Elemica, the B2B supply chain execution network, and Basware, a 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.