Thrive Networks drastically streamlined invoicing and expense management with Aavenir Invoiceflow
About Company
Thrive Networks delivers next-generation managed services for optimized business performance while eliminating internal resource constraints and staffing worries. It offers fully customizable strategic services to customers with a technology advantage on all aspects of IT infrastructure, including strategy, cybersecurity, cloud and cloud migration, collaboration, networking, disaster recovery, compliance, and more.
Client’s Invoice Management Challenges
Thrive is acquiring new companies, which is significantly increasing their invoice volume and an overwhelming workload for the AP team. The challenges grew with a lack of defined processes, inefficient expense tracking, poor mapping, and more.
Manual Invoice Management
As the business grew and transactions multiplied, the number of invoices received also rose, making it more challenging to handle the influx efficiently. The sheer volume of invoices overwhelmed manual processes and traditional systems, leading to delays, errors, and inefficiencies in processing.
Moreover, suppliers and partners used diverse formats like PDF, paper, or electronic formats like XML or EDI. Each format has its structure, fields, and requirements, making standardizing the invoice processing workflow challenging. This lack of standardization hinders automation efforts and increases the risk of errors during data extraction, validation, and integration with accounting or enterprise resource planning (ERP) systems.
Lack of Visibility
The inability to track the blocker at invoice processing stages poses a significant challenge. This lack of clarity made it difficult to identify and monitor the specific bottlenecks that caused delays or errors in the process, leading to inefficiencies and potential financial losses. Consequently, Thrive needed help to achieve optimal efficiency and accuracy in their invoice processing systems
Further, the manual process of mapping invoices to general ledger (GL) codes was a redundant exercise and highly repetitive, leading to financial inaccuracies. Thrive struggled with small-spend invoice processing that affected cash flow and vendor relationships. The AP workflow lacked a standardized structure and needed to be aligned with predefined business rules, resulting in inefficiencies and delays.
Aavenir revamped our invoice processes. It elevated processing efficiencies with streamlined workflows and powerful AI in place. We are now free from manual invoice processing and exhibit smoother collaborations. Now even large volumes of invoices from different sources seem fine to us.
The Solution: Aavenir AI-enabled Invoice Management Solution for Thrive Networks
Aavenir streamlined the invoicing and expense management on ServiceNow for Thrive by tapping into their ERPs, i.e., GP, and offered an edge to transparency and tracking with defined workflows.
Leverage the usage of AI
Aavenir's intelligent AI engine enabled Thrive to manage large invoice bundles in a single document. Aavenir Invoiceflow AI automatically extracts individual invoices from the bundled paper and generates a separate invoice. Now, each invoice can undergo a complete review and approval cycle independently.
A defined workflow is set for processing invoices of different types and credit memos for smoother and quick approvals. In addition, the automated invoice processing system has reduced the manual effort of bifurcating invoices with redefined cycles.
Integration with ERP system for higher transparency
Aavenir Invoiceflow has powered Thrive with clear and complete visibility of invoices, their status, and lifecycle for each department and every approver involved.
The invoices approved in Aavenir Invoiceflow are automatically pushed to the Microsoft Dynamic GP system so that invoices can be tracked, and payment can be disbursed in GP. After the disbursement, the system fetches payment modes from GP, and payment disbursement notifications or emails are sent to Vendors with payment details.
Intuitive Invoice Management Dashboards
AP Managers can see pending, approved, and paid invoices and identify bottlenecks in invoice processing for enhanced tracking of expenses paid. In addition, the robust reporting and customized dashboards secure confidential and relevant invoices that store critical business information. This further ensures that only authorized personnel have access to relevant invoice data.
Task Automation
Aavenir Invoiceflow automates the monotonous task of reviewing, mapping and approving invoices by shifting to a completely paperless invoicing process for Thrive. The solution has improved the efficiency of their AP team and reduced the timelines for vendor invoice approvals.
Key Results
- 100% paperless invoice processing
- 80% increase in efficiency for invoice processing
- 100% transparency on the status of invoices under processing
- 50% improvement in approval workflows
- Close to 90% accuracy on AI extraction on new invoices added
- 100% productivity in expense disbursements
- 60% improvement in collaboration between financing and suppliers around invoices payment status update