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E-invoicing, SCF & E-procurement

Basware leverages machine learning to improve procurement

Monday 1 April 2019 | 11:29 AM CET

Finland-based e-invoicing company Basware has added a machine learning-enabled capability to its procurement tech: the Approval Confidence Index (ACI).

The ACI is a score assigned to every item on a requisition that provides feedback to both the requisitioner and the approver about the probability, or confidence, of that requisition item being approved. The idea for the ACI was sparked during a Basware “hack day.”

According to customer data, in many cases approvers are busy and may approve requisitions without properly reviewing each item. In other cases, requisitions are rejected because they fall outside the norm for a particular item or spend category. Order requests that are declined during the approval process cause a delay.

With the ACI, the approver and the requisitioner are served up insights that could prompt behavior changes. The benefits of this functionality are twofold: requisitioners get instant feedback on the likelihood of an item being approved and, if the ACI level is low, they have the option to select different items or vendors or to provide appropriate justification to increase the likelihood of approval.

More: Link
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