Basware Appoints Head of AI and CIO to Lead Innovation Drive

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Basware Appoints Head of AI and CIO to Lead Innovation Drive
Basware Appoints Head of AI and CIO to Lead Innovation Drive

Two experts will further Basware’s investment and leadership position with its AI product offering and digital transformation. 

CHARLOTTE, N.C., and HELSINKI, FinlandFeb. 28, 2024 /PRNewswire/: Basware, a global leader in AP automation and invoice processing, has announced the appointments of Anssi Ruokonen as its Director of AI Research and Enablement and Barrett Schiwitz as its new Chief Information Officer (CIO).

Ruokonen will further enhance AI technology within Basware’s product and service offerings, while Schiwitz will oversee Basware’s digital transformation projects to deliver an ever-improving customer experience.

Generative AI has the potential to generate upwards of $4.4 trillion across all industries, according to McKinsey. Basware’s AI strategy is centered around expanding its innovation lead within its product offering and doing better with its customer experience.

The company is already utilizing AI through its SmartPDF system, which automates the conversion of machine-readable PDFs to e-invoices with over 97 percent accuracy, removing the need for outdated manual processes. Last year, Basware also teamed up with Microsoft to announce the use of ChatGPT within its customer support function, called AskMary.

Ruokonen will lead Basware’s AI development, shaping the company’s strategy, research, and approach to AI, and implementing AI technology to optimize Basware’s product offering and enhance operations across the business. He joins from the AI firm Fluentic, where he served as Chief Product Officer.

Ruokonen will be based in Helsinki, Finland, and be part of Basware’s Products, Cloud Engineering, and Operations (PCE&O) function.

Anssi Ruokonen, Director of AI Research and Enablement, Basware, said: “Basware’s commitment to leveraging AI in transforming business operations is exciting, and I’m fascinated by AI’s potential in revolutionizing industries. Basware’s position enables us to leverage AI in every aspect of our business, directly translating to increased customer value. By automating routine tasks, AI frees up the human intellect to focus on creativity and strategic thinking. The democratization of AI means not just easing existing work but empowering every team member with new capabilities.”

Basware is a world leader in AP automation, developing and integrating AI solutions to deliver benefits across the invoice processing cycle, including invoice capture, data extraction, and PO (purchase order) matching. Through SmartCoding, Basware further automates the coding of invoices without a PO. SmartCoding leverages AI and uses the history of a supplier’s invoices to automatically code and send invoices along the workflow by creating rules for non-PO invoices. Basware Insights has further harnessed AI to identify the risk of late invoice payments, capture early payment discounts, and analyze patterns in transaction data to help predict cash flow.

Meanwhile, as Chief Information Officer (CIO), Barrett Schiwitz will oversee Basware’s digital transformation projects, including the technological advancement and management of Basware’s internal digital transformation to allow staff to better serve customers. The project will completely revamp Basware’s systems and data across all functions, starting with customer-facing areas. This initiative will be supported by major investments in new systems and education to empower staff to deliver more value to customers.

With more than 30 years’ experience in the technology sector as a transformation leader, implementer, and software developer, Schiwitz will strengthen Basware’s technology team as part of the company’s overall digital strategy. Prior to Basware, Schiwitz served as SVP of Integration and Business Transformation at tech firm Snap One.

Based in Atlanta, Georgia, Schiwitz will be a part of the executive team and report to CEO Jason Kurtz.

Barrett Schiwitz, Chief Information Officer, Basware, said: “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. I’m excited to be a part of the team and leverage my experience to make an impact by leading the digital transformation strategy across the business to make technology work better for employees and customers.”

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