We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » Basware Adds Leading Source of Diversity Data to Supplier Management Solution
Press releases are provided by companies as is and have not been edited or checked for accuracy. Any queries should be directed to the company issuing the release.

Upload your press release

Basware Adds Leading Source of Diversity Data to Supplier Management Solution

Basware Adds Leading Source of Diversity Data to Supplier Management Solution
May 5, 2021
No Comments

Basware (Nasdaq: BAS1V) has added diversity data to its Supplier Management solution, allowing customers to identify minority-owned and small business suppliers within their base. The data is provided by Dun & Bradstreet’s Diversity Database, the most trusted and definitive source of diverse business information in the market today.

“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.”

Diversity is not only a value and ethical expectation held by many companies, but also an economic driver, which leads to increased profits and innovation. The Hackett Group’s Supplier Diversity Study found that companies who dedicate 20% or more of their spend to diverse suppliers can attribute as much as 15% of their annual sales to supplier diversity programs. [1] The study also found that 99% of diverse suppliers meet or exceed expectations, with nearly a quarter exceeding expectations. [2]

The diversity indicators in Basware Supplier Management enable customers to quickly determine the minority-owned and small business supplier status within their network, helping organizations develop and evolve their supplier diversity programs. Conversely, culling through the data and assigning classifications manually would expend the procurement team’s valuable time and effort.

“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,” states 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.”

Diversity information is uploaded for all suppliers in the Basware Supplier Management tool. Data for existing suppliers is automatically enriched when imported and is done so during the onboarding process for new suppliers. Diversity indicators can also be exported to other customer systems (ERPs) via application programming interfaces.

[1] https://www.michiganstateuniversityonline.com/resources/supply-chain/the-importance-of-diverse-suppliers/#:~:text=Diverse%20suppliers%20can%20be%20a,the%20economy%20and%20encouraging%20innovation.

[2] https://www.thehackettgroup.com/news/top-supplier-diversity-programs-broaden-value-proposition/

https://www.basware.com/en-en/newsroom/
Submit your logistics, material handling, or supply chain related company news in Supply Chain Quarterly's's Industry Press Room section or New Products section
Finance Procurement Technology
KEYWORDS Basware
  • Related Articles

    Basware Adds Integration & Further Automation Capabilities to Procurement Solution, Purchase Manager

    How to build a supplier diversity program that will drive long-term impact

    Basware Adds Tools for Power Users in Accounts Payable Release to Improve Usability for Non-AP Staff

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Forecasts call for freight rate slumps in 2023

  • Projected U.S. recession in early 2023 will soften freight market

  • Inflation drops again as interest rate hikes hit home, NRF says

  • How to avoid the next crisis: A new approach to supply chain agility

  • New Jersey truck fleet says Freightliner tractors will deliver safety as well as freight

Featured Video

20221107korber large vs

Enhancing Customer Experience with Your Supply Chain Strategy

Viewer Contributed
With the rise of e-commerce, many businesses have had to transform their warehouses to handle online orders in addition to regularly scheduled inventory shipments. This means warehouses need more information than ever before to ensure they can meet customers' needs. As a result, companies need to select warehouse...

FEATURED WHITE PAPERS

  • Guide to Pallet Rack Safety

  • 3PLs: Complete Orders Faster with Flexible Automation

  • A shipper's guide to navigating post-pandemic holiday freight

  • THE NEW WAY TO WAREHOUSE: 4 Innovations in Automation & Robotics to Boost Warehouse Productivity

View More

Subscribe to Supply Chain Quarterly

Get Your Subscription
  • SUBSCRIBE
  • E-NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing