Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Basware introduces SmartSearch within Electronic Procurement Solution

New Catalog Search Engine combines unique product master data model with modern user interface

Basware (Nasdaq: BAS1V), the global leader in networked source-to-pay solutions, e-invoicing and innovative financing services, introduced enhancements to the catalog search functionality within its electronic procurement solution that enables users to find the right products quickly and easily.

SmartSearch™ is powered by industry leading cloud-based search technology which accelerates response times and makes the solution more scalable.

Usability has been a focal point when it comes to indirect procurement for years and cost savings have been the typical driver for automating purchasing in categories like stationery, laptops, mobile phones, etc. However, in certain industries (like healthcare, banking or oil and gas), procurement departments are under tremendous pressure to ensure reliability of deliveries when it comes to goods and services that are critical for the business. This often means that procurement professionals need to negotiate agreements with multiple suppliers to ensure uninterrupted deliveries, or there could be different variants of the same product that no single supplier can deliver. Or suppliers may offer regional prices and organizations want to ensure the cheapest price in each area where they have operations.

Given all these different scenarios and multiple options, it becomes a challenge from the user perspective to determine which product to buy. At this point, it’s not enough to simply deliver a slick user interface. It is about driving users to make the right choices – whether it is preferred products, vendors or channels.

The new Basware catalog search functionality, SmartSearch, is built on a sophisticated product data model that allows procurement departments to create a database of products with each product having multiple suppliers, prices and units. A highly intelligent algorithm automatically selects or suggests the best option of available products to the end user based on various circumstances that factor into the decision – location, price of day, delivery reliability, etc. This means the best choices are being updated and presented in real time so procurement professionals can maximize the value of their efforts.

“The underlying product master data model is what differentiates the Basware procurement solution from other catalog management offerings in the market,” said Sami Peltonen, VP of Product and Business Management, North America at Basware. “The latest release combines this robust back-end data model with a modern user experience, personalization and business rules integration on the front-end. This enables our clients to manage complex procurement processes without compromising on usability and user adoption.”

“Further down the line, when it comes to critical purchases, it’s important that approval paths are modelled in such a way to secure fastest possible approvals. This again depends heavily on a well-structured data model and the ability to route purchase requisitions at the line item level to separate approval paths so users don’t need to wait until the whole requisition goes through the approval matrix. This line level routing and approval offered by Basware makes it extremely easy for requisitioners to submit their requisitions, while reducing the effort required of approvers to process these requests.”

To learn more about SmartSearch, visit our product fact sheet or blog. For more information on Basware e-procurement solutions, visit the Basware website.