Basware has made it easier for customers to identify minority-owned businesses in its supplier management solution, according to a press release from Wednesday (May 5).
Customers will have access to diversity data provided by Dun & Bradstreet’s Diversity Database.
“By having access to our diversity data in the Basware solution, customers can trust that they have the most complete database in the market at their fingertips,” comments Lauri Mähönen, sales director, Finland, Dun & Bradstreet Europe. “We are pleased to be a part of helping companies turn diversity data into strategic opportunities.”
With the diversity indicators in Basware Supplier Management, customers can quickly determine which of their suppliers have minority-owned and small business supplier status in their network. This can help businesses develop and evolve their supplier diversity programs and also saves time for the procurement team, who would otherwise have to manually add the data.
The release notes that diversity is a value and ethical expectation but can also be a driver of economics, with boosted profits and innovation because of it.
Per the announcement, according to the Hackett Group’s study on supplier diversity, the companies dedicating 20 percent or more of their spend to diverse suppliers were able to attribute around 15 percent of their annual sales to supplier diversity programs.
In addition, the study found that 99 percent of diverse supplier programs end up meeting or exceeding expectations. The release notes that nearly a quarter exceeded expectations.
“The genesis of this integration with Dun & Bradstreet was our commitment to add another lens of visibility for our customers as we see more and more placing an emphasis on supplier diversity, which we applaud,” stated Sami Peltonen, vice president of Purchase to Pay Product Management, Basware. “Visible Commerce, or a state where transparency and data lead to more effective and ethical decision making, is the cornerstone of our solutions, and this enhancement does just that.”
Basware has also recently rolled out a new fapiao-compliant solution for eInvoicing and validation, working with its Chinese partner Shanghai Yodoo Information & Technology Co., Ltd.
