HCL Technologies announced its strategic partnership with
Basware, a leading provider of purchase-to-pay solutions.
HCL will leverage Basware’s industry leading Invoice
Automation, Travel & Expense, Procurement and Connectivity solutions to
deliver customers with process enhancements and increased cost reductions.
With the Basware P2P model, HCL will help customers align
their procurement and finance organizations as well as ensure effective
networking of P2P processes with the supply base.
Customers are fast realizing that automating their
purchase-to-pay process is an important way to drive significant cost
reductions and improve productivity. Our partnership with Basware completes
HCL’s F&A BPO strategy to provide end-to-end finance & accounting
services across the purchase-to-pay (P2P) landscape. This partnership with
Basware powers HCL’s P2P services by providing customers with a strong
technology platform, and the ease to shift to e-invoicing while benefiting from
process efficiencies and cost reductions,” said Randy Mueller, vice president –
Finance & Accounting, Business Services, HCL Technologies.
We are pleased to be working with HCL to help their
customers reap the benefits that purchase-to-pay automation delivers, such as
cost savings, greater productivity and streamlined processes,” said Ari
Salonen, general manager, Basware North America.
partnership will strengthen HCL’s P2P solution to enable customers to substantially
reduce invoice processing time and maximize straight-through processing with
minimal manual intervention. HCL’s P2P solution will provide significant
improvements to working capital requirements by improving Days Payable
Outstanding (DPO), eliminating duplicate payments, avoiding interest charges on
late payments, and taking advantage of early payment discounts offered by
suppliers. Additionally, the flexibility of the Basware solution to support 19
languages and adapt to local variations of customers’ accounts payable process
and regulatory environment will enable HCL to implement the solution in
According to the Forrester report, Predictions 2011:
e-Purchasing Market To Grow 12 percent”, the e-Purchasing market is predicted
to see an increase in 2011, taking the total to over $4.4 billion, indicating
the rise of P2P in the minds of business leaders. Forrester Research also notes
the growth of non-ERP providers in the P2P space, with offerings such as
Basware’s P2P solutions taking market share over the more generalist ERP
players and that investment in P2P technologies is set to deepen in 2011.
By Telecomlead.com Team