Basware vs Workday Spend Management

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Our analysts compared Basware vs Workday Spend Management based on data from our 400+ point analysis of Procurement Software, user reviews and our own crowdsourced data from our free software selection platform.

Basware Software Tool
Workday Spend Management Software Tool

Product Basics

Basware offers networked source-to-pay tools, e-invoicing, analytics and value added services. It facilitates automated operations and management, spend and supply chain visibility, supplier management, early payment discounts and more. It helps reduce paperwork, save time and effort spent in manual work, boosts working capital and enhances business ROI. It serves B2B companies of all sizes and industries.
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Workday Spend Management is a comprehensive solution designed to streamline procurement processes, making it an ideal choice for medium to large-sized organizations seeking to optimize their spend strategies. This software stands out for its ability to integrate seamlessly with other financial and HR systems, providing a unified platform that enhances visibility and control over company spending. Among its most celebrated features are automated procurement workflows, real-time budget tracking, and advanced analytics, which collectively contribute to more informed decision-making and operational efficiencies. When compared to similar products in the market, users often highlight Workday Spend Management's user-friendly interface and the robustness of its reporting tools as key differentiators. Pricing for Workday Spend Management is typically subscription-based, varying according to the size of the organization and the specific modules required, ensuring that companies can tailor the solution to their unique needs without overspending.

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$15,000/Invoice Transaction, Annually
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Tailored to your specific needs
$5,900 Annually
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Tailored to your specific needs
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Product Assistance

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Product Insights

  • Eliminates Paperwork: Reduces paperwork by digitizing all operations starting from point of order placement to payment. 
  • Increases Visibility: Offers complete visibility for spend, suppliers, buyers and the supply chain. 
  • Saves Time and Effort: Streamline work using AI and machine learning, which help automate manual tasks such as invoicing, account payable management and other day-to-day tasks. 
  • Boosts Working Capital and Cash Flow Visibility: Improves the flow of payments through early payment discounts offered to suppliers for releasing payments quickly. Adoption of e-invoices improves cash flow visibility. 
  • Strengthens Supplier Relationships: Offers tools for supplier registration, pre-approved workflows and questionnaires to evaluate supplier performance management and help improve relationships with suppliers. 
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  • Streamlined Procurement Processes: Workday Spend Management simplifies the procurement process, enabling businesses to quickly and efficiently manage their purchasing activities from requisition to payment, reducing the time and effort required for procurement tasks.
  • Enhanced Spend Visibility: The software provides comprehensive insights into company spending, allowing organizations to identify spending trends, uncover cost-saving opportunities, and make informed budgeting decisions.
  • Improved Supplier Management: With Workday Spend Management, businesses can better manage their supplier relationships, including maintaining up-to-date supplier information, tracking performance, and leveraging supplier data to negotiate better terms.
  • Increased Compliance: The platform helps ensure compliance with both internal policies and external regulations by automating approval workflows, enforcing purchasing policies, and providing detailed audit trails for all transactions.
  • Cost Savings: By streamlining procurement processes and providing visibility into spending, Workday Spend Management helps organizations identify inefficiencies and reduce costs, leading to significant savings over time.
  • Scalability: Workday Spend Management is designed to grow with your business, easily adapting to changes in size, structure, or procurement needs without requiring significant additional investment or resources.
  • Enhanced Collaboration: The platform facilitates better collaboration within procurement teams and across departments by providing a centralized system for managing procurement activities, sharing information, and communicating about procurement tasks.
  • Real-Time Data Access: Workday Spend Management offers real-time access to procurement data, enabling decision-makers to quickly obtain the information they need to make timely and effective decisions.
  • Integrated Financial Management: The software seamlessly integrates with other financial systems, providing a unified view of financial data and enabling more accurate financial planning, budgeting, and forecasting.
  • User-Friendly Interface: With its intuitive design and user-friendly interface, Workday Spend Management makes it easy for users of all skill levels to navigate the system and perform procurement tasks efficiently.
  • Mobile Accessibility: Workday Spend Management's mobile capabilities allow users to manage procurement tasks on the go, increasing productivity and ensuring that procurement activities can continue uninterrupted, regardless of location.
  • Customizable Reports and Dashboards: The platform offers customizable reporting and dashboard features, enabling businesses to create tailored reports that meet their specific needs and provide actionable insights into their procurement activities.
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  • Procure-to-Pay: Offers automation for several features including point of order, purchasing, receiving and payments, accounting and more. 
    • Analytics: Provides access to spend and helps identify opportunities, optimize cash flow and make strategic, data-driven decisions. 
    • AI and Machine Learning: Replaces manual tasks, captures invoices, performs data extractions, saves time and reduces the probability of errors. 
    • Support Services: A customer care team of dedicated support specialists assists with identifying and resolving issues, as well as modifying business processes. Other features include customer service management that enables continuous improvements in organizational processes and offers several supplier enablement tools. 
    • Source-to-Pay: Supports strategic contract lifecycle management and sourcing to strengthen vendor relationships along with negotiation stages. Also offers electronic purchase requisition procurements, validation of invoice receipts and discount management on early payment. 
  • AP Automation:  
    • Discount Management: Several tools support supplier activation, automation, analytics and dynamic discounting to carry out discount management with ease. 
  • Network:  
    • E-Invoicing for Buyers: Connects users with suppliers to let them share invoices electronically. Receive invoices in any format such as XML, EDI, PDF or paper, which the solution converts to deliver as an electronic invoice. 
    • E-Invoicing for Suppliers: Receive POs and share invoices with buyers electronically. Ensures compliance and global operations. Improves transaction status visibility and timely payment performance. 
    • Network Interoperability: Provides open network interoperability with 220+ e-invoicing network partners globally. Includes country-specific networks as well. 
  • E-Procurement:  
    • Marketplace: Connect with suppliers through punchouts and catalogs to facilitate guided purchasing, e-procurement, price negotiations, supplier collaborations and more. 
    • Strategic Sourcing: Helps conduct and manage electronic auctions, collect, store and evaluate supplier information, manage projects and contracts, and onboard suppliers easily and quickly. 
  • Supplier Management: Enables centralized visibility over supplier information, with automated updating in real time. Includes end-to-end visibility for each supplier’s performance and facilitates timely receipt of payments. 
  • Working Capital: Leverage automated and integrated visibility into spending, a variety of discount programs for receipt of early payments, dynamic discounting and more. 
  • Travel and Expense Management: Submit travel plans for approval before reservations and capture, claim and take actions on submitted expenses and reports at any time via the mobile app. 
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  • Strategic Sourcing: Achieve quick implementation and collaborate with suppliers and stakeholders on contracts based on dynamic negotiations to source project intake seamlessly. Access real-time data to track savings, reporting, supplier performance and activity for a streamlined workflow. 
  • Procure to Pay: Create, categorize and manage purchase requisitions, orders, supplier invoices and policies to streamline P2P processes under a centralized space. Eliminate manual labor with machine learning to access real-time spend analytics. Automate the process to control spend data in a flexible manner. Enable a live chat option to receive quick status updates on invoices and requisitions. 
  • Inventory: Access robust inventory controls and supply chain analytics within a centralized, flexible framework. Store, track and manage inventory without any external interference using mobile controls. Gain complete visibility and instant data analysis of reports. 
  • Expenses: Minimize paperwork and manual labor by automating the process of expense reporting. Scan and upload receipts to automatically create expense reports based on expense category, price and other details. 
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Product Ranking

#6

among all
Procurement Software

#79

among all
Procurement Software

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Analyst Rating Summary

84
81
we're gathering data
65
we're gathering data
77
we're gathering data
100
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Analyst Ratings for Functional Requirements Customize This Data Customize This Data

Basware
Workday Spend Management
+ Add Product + Add Product
Budget Management Contract Management Dashboard And Reporting Invoice Management Mobile Capabilities Native Integration And Extensibility Platform Capabilities Product Catalog Purchase Orders Management Receiving And Inventory Management Requisitions Sourcing Spend Management Supplier Management 65 77 100 59 80 70 88 79 88 78 92 100 75 89 0 25 50 75 100
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we're gathering data
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Analyst Ratings for Technical Requirements Customize This Data Customize This Data

67%
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User Sentiment Summary

Great User Sentiment 289 reviews
Great User Sentiment 578 reviews
85%
of users recommend this product

Basware has a 'great' User Satisfaction Rating of 85% when considering 289 user reviews from 4 recognized software review sites.

86%
of users recommend this product

Workday Spend Management has a 'great' User Satisfaction Rating of 86% when considering 578 user reviews from 4 recognized software review sites.

4.0 (110)
4.2 (24)
3.9 (22)
4.4 (65)
4.5 (139)
4.4 (415)
4.0 (18)
3.7 (74)

Synopsis of User Ratings and Reviews

Implementation: All reviews on the topic suggest that it’s extremely simple and affordable to implement.
User Interface: The software has a clean, interactive and user-friendly interface, according to 100% of reviews on this aspect.
Easy to Learn: Every reviewer mentioning this aspect agrees that it’s quite easy to learn and adapt to, without any technical training.
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Streamlined Procurement: Workday Spend Management helps to simplify the procurement process, making it easier for businesses to manage their spending. The platform offers a centralized location for purchase orders, invoices, and contracts, which can help to reduce paperwork and improve efficiency.
Enhanced Visibility: Gaining better visibility into spending patterns is another advantage. The platform provides real-time insights into spending data, which can help businesses to identify areas where they can save money. This can be especially helpful for businesses that are looking to reduce costs or improve their bottom line.
Improved Compliance: Workday Spend Management can also help businesses to improve compliance with procurement policies and regulations. The platform offers features such as automated approval workflows and audit trails, which can help to ensure that spending is compliant with company policies.
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Program Lags: The software may lag or freeze sometimes while transferring multiple invoices at once, according to all reviews on this aspect.
Support Ticket: Ticket and issue management is slow sometimes, as all reviews on the quality of support suggest.
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Usability Challenges: Workday Spend Management can have a steep learning curve due to its complex interface and navigation, especially for those accustomed to more intuitive platforms. This complexity can lead to decreased user adoption and require additional training resources.
Customization Limitations: The system's rigidity can pose challenges for organizations with unique or industry-specific procurement needs. For example, tailoring approval workflows or integrating with niche third-party applications may require extensive configurations or custom development, which can be time-consuming and costly.
Reporting Constraints: Generating ad-hoc reports or extracting specific data points can be cumbersome, often requiring users to navigate through multiple modules or rely on IT support. This can hinder data-driven decision-making and limit visibility into spending patterns.
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Basware is a solution for companies looking for source-to-pay tools, e-invoicing, analytics and value-added services. It is easy to learn, which is a prominent advantage of the suite. Reviews suggest that it is easy and affordable to install as well. However, the program lags sometimes when transfering a lot of invoices at the same time. Support resolution is also slow according to user reviews. Altogether, it’s a fine choice for B2B companies looking for a purchase-to-pay and e-invoicing solution with a user-friendly interface and affordable price.

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Workday Spend Management's ability to streamline spend analytics and automate tasks has resonated with businesses seeking greater efficiency and cost savings. Positive feedback highlights the software's intuitive design, which allows users to easily monitor expenses and engage with suppliers. The automation of procurement processes, including purchase requisitions and invoice management, has significantly reduced manual labor for many organizations. Workday Spend Management stands out from the competition with its strategic sourcing capabilities. The platform facilitates collaboration with suppliers and stakeholders, enabling dynamic negotiations and seamless project intake. Real-time data on savings, reporting, and supplier performance empowers businesses to make informed decisions and optimize their supply chains. When compared to other spend management solutions, Workday's offering shines in its ability to provide a centralized platform for managing various business areas, including human resources, financial planning, and data analytics. This comprehensive approach allows for greater visibility and control over spending across the entire organization. Workday Spend Management is an ideal solution for businesses of all sizes looking to enhance their spend management practices. Its scalability and flexibility make it suitable for organizations with varying needs and complexities. The platform's ease of use and comprehensive features empower businesses to save time and money while gaining valuable insights into their spending patterns. Whether you're a small startup or a large enterprise, Workday Spend Management can help you optimize your procurement processes and achieve greater financial control.

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