Vendor Validation Checklist

How will this vendor validation checklist help?

Vendor validation, referred to as supplier verification, confirms that a supplier your company wishes to contract with is legitimate and reliable. If your business is subject to regulatory requirements or other standards, you will need to validate that the suppliers you work with also abide by these rules.

A proper vendor validation system takes care of:

       and, much more

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

Supplier Negotiation Checklist

From start to finish, a negotiator must always be one step ahead during the supplier negotiation process to build a performance framework early in the relationship.

This Six Step Supplier-negotiation Checklist will help you to build the foundation for critical negotiations with your chosen suppliers. It will be a key to developing your offer, recognizing your Best Alternative to a Negotiated Agreement (BATNA), and planning any walk-away points when required.

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

Supplier Sourcing Checklist

Supplier evaluation is a complex process that requires a thorough understanding and analysis of potential suppliers. To select one from the pool of suppliers, you may need to approach with your probing questions, check facts, reviews, and more. 

Aavenir Supplier Sourcing Checklist can be used for a formal supplier assessment to manage the choice judiciously and have seamless sourcing in the future. The supplier sourcing process enables effective cost reduction, higher business performance, and ROI while ensuring efficient processing. 

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

Open Tendering Process Checklist

Open Tendering Process Checklist

Open Tendering Process Checklist provides an overview of the mandatory requirements a company must adopt during the procurement process. This document is designed to provide a basic checklist covering the steps in a normal procurement cycle, from identifying and specifying a need to awarding a contract. 

Any company may wish to:

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.