Guide to Maximizing Contract Visibility and Expediting Information Access

RFP Questionnaire Checklist

RFP Questionnaire Checklist

Writing an RFP that gets a response isn’t as simple as it looks, especially if you don’t have any expertise. Instead, an attention-grabbing and compelling RFP increases your organization’s chances of securing the required services, attracts quality vendors, and minimizes wait time. 

In this Aavenir RFP Questionnaire Checklist, we have covered the most popular in-depth questions, from general to specific. Also, we have kept a balance of open-ended and closed-ended questions in this list to evoke thoughtfulness and creativity.

To know more, access this checklist by completing the form and clicking “Download Now.

Bid Proposal Checklist

Bid Proposal Checklist

A bid proposal differentiates you from the competitors. It has to be attention-grabbing, as governments or enterprises use it to persuade someone to complete their specific project with service or products

Aavenir Bid Proposal Checklist will simplify your task and boost wins by highlighting the significant proposal criteria document. In addition, it will benefit you with timely and precise documents that will convince the reviewer. 

To know more, access this checklist by completing the form and clicking “Download Now.”

Aavenir Onboardingflow - Centralized Vendor Management Experience on ServiceNow

Aavenir Onboardingflow -  Centralized Vendor Onboarding and Supplier Information Management Experience on ServiceNow

With its advanced capabilities, the Aavenir Onboardingflow solution can help both ServiceNow and non-ServiceNow customers accelerate the speed and accuracy of multi-vendor sourcing, contracting, and procurement operations.

Aavenir’s Onboardingflow solution leverages ServiceNow’s enterprise-class workflow management capabilities to streamline Vendor Management and Source-to-Pay processes on the NOW platform. 

Access this Product Brief by completing the form and clicking “Download Now.”

A CPOs Guide to Managing Buy-side Contracts with Lesser Risk, Greater Efficiency

A contract management process that will guide the entire lifecycle of the contracts will ultimately make or break the organization. For overburdened vendor management and legal teams, handling hundreds of active vendor agreements can be a headache. 

According to the World Commerce & Contracting Association, 50% of buy-side teams cite improving internal processes as one of their greatest challenges, and 37% cite operational workload.

CPOs are responsible for guaranteeing the diversity of suppliers in terms of numbers and ensuring that supplies continue if a first-choice provider is unable to deliver the needed goods or services. Contract lifecycle management is not just filing documents anymore. The entire process entails understanding every aspect of a contract’s lifecycle to extract meaningful data insights. When we talk about buy-side contracts, in particular, their main focus is to improve spend visibility, minimize maverick spending, boost the visibility of suppliers, and enforce compliance. 

Access your E-book copy by completing the form and clicking “Download Now.”

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.


Salesforce CRM and Aavenir Contractflow Integration | Source-to-Pay Integration

Salesforce and Aavenir Integration

Salesforce and Aavenir integration is aimed to help sales teams achieve faster contract creation and reduce contract cycle time along with real-time contract data access. Aavenir Contractflow integrates directly into the Salesforce application to equip your organization with a fully functional contract lifecycle management tool that caters to the needs of your various departments. It will not only reduce contractual risks but also improve accuracy and efficiency. 

How will this integration help your sales teams?