Basware boosts innovation with key AI & CIO appointments

Basware, a global trailblazer in accounts payable (AP) automation and invoice processing, has announced two significant appointments in its innovation drive. Anssi Ruokonen has been appointed Director of AI Research and Enablement, and Barrett Schiwitz as the new Chief Information Officer (CIO).

Ruokonen will play a pivotal role in advancing AI technology within Basware's product and service offering, with a primary objective to enhance the operations across the business. On the other side, Schiwitz will direct Basware's digital transformation projects to deliver an improved customer experience continuously.

Generative AI is anticipated to generate in excess of $4.4 trillion across all industries, according to McKinsey. Basware's AI strategy is intended to widen its innovation lead within its product offering whilst enhancing customer experience. The company is currently employing AI in its SmartPDF system, which automates the conversion of machine-readable PDFs to e-invoices with an impressively high accuracy rate of over 97%. This system eliminates the need for outdated manual processes and was announced last year in collaboration with Microsoft.

Anssi Ruokonen, Director of AI Research and Enablement, Basware, says, "Basware's commitment to leveraging AI in transforming business operations is exciting and I'm fascinated by AI's potential in revolutionising industries. Basware's position enables us to leverage AI in every aspect of our business, directly translating to increased customer value."

Basware is a global innovator in AP automation, developing and incorporating AI solutions to deliver benefits across the invoice processing cycle, including invoice capture, data extraction, and Purchase Order (PO) matching. Through SmartCoding, Basware further automates the coding of invoices without a PO by using the history of a supplier's invoices to automatically code and send invoices along the workflow.

Moreover, Barrett Schiwitz, as the new CIO, will oversee Basware's digital transformation projects. This includes the technological advancement and management of Basware's internal digital transformation, aimed at enhancing staff capabilities to better meet customer needs. Barrett Schiwitz, Chief Information Officer, Basware, says, "Technology plays a central role in any successful business, from finance functions to sales and marketing, and Basware's emphasis on innovation with products and services that make a difference stood out from the rest."

With over three decades of experience in the technology industry as a transformation leader and software developer, Schiwitz is set to bolster Basware's technology team. This appointment is a key part of the company's wider digital strategy. He will be based in Atlanta, Georgia and will be a member of the executive team, reporting to the CEO, Jason Kurtz.