ESPOO, Finland, December 19th, 2017 - Business networks play a key role in B2B eCommerce as they connect buyers and suppliers to exchange purchase orders (POs), invoices, and supply chain documents and provide venues for collaboration. Now the specialization in the networks is making the choice more challenging for CIO’s, as the recent Forrester report ”Vendor Landscape: B2B Business Networks 2017 to 2018” reveals. Differences blur between networks in terms of industry focus, direct versus indirect goods, and transaction visibility.
The Forrester report states that Basware continues to be one of the leaders of eInvoicing solutions, as well as a leader in eProcurement systems. The report identifies Basware among the B2B application platforms who will use their network as both the hub for shared network applications and the opportunity to provide end-point applications. Basware has several network-based offerings, including supplier master data enrichment and management, dynamic discounting, and payment/invoice matching, as well as network-based analytics offering like working capital optimization and supply data enrichment.
Business networks handle 82% of US B2B online spending. Forrester estimates the total amount of B2B spending of $9 trillion going through business networks compared with about $0.9 trillion of SaaS eProcurement and $0.9 trillion in individual purchase from eCommerce websites.
Three vendors - SAP Ariba, Basware, and Tradeshift - have gained a rising proportion of total business network revenues. Forrester expects their growth to accelerate in 2017 and 2018, bringing their share of total business network revenues to 33% by 2018.
Different business networks are creating different value propositions. Forrester expects that by 2019 six new categories of business networks will emerge instead of the three they have been using this far. CIOs and their business partners will need to adapt their business network relationships to these changes:
B2B integration networks help companies manage all their external connection and internal integration to those connections.
B2B application platform vendors will use their network as both the hub for shared network applications and the opportunity to provide end-point applications. Basware is most likely to end up with this model.
B2B analytics platform is the direction where IBM is heading with Watson.
Supply chain coordination platforms have many of the vertical industry networks focusing on
Invoice and financing networks, like Tungsten and Taulia.
PO and invoice delivery networks like OpusCapita will continue to concentrate in PO and invoice delivery, either as their core business or as complements to their eProcurement and eInvoicing solutions.
”We’re proud to be recognized in this B2B Business Network report by Forrester,” said Basware's CEO Vesa Tykkyläinen. ”Our vision is to be the #1 global network helping businesses come together and engage in value-generating interactions using Basware’s automated and user-friendly services.”
This report is available for individual purchase here.
More information: press@basware.com
About Basware
Basware (Nasdaq: BAS1V) is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com.
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