In 2017, Watermark’s Procurement and AP Team faced a challenge: our contracting, purchasing, and invoicing processes needed to be modernized. The team made great strides by implementing a Procure-to-Pay (P2P) system using Determine and DocuSign, which helped automate many tasks. But as technology progressed, and through feedback at Watermark’s 2023 Summit, it became clear that a simpler, more efficient solution was needed.
That’s why, in 2024, we introduced Basware, a cutting-edge Accounts Payable (AP) automation tool. Basware uses AI and machine learning to streamline the purchasing and contracting processes while also reducing risks. Some key features of Basware include:
- Built-in guides and tutorials to help users navigate the system
- A “Ring the Bell” feature for instant assistance within the platform
- Self-service purchasing options for ease of use
- Automated 2-way matching of purchase orders and invoices
- An improved user experience for supplier and contract management
The results? Associates at Watermark’s Resource Center and community directors are already seeing significant time savings and fewer errors. Automated receiving and smart coding of invoices have dramatically sped up our AP process, while shopping for items through supplier catalogs is now simpler and ensures we’re getting negotiated prices through our National Group Purchasing Organization (GPO).
Watermark community leaders have expressed their appreciation for listening to feedback from the communities, stating that Basware has made a noticeable difference: “Basware has freed up so much of my time that the residents are feeling the impact, and they’re thriving.”
Looking ahead, the Procurement Team is working on additional improvements. By January 2025, Basware will also automate supplier statement reconciliation, further reducing manual work and enhancing accuracy. Additional plans include connecting the budget tool Vena to Basware, thus eliminating manual entries. These improvements will save time and boost efficiency for all Watermark communities.
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