Supplier Management solution, making it easier for customers to identify minority- and small business-owned suppliers in their supplier base. The data comes from the Dun & Bradstreet Diversity Database.

A supplier diversity study by Hackett Group found that companies that spend 20 percent or more of their spending on diverse suppliers can attribute as much as 15 percent of their annual revenue to supplier diversity programs. The study also found that 99 percent of diverse suppliers meet or exceed expectations. Nearly a quarter exceed expectations. So diversity is not only a value and ethical expectation at many companies, but also an economic driver that leads to increased profits and innovation.

Diversity information in Basware

The diversity information in Basware Supplier Management allows customers to quickly determine the supplier status of minorities and small businesses within their network so that organizations can develop their supplier diversity programs. 'We are seeing increasing emphasis on supplier diversity and we welcome that. So with this integration with Dun & Bradstreet, we wanted to add additional visibility for our customers," said Sami Peltonen, Vice President of Purchase to Pay. Product Management, Basware.

Available diversity information is uploaded into the Basware Supplier Management solution for all suppliers. Data from existing suppliers is automatically enriched upon import and this is done for new suppliers during the onboarding process. Diversity indicators can also be exported to other customer systems (ERPs) via application programming interfaces.

'By accessing diversity data from Dun & Bradstreet in the Basware solution, Basware customers can be confident that they have the most complete database on the market at their fingertips,' said Lauri Mähönen, Sales Director Finland, Dun & Bradstreet Europe.