The State of Utah processes IT Vendor Invoices 5X faster with full control and visibility over spend

About Company

Nestled in the mountains and valleys, the State of Utah is one of the best-managed states in the United States of America. Division of Technology Services (DTS) of Utah government delivers innovative, convenient, secure, and cost-effective solutions that empower partners to simplify lives of Utah residents.

Invoice Management Challenges

DTS uses ServiceNow to evaluate business cases for IT related projects or purchases, including internal apps, software licenses, fixed assets, and other IT products or services. The DTS Finance team then evaluates the business case, manages purchase requisitions (PO), and invoice payments using in-house tools along with custom applications and tables built on ServiceNow.

SoU works with 600+ IT vendors that send 8000+ paper-based invoices per year with multiple invoice attachments per email or post. The manual coding and data entry of thousands of IT invoices with multiple line items and varied payment terms was very tedious and error-prone. The SoU’s finance team had one person manually matching invoice data with PO, receipts, and vendor data.

The SoU finance team had the most trouble getting a PO issued against random and ad-hoc hardware or software purchasing from 10-12 vendors. On the other hand, the receiving center could only really update receipts for hardware purchases. The purchases of software or services still had to be manually checked over the emails saying- “Hey, did you receive X services?”.

“SoU had a custom-built purchase application on ServiceNow, which runs to our expectations. However, we knew that building an AI-enabled invoice processing solution on ServiceNow and integrating it to our purchasing system was definitely going to be a time-consuming project, which would need skilled ServiceNow resources.” said Tyrel King, Financial Manager II at the SoU - DTS.

The Solution: Aavenir Accounts Payable Automation Solution for Government Sector

SoU implemented Aavenir Invoiceflow on their existing Now platform to streamline the Accounts payable for IT vendors. Now, 100% of IT vendor invoices are stored on ServiceNow on the day of receipt using Aavenir’s artificial intelligence (AI) technology.

AI-enabled invoice data entry and matching: 

Aavenir Invoiceflow’s AI-engine learns the unique invoice patterns and automates invoice coding and data entry for thousands of invoices. Built with the latest machine learning technologies, Aavenir offers 80% accurate data entry. Aavenir automatically validates the invoice data with purchase order tables on ServiceNow and Vendor data using custom rules. SoU has implemented a custom PO-matching workflow per procurement category.

Frictionless invoice approval workflow: 

After the invoice data is captured, the DTS Finance team reviews the invoice and adds header details if needed. Invoices over a certain threshold amount or specific purchase categories are then routed for faster approvals by one or more approvers using the ServiceNow-powered most advanced and easily configurable workflow engine.

Exception handling workflow: 

If needed, approvers can reroute invoices for exception handling for certain cases such as invoice amount is different than PO, duplicate invoice number, and more. For non-PO invoice, Aavenir automatically initiates a request to assign a cost center. Based on the cost center and the invoice line items, Aavenir then automatically creates a purchase requisition. 

Invoice payments: 

After the invoice is approved, Aavenir Invoiceflow offers a way to enter invoice information in SoU’s existing payment system FiNeT. After the payment, it automatically updates the status in Aavenir Invoiceflow with the payment information. 

Key Results

After digitizing AP process with Aavenir, SoU consolidated end-to-end invoice processing on ServiceNow with key benefits such as: 

5x faster data entry: 

AI-enabled automated invoice data entry has drastically reduced time from hours to minutes. And, that’s a huge value add because it gives the finance team near real-time insight into all invoices and they can manage cash flow better.

70% faster invoice lifecycle: 

SoU’s finance team took up to 10 days to process an invoice with a potential risk of late payments, duplicate payments, or lost discounts. With Aavenir, it’s been shortened to about 1 day per approver, so 2 to 3 days total in most cases – that’s a 70% reduction in the invoice lifecycle.

Better collaboration between remote teams: 

Amidst COVID-19, the AP team worked remotely and began requesting electronic approvals over long email chains. Aavenir provided full control over invoice lifecycle with smart, intuitive, and actionable AP workflows that enabled frictionless communication between AP and other business departments.

Complete spend visibility: 

Aavenir Invoiceflow dashboard gave a complete visibility of invoices by status (pending/overdue / or other), invoices by procurement category, by the vendor, and so forth.

 

Express Professionals Achieves Contract Visibility for Services Agreement

About Company

Founded in 1983, Express Employment Professionals serves customers globally through a network of more than 850 franchise locations worldwide. 

Express used Symfact as their primary contract management solution to manage all the service agreements, vendor, franchise, and employee agreements. With an increasing number of contracts and limited functionality in Symfact, contract managers at Express wanted to achieve a single source of truth for all their service agreements and contracts, and also simplify the contract authoring and storage. 

Moreover, Symfact is an OnPrem contract solution making it challenging to work across borders, and needed a cloud-based contract management solution. Also, the contract managers wanted to implement role-based contract access with streamlined contract audits that comply with their monthly, quarterly compliance schedules. 

Key Contract Management Challenges

We work with 800+ vendors and recruitment partners, making it challenging to get visibility for contracts created, canceled, processed, and signed. We are looking to adopt AI and get contract visibility across all the agreements which lacked in the on-premises contract management solution. Another challenge for Aavenir’s team was to abstract and migrate all the legacy contracts to the ServiceNow platform shared with the customer.

The key challenges include:

"Not all contracts are the same, and automating the contracting process with AI-based workflows helped us streamline the review process for all categories of contracts. Aavenir Contractflow added verifiable value to our processes with a unified contract repository, automated notifications, and dedicated contract management dashboards to manage contracts for our International Headquarters and for 800+ franchise offices worldwide.

Not to mention the flexibility for customizations, priority training, and support received by team Aavenir was phenomenal.”

-Jared Mashaney
Sr. Counsel | Director of Contracts and Franchising, Express Employment Professionals

 

The Solution: Aavenir Contract Lifecycle Management Solution for Professional Services

Express’ service agreements are managed in Symfact, and all the data needed to be migrated to the ServiceNow platform as it offers more flexibility. Aavenir Contractflow is an AI-enabled cloud-based contract management solution built natively on the ServiceNow platform delivering Microsoft Word enabled contract authoring, secure storage, and advanced contract reports with contract audit dashboards. Additionally, they wanted to simplify the contract workflow process, keeping the entire contracting process streamlined in a single system. Moreover, contract redlining and editing contract agreements were easy with Aavenir Word add-in.

AI-enabled Contract Authoring + Centralization 

Express can create multiple service agreements and consolidate all contracts in a centralized repository on Now Platform with enhanced contract search functionality. AI helped to create contracts directly from emails and other digital documents, simplifying the contract authoring cycle. 

Cancel Contracts with Flexible Workflows

Some of the service agreements were required to be canceled in real-time which was achieved with Aavenir Contractflow. Also, the solution offered custom contract processing workflows based on the vendor type. The signing of contracts was implemented to capture both wet and e-signatures.

Renaming Contracts with Drag n Drop Contract Creation from Attachment

Express’ contract management team needed to create agreements on the fly, so a custom implementation was enabled in Aavenir Contractflow where users can create agreements by simply drag-n-drop of email attachments and the AI would create contracts on the fly. This shortens the contract creation time and proper contract version controls were maintained in the centralized contract management system. Renaming contract agreements were also implemented in the Aavenir Contractflow solution to maximize efficiency and reduce contract creation time.

Contract Reports & Dashboards 

Aavenir Contractflow offered custom contract dashboards providing contract visibility for key metrics like contract by month, contract cycle time report for individual contract types, contract due to renewal, upcoming renewals, total spend by vendor, total spend by status, and more. 

Key Results

Express Professionals and Aavenir teams went through a series of sessions for successful implementation and adoption. And, it wasn’t long before they saw the benefits of using Aavenir Contractflow.

 

Leading investor services provider manages SLAs with secure and centralized contracts

About Company

One of the world’s top 10 financial groups with a presence in more than 40 countries supports businesses with a range of tailor-made financial services and corporate banking products.

The firm’s Investor services subsidiary provides asset administrative services to investment and asset management companies around the world, offering a broad array of services - for managing thousands of funds and multiple alternative asset classes, in all major jurisdictions worldwide.

Contract Management Challenges

The Investor services provider manages various types of services agreements, process frameworks, fee agreements, and other contractual documents per customer. These multipage documents prepared in form of spreadsheets, PDF, or MS Word were being stored in multiple repositories and shared folders. The firm’s advisors need to manually compile all documents, monitor SLAs, and define the actions. This involved maintaining various spreadsheets, copying and pasting data into a master document, categorizing terms, formatting the report, and sending a PDF to the clients. Each contract has multiple SLAs and monitoring compliance using spreadsheets and ad-hoc tools was not effective. All told, each report could take as long as an hour to produce, and a separate report had to be created for hundreds of clients every month.

Part of the challenge was to ensure a high level of security, full transparency, and compliance with IT guidelines for the Sarbanes-Oxley Act (SOX) and AML/KYC legislation, the firm was looking for a solution that can offer a highly secure contract repository and digital workflows without compromising the user experience.

 

"Our organization was riddled with the challenges of retrieving contracts, manually compiling all related documents, monitoring SLAs or the key terms associated with contract documents, and defining financial action plans. We needed a solution that would help us reconcile all documents and SLAs per customer, and that’s when we looked at Aavenir. We found Aavenir was super easy to use and addressed our complex security concerns with contract storage. Because it is built on ServiceNow, it offered a quick setup and we expect it would bring immense visibility into contract management process down the line.

- Director technology business management, operations & financial manager 
at the world’s leading finance group

 

The Solution: Aavenir Contract Lifecycle Management for Financial Services

The firm was heavily using ServiceNow as their underlying technology platform for multiple enterprise applications and turned to Aavenir Contractflow to centralize all contractual documents and reduce manual efforts in monitoring SLAs tied to contracts.

Highly secure contract repository:

Having Contractflow on their existing Now platform keeps sensitive information secure — because the data never leaves ServiceNow.The firm’s IT audit team and Aavenir successfully sailed through different stages of security and risk audit of the application before go-live. The process involved a complete IT audit of information security and preparation of documents such as software design, dependencies, administration, security & governance guidelines, and much more.

Full-text contract search:

Contract managers can now perform a Google-like wildcard search across contracts using any keyword or filter contracts by contract type or customer name - with the click of a button.

Ease of contract creation:

The firm easily configured a number of custom field-based forms and document templates to be used to enter client information, contact details, related SLAs, action plans steps and benchmarks, and other details while contract creation.

Faster and automated reporting:

Rather than the contract managers manually creating each report from scratch and updating spreadsheets each time, Aavenir dashboards and reports do the work for them. The firm can track deliverables, monitor SLAs, and key obligations per customer, and identify the volume of contracts in approval or sent for signing.

Key Results

After a detailed IT audit process, the firm on-boarded Aavenir Contractflow through a series of sessions for successful implementation and adoption. Within a short time, they realized the following key benefits of using Aavenir Contractflow.

The single version of the truth:

Having centralized contracts using Contractflow on the unified Now platform made the process standardized, secure, and easy to maintain. It will also allow low-code/no-code integrations with other systems to maintain a single version of the truth.

Massive time savings in contract management:

Team members who once spent days working on manual documentation can now monitor SLAs, and develop financial action plans within a couple of hours/one hour to 30 secs.

Increased visibility to SLAs:

Contract managers can easily track all SLAs' details and identify the stage the SLA is in and if it has not complied. The SLA log details help understand the progress of an SLA and the amount of time required to complete the task.

 

Reece Streamlined Contract Storage and Approvals with Aavenir

About Company

Listed on the Australian Securities Exchange (ASX: REH), Reece Group operates Australia’s largest plumbing and bathroom supplies business for more than 100 years. All plumbing, bathroom, and HVAC-R products are sourced both locally and internationally from over 600+ locations across Australia and New Zealand. The group distributes plumbing, waterworks, and HVAC-R products to residential, commercial, and infrastructure customers through 800 branches in Australia, New Zealand, and the United States.

Contract Management Challenges

Reece handles a variety of contracts including procurement, sales, and other commercial contracts. Most of Reece’s contracts are 3rd party paper contracts. As a result, contracts were increasingly hard to manage and they had to spend significant time reviewing the contractual terms and amendments.

With the increasing contract volume, Recee’s team started facing difficulty in accessing contracts as there was no systematic way of storing them. Contract managers had to spend a great effort in monitoring contract status, so they needed a solution that can provide complete visibility into the contract and its lifecycle stage.

 

"It’s difficult to manage the process of contracts when it is a manual one and you have a huge variety of contracts, in a variety of different formats. Our contracts vary depending on the many different types of contract (considering procurement or customer, product,  business unit, and other factors), so we needed a solution that was flexible, efficient, and collaborative.

By implementing Aavenir, Reece was able to standardize contract workflow that was formal and robust, but still flexible and user-friendly. We wanted a faster contract turnaround time, and Aavenir didn’t disappoint. I would absolutely recommend Aavenir for all ServiceNow Customers.”

- Alison Prior
Procurement and Contract Manager
at Reece

 

The Solution: Aavenir Contract Lifecycle Management for Retail

Reece utilized the ServiceNow Platform for a number of tasks. When Recee’s team found Aavenir Contractflow, an enterprise-class contract lifecycle management (CLM) solution readily available from the ServiceNow App store, the immediate reaction was a positive one as Reece was already familiar with Service Now and it would make the process a lot easier to integrate. Alison and her team were  thrilled with the quick realization of outcomes:

Centralized Contract Storage:

Reece could consolidate all contracts including 3-rd party paper contracts under a single, global, centralized repository on the Now Platform.

Flexible Workflow:

Aavenir Contractflow offered the most flexible workflow engine that can adapt to their needs and future requirements as well. They could quickly upload 3rd party contracts and drive them through the entire process of review, approvals, signatures, and managing renewals/terminations on a unified platform, thereby reducing contract turnaround time.

Contract Analytics Dashboard:

Aavenir Contractflow dashboard provides complete visibility of enterprise-wide contractual processes. They can monitor in real-time – all contracts with pending approvals, pending signatures, upcoming renewals/terminations, expired contracts, etc., and take immediate actions.

Key Results

Reece wanted to make sure contracts were managed and trackable as part of a process robust enough to handle rapid growth. Taking out the manual steps in the process enables the process to be as frictionless and quick as possible, especially as the contract managers are interacting with both legal and non-legal people throughout the process. Another great benefit of the digital setup is vendors can e-sign contracts from anywhere anytime.

Future Roadmap:

Reece wants to leverage AI features of Aavenir Contractflow to understand the commonly used clauses (or most negotiated) and create a clause library from that (or something to that effect) Reece would like to integrate with Salesforce so that they can import all customer data from Salesforce and eventually save the signed contract (with metadata) in Salesforce.

 

 

A leading Pharmacy Benefit Manager (PBM) Automated IT Vendor Invoice Data Extraction and PO Matching on ServiceNow

About Company

In a world in which healthcare is increasingly complicated, a North America-based leading Pharmacy Benefits Manager (PBM) helps patients achieve exceptional medication adherence and best-possible clinical results by providing members with more than 66,000 retail pharmacies across the U.S.; mail-order prescription services with the capacity to fulfill more than 15 million prescriptions per year. A wholly-owned specialty pharmacy focuses on expensive specialized drugs; and highly targeted pharmacy programs for Diabetes, Hepatitis C, and Opioids to balance optimal clinical outcomes with minimized plan costs.

For 25 years, a full-service PBM serves a wide range of clients, including employers, hospital and health systems, unions, TPAs, state and local government, and health planners.

Vendor Invoice Management Challenges

PBM is managing various IT systems provided by multiple IT vendors including IT infrastructure service providers, healthcare software system providers, laptops, and other IT hardware providers. Most of these IT vendors are managed using ServiceNow; the IT department orders directly with vendors and finance had no insight into its accounts payable (AP) pipeline.

There was no centralized storage of IT purchase invoices data. Manual validation of all invoices with PO was time-consuming and resulting in long approval cycles. To shorten the invoice approval lifecycle, PBM wanted a solution that would integrate with its existing IT vendor management system, ServiceNow.

 

"We had no visibility into IT expenditure until we manually extract data from all invoices, which usually takes weeks. With 100+ monthly invoices arriving by email or directly generated by systems, gathering all invoices’ data and manually processing invoices was really slow and error-prone. We needed a technology solution that can not only automate invoice data extraction but also support their unique invoice approval workflow requirements.

- IT Vendor Manager
at the Pharmacy Benefit Manager (PBM) Company

 

Aavenir Invoiceflow Solution: IT Vendor Invoice Processing

PBM is using multiple ServiceNow packaged applications including ITSM, CSM, and procurement. Hence, having Aavenir Invoiceflow on ServiceNow was the obvious choice as they can consolidate vendor information, POs, and invoices on ServiceNow. It helped them with the following:

Automated Historical Invoice Data Validation

PBM started using Aavenir Invoiceflow for processing 3 years’ historical invoices. With the Aavenir team’s support in invoice coding and they could achieve automated invoice data extraction with up to 70% accuracy.

2-way Invoice Data Matching with PO:

Aavenir's configuration engineer could quickly set up business validations rules for automatic 2-way invoice data matching with POs stored in IT Services Management (ITSM) App on ServiceNow. Aavenir also helped set up a completely customized 5-stage complex invoice approval workflow to handle different types of invoice mismatches.

Invoice Approval Workflow

In just 2 weeks, the Aavenir team could help PBM to set up really complex 5-stage invoice approval workflow for all future invoice processing; involving multiple stakeholders and custom business rules using Aavenir Invoiceflow on ServiceNow.

Invoice Status Reports and Spend Analytics

Aavenir Invoiceflow provided complete visibility into all invoices by vendor, by business unit, or by cost center. PBM team is now able to monitor all invoices’ status and monthly trends (in $ and volume) using the dashboard and reports on ServiceNow.

Key Results

PBM’s all IT invoices processing is managed by Aavenir Invoiceflow. As a result, they could achieve the following:

Future Roadmap

PBM wants to leverage AI features of Aavenir Invoiceflow to implement complete auto-posting of all invoices. After the successful automation of all IT Invoices, PBM would like to extend Aavenir Invoiceflow’s capabilities to automate invoice processing for many other departments.

 

T. D. Williamson Gains Full Control into Invoice Process with Aavenir Invoiceflow

About Company

T.D. Williamson (TDW) is the most trusted manufacturers and services organization serving the pipeline industry worldwide for over 100 years. TDW’s global portfolio of products and services includes advanced isolation, integrated pigging, and integrity assessment solutions for both onshore and offshore applications. TDW has partnered in the oil and gas industry to deliver innovative solutions that maximize uptime, improve throughput, avoid a shutdown and minimize risk for customers worldwide.

Key Invoice Processing Challenges

TDW’s accounting team processes and manages approximately 50,000-60,000 invoices per year received at 7 different email inboxes associated with respective business units, but much of its AP processes were manual. Each invoice had to be manually coded and routed for approval. There have been instances where multiple copies of the same invoice(s) received in different inboxes resulting in possibilities of duplicate payment. Additionally, each mailbox has multiple approvers including the AP team and business team resulting in a long invoice approval cycle.

Moreover, manual validation of invoice information with the POs from 5000+ vendors worldwide is a time-consuming process. TDW needed a faster and more accurate way to match invoice data against PO and vendor information stored in ServiceNow Vendor Management Application.

 

“We had a very manual process for receiving, coding, and processing our accounts payable invoices. Most of the activity was email-based and had very limited tracking or the ability to measure where we were in the process. This could result in lost, late, or delayed invoices. We wanted a future-proof solution to automate invoice coding and reduce invoice approvals time.

Accounts Payable was a very time-consuming process for all the groups involved in the invoice process, not just the AP group. A lot of time is spent following up on payments or researching the coding and approval requirements and manually governing delegation of authority rules. A few of the features that drew our interest to Aavenir were their understanding of the procure-to-pay processes, the machine learning capabilities of the platform, and the ease of making adjustments to meet our needs. One of the best experiences we had with this process was working with the Aavenir implementation team. They have been a pleasure to work with and were very accommodating in our efforts.”

- Greg Rice
Director for Global Applications at T.D. Williamson

 

The Solution: Invoice Automation for Manufacturing

Rather than bringing in different technology, TDW wanted to rationalize existing applications and expand the ServiceNow platform capabilities with the resources’ expertise that they have. Ultimately, TDW chose Aavenir because it was built on ServiceNow, which is a core foundational platform for TDW. Aavenir Invoiceflow quickly automated the AP process, leveraging AI for invoice coding, categorization, approver selection, and sending approved invoices for payment.

Invoice Receipt and Automated Invoice Coding

After the implementation of Invoiceflow, all invoices were received in a single inbox. Using AI, Invoiceflow reads information from one or more documents (PDFs, images, excel) per invoice, finds important line items in each invoice document, organizes invoices into useful categories, and makes them easy to access on ServiceNow.

Improved Invoice Visibility with Dashboards

With Aavenir Invoiceflow, there was a single system of record for all Invoices. This helped in the tracking of invoices and achieving cost savings opportunities. Now AP team can measure the performance of the invoice process with dashboards and identify bottlenecks before they occur.

PO and Non-PO Invoice Approval Workflow

Aavenir Invoiceflow manages end-to-end invoice processing workflow and routes approval requests for PO and non-PO invoices using a pre-defined approval matrix and re-routes the request in case of a proxy, out of office, or escalation. The solution sends automated reminders to stakeholders for pending invoice approvals, early payment discounts, due dates, and more.