HCL Technologies today entered into a partnership with Basware Corporation for induction of the Finnish software provider's purchase-to-pay solutions to help improve its own customer delivery processes and achieve cost reductions.
HCL will leverage Basware's invoice automation, procurement and connectivity solutions for process enhancement and increased cost reduction to help its clients improve productivity, HCL Technologies said in a filing to the Bombay Stock Exchange.
"Customers are fast-realising that automating their purchase-to-pay process is an important way to drive significant cost reductions and improve productivity," HCL Tech Vice President, Finance and Accounting, Business Services, Randy Mueller said.
The Basware partnership will enable customers to substantially reduce invoice processing time and maximise straight-through processing with minimal manual intervention.
HCL's P2P solution will also provide significant improvements with respect to its clients' working capital requirements by improving Days Payable Outstanding (DPO), eliminating duplicate payments, avoiding interest charges on late payments and taking advantage of early payment discounts offered by suppliers through Basware's purchase-to-pay solutions.
According to a Forrester report, titled, 'Predictions 2011: e-Purchasing Market To Grow 12%', the e-purchasing market is predicted to witness an increase in 2011, taking its size to over $4.4 billion, which indicates that P2P solutions are gaining traction in the minds of business leaders.
Shares of HCL Technologies were trading at Rs 397.60 on the BSE, up 1.81% from their previous close.