New sourcing and contract management tools from Basware Inc., the U.S. unit of Finland's Basware Corp., enable companies to monitor and manage all of their sourcing projects in one place and streamline the management of each contract throughout its entire lifecycle. The applications also enhance the procurement process and straight-through processing (STP) capabilities of Basware's purchase-to-pay product suite.

Basware RFx lets companies collaborate around sourcing projects, organization-wide, internally as well as with suppliers. Users can create and submit sourcing documents, such as requests for information or proposals, and evaluate them according to common criteria set in the system. The second tool, Basware Contract Lifecycle Management, streamlines the management of each contract. It lets financial professionals develop and maintain client/partner business agreements in one centralized place, enabling easy access to contract information. It includes automated handling of contract-based invoices, contract-based self-billing and automatic handling of purchase orders based on contract definitions.