New Procurement and Finance Report Released From The Economist Intelligence Unit, Sponsored By Basware

Geopolitical issues are expected to have greatest impact Geopolitical issues are expected to have greatest impact When it comes to expectations regarding future trade trends, the two most widely expected to have the greatest impact within the next two years are post-Brexit trade negotiations (23%) and the escalation of the US-China trade war (21%). One respondent even expressed his fear of the lack of free markets in 10 years, seeing these trends as undercutting the progress made to date...

Geopolitical issues are expected to have greatest impact

When it comes to expectations regarding future trade trends, the two most widely expected to have the greatest impact within the next two years are post-Brexit trade negotiations (23%) and the escalation of the US-China trade war (21%). One respondent even expressed his fear of the lack of free markets in 10 years, seeing these trends as undercutting the progress made to date for globalisation. Another source of concern is national barriers to digital trade, including censorship, localisation measures and privacy regulation, which was cited by 13% of respondents.

Preparation is driving improvement in internal processes

Respondents expect trade dynamics to have negative effects, most commonly an increase in procurement costs (35%) and greater supply-chain complexity (29%). The most common preparation that companies have taken to meet the challenges arising from changes in global trade is to review internal controls and procedures (39%).

"With trade dynamics in constant flux, it's encouraging to see that finance and procurement executives are indeed taking proactive steps to avoid negative consequences to every extent possible," states Klaus Andersen, CTO and interim CEO, Basware. "Forward-thinking companies are seeking greater transparency in their supply chains," states Andersen.

"Basware is here to help companies gain visibility and control of their entire source-to-pay process, which enables companies to navigate trade complexities and changes," adds Sami Peltonen, Vice President of Products and Business Management of North America, Basware.

Optimising talent & automation trends

The report also highlighted trends in talent and automation:

The report is available for download here.

About Basware

Basware offers the largest open business network in the world and is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Our technology empowers organizations with 100% spend visibility by enabling the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions. Basware is a global company doing business in more than 100 countries and is traded on the Helsinki exchange (BAS1V.HE).

More information about Basware is available at www.basware.com.