For IT teams and increasingly multiple other business functions, ServiceNow platform is becoming a one-stop platform for addressing their business needs. In that list of business functions, Procurement function is also at the forefront. In order To play a strategic role in digital transformation, procurement team needs to modernize and adopt newer platforms. Their needs are primarily defined by automatic invoice data extraction, intelligent 2-way and 3-way match along with heavy collaboration.
Specifically, extracting data from thousands of invoices across thousands of vendors is challenging and semi-automatic, at best. The majority of the organizations use manual, outsourced BPO services to extract invoice data. However, all manual data extraction is plagued with manual errors and delays.
Managing Accounts Payable on ServiceNow platform using Aavenir AP Automation Solution
Aavenir’s latest AP Automation is focused on providing complete AP Automation, including the most advanced Invoice Extraction, using AI and NOW platform. Here a quick reference workflow to show how it works:
With combined strength of ServiceNow platform and powerful Aavenir’s AI engine, Aavenir AP solution reduces time and efforts on invoice processing by 50%. The efficiency is achieved by:
- Cognitive Invoice Data Capture
- Intelligent Data Validation for 2-way and 3-way Match
- Invoice Payment Approval Workflow on ServiceNow
Cognitive Invoice Data Capture
Aavenir AP Automation solution offers AI enabled zero-touch invoice data capture capabilities.
The process is very simple:
Let your suppliers send invoice – in ANY format with any of the following methods –
- Soft copy of the invoice, to a designated email address
- Hard copy of the invoice, and let your store workforce take a picture of invoice with the Aavenir Mobile App
- gather all your historic invoices in a single secure repository for periodic processing
Any of these methods can invoke Aavenir’s AP Automation Solution that auto-magically extracts all relevant data from invoice and creates a ServiceNow Invoice object. This proprietary Machine Learning algorithm learns invoice data patterns over period and extracts invoice data elements (e.g. invoice number, product code, product name, quantity, amounts, company names etc..) without telling the system which fields appears in which location in given invoice. This fascinating innovation using Machine Learning, all the manual steps to capture invoice data gets eliminated. Also, there is no need to define any invoice formats as well. The smart Aavenir system knows it all or learns it pretty quickly. Post extraction, the information is ingested into ServiceNow invoice object and designated data fields of Invoice object.
Intelligent Data Validation for 2-way and 3-way Match:
Traditionally, AP team had to manually identify exceptions among invoices, POs and GRNs. The Aavenir AP solution uses advanced ML engine to perform 2-way, 3-way matching of invoice data and derive insights from the extracted information using:
- ServiceNow purchase order requests
- Goods receivable notes captured via Aavenir AP Mobile app (same as invoice capture)
- Contract information captured using Aavenir CLM solution
AI engine resolves all exceptions to enable intelligent decisions for invoice data validation. In case of exceptions, a workflow is triggered for human intervention and then the updated data is integrated back into ServiceNow Invoice object workflow.
Invoice Payment Approval Workflow on ServiceNow
Aavenir AP Automation application not only optimizes invoice and GRN data capture and validation processes but also improves existing manual payment approvals to automated workflow. Aavenir AP automation application enables collaboration among accounts payable executives, procurement teams, finance professionals, and the broader workforce. Additionally, innovative ServiceNow workflow features like mobile experience, chatbots, machine learning, natural-language voice commands and predictive analytics will all enhance and expedite accounts payable workflow automation.
Benefits of Aavenir AP automation
Unlock the Productivity
- Up to 4X reduction in number of manual touches, AP team confirm payments faster
- 6x faster extraction of invoice information than manual efforts
- Higher number of invoices implies low invoice processing cost up to $0.05 per invoice
- Automatically enter or track granular data of all invoices
- Achieve up to 98% accuracy with reduced human intervention