Combating Accounts Payable Fraud with AP automation is about verifying invoice information, and knowing if the order was received and the PO is accurate. It’s about making the team run as efficiently as possible by allowing them to accomplish more in less time and hopefully with fewer errors.
Aavenir’s AI-powered Accounts Payable solution significantly increases visibility and communication about invoices throughout the company. With Aavenir, there is a centralized place for the receipt of invoices. That way, every invoice enters the company through a standard method that makes it easier to spot something that doesn’t quite fit.
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CFOs today have to be more innovative and dynamic to adopt best practices and skills to create value for the organization. However, most CFOs nowadays are expected to break away from the number-crunching analysis and consider themselves strategic and tactical players.
Are CFOs prepared? Do they have the ability to meet the new requirements of an active job?
The CFO of today and tomorrow should analyze financial data to plan strategies and influence decision-making. They should have many more abilities than simply knowing technical bookkeeping. The CFOs are considered Chief Operating Officers with a primary focus on finance. They help guide and impact decisions involving the financial angle.
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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.
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Accounts Payable Automation is a booming market, with investment expected to increase from $1.9 billion in 2019 to more than $3 billion by 2024, according to PYMNTS.com.
However, before investing in any Accounts Payable Automation solution, every CFO must understand and clarify essential aspects.
Starting with which invoices are they going to manage and how will they be processed and paid? Let’s explore the top 7 questions to evaluate before finalizing an Accounts Payable Automation solution.
7 Questions every CFO should ask before investing in Account Payable Automation Solution
Goldman Sachs recently estimated businesses in North America spend $187 billion per year on payment processing costs, with small businesses sacrificing $22 to pay a single invoice with a paper check. And that financial toll doesn’t take into account data entry errors, security risks and timeline inefficiencies associated with manual systems that rely primarily on paper.
There’s also a good chance that Accounts Payable automation solutions could provide relief to better position your finance team to contribute to the company’s overall success, but you’re not quite sure how to begin evaluating whether automation is right for your business.
Here are seven key questions you should ask as you consider automating your AP processes.
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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?
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.
As colleges and universities deal with the reality of growing numbers of online classes and smaller campuses, contract management efficiency for higher education is critical. How should we embrace contract automation in higher education?
The current contract management processes in the higher education industry are riddled with repetitive manual tasks, resulting in delays and errors, leading to compliance and opportunity costs. Over the past decade, the volume and complexity of contracts in the higher education sector have increased dramatically, making it difficult to track and manage the contracts effectively. The problem compounds as due dates come and go, with the risk of penalties and fines for late payments, that may ultimately cause a cascading effect to create a less than ideal experience for your students leading them to opt for other institutions.
How can Higher Education Organizations reduce the gaps in the current contracting processes in order to better manage relationships with suppliers, vendors, partners, and students? How can the education sector optimize procurement efficiency, enhance visibility, and improve regulatory compliance? All these questions have one simple answer – a robust AI-powered contract management solution.
This eBook explains how an intelligent contract management system can instantly identify attributes across a variety of contracts—reducing processes that previously took a couple of hours at least, if not days, to down to just minutes.