Supplier Risk and Performance Management Checklist

For seamless supplier management, it is essential to understand the RFx supplier lifecycle. Wherein, Supplier Risk and Performance Management (SRPM) is of great importance.

Aavenir Supplier Risk and Performance Management Checklist helps improve supplier collaboration and engagement, benefiting the overall supply management process. In addition, the Checklist will help your organization enhance its brand image, mitigate supplier risk, avoid supply chain disruptions and build long-term relationships with suppliers. 

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

Vendor Onboarding Policy Worksheet

Vendor Onboarding Policy Worksheet - Template

A smooth and systematic vendor onboarding process is indispensable for effective and efficient vendor management.

Vendor onboarding is the first step towards vendor management. Without it, you won’t be able to increase your efficiency, reduce your risk and costs, and achieve a higher ROI. By creating a vendor onboarding policy template, you can avoid most of the pitfalls resulting from poor vendor management. 

Having clearly defined policies, and expectations help improve internal efficiency and relationships with your vendors. Download this easy-to-modify template as the basis for a shareable document that states your organization’s requirements and strategic goals. 

CLM Implementation Checklist

So finally, you have decided to move from manual contract management to contract automation with an intelligent CLM solution? Congratulations! Implementing CLM technology, and ensuring its success, is a collective responsibility. Implementing any new software solution can be time-consuming and tiring. However, when implementing a CLM system, it’s crucial to remember to be realistic about timing and expectations. For organizations considering a CLM system as part of their digital transformation journey, the time is NOW.

CLM Implementation Checklist

According to a recent Forrester survey, “CLM has universally gone from a nice-to-have to a critical-to-have in a post-COVID world.” 

A key component of the CLM journey is clearly defining roles and activities and forming a governance structure to monitor this program. A team that can take complete ownership of both implementation and adoption of the CLM system is vital for the program's success. 

Every organization has a different level of CLM maturity. The CLM maturity process necessitates much work and coordination with many parties from the early phases without a CLM through advanced AI extraction and contracts analysis. However, regardless of your CLM process maturity level, the below checklist is a comprehensive guide for CLM implementation success.

Regardless of your CLM process maturity level, this CLM implementation checklist is intended to help you ensure successful implementation. 

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

Workday SRM and Aavenir Contractflow Integration | Source-to-Pay Integration

Workday SRM and Aavenir Contractflow integration is aimed to help sourcing professionals achieve fast procurement cycle and contract lifecycle times. In addition, Aavenir Contractflow integrates directly into the Workday SRM Solution to unite procurement and contract management to achieve more significant procurement savings and boost your purchasing power within Workday Procurement. 

How will this integration help your sourcing and contract management teams?

Breach of Contract Worksheet

Managing Breach of Contract - Worksheet

A breach of contract is not always a result of non-compliance. However,  all non-compliance can be considered as a breach of contract. Although it is neither avoidable nor affordable, a contract might expressly deal with certain types of breach of contract and applicable remedies. The appropriate remedy depends on the terms of the contract, the nature of the breach, and the specific circumstances of the case.

It is always better, to the maximum extent possible, to define the number of damages in the contract itself, as this saves both parties a lot of money, time, and other resources in litigation.

Use this editable breach of contract worksheet to maintain a log of the potential breaches and corresponding remedies and include them in your contract draft.

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.