ProcurePulse May 2021

From insights to action: Fast-track source-to-pay maturity for transformational value.

Only 24% of Procurement professionals think that business stakeholders are happy with their performance. The process of approving and onboarding suppliers is too slow; the added value is often too hard to identify. These issues – time and value – are clearly linked. Now is the time to make your move to intelligent operations. If the process could be simplified, procurement professionals would be freed up to do other things. But what would those ‘other things’ be and what value would they deliver?

If your end goal is Procurement 4.0, we’ve got the insights to help you get there.

Read this newsletter to discover the answers

Sourcing & Procurement

Fast-track to future-ready procurement | Accenture

Learn the three ways CPOs accelerate their move to future-ready operations—and how they extend beyond cost savings.

Supply chain cost optimization playbook for sourcing and procurement leaders | Gartner

Download this Research to know how you can optimize costs through short-term tactical improvements and longer-term transformational changes.

Unleash breakthrough with AI-enabled procurement on ServiceNow | Aavenir

Attend Knowledge 2021 to learn how AI can “learn” the sourcing patterns and preferences and make supplier recommendations, as well as how companies can transform procurement on ServiceNow

Contract Lifecycle Management

The general counsel report 2021: Rising to today’s challenges and building resilience for the future | CCBJ

Know how corporate legal departments are responding to the pandemic, a shifting digital landscape, diversity, equity and inclusion, the technological competency of lawyers and the road ahead.

7 ways to evaluate Contract Management Software

7 questions every CPOs should ask before investing in contract management software | Aavenir

Being a chief procurement officer (CPO), you do wear multiple hats! Perform your role better, consider investing into contract management software after asking these 7 questions.

AI Contract Metadata Extraction

Using AI to extract insights from unstructured third-party contracts | Aavenir

AI can extract 90% of the data from third-party contracts, and does it in real-time, which leads to a 40% reduction in time-to-value; equates to the time a contract is signed to when you are ready to use the extracted metadata.

Invoice Payments

Invoice fraud

Invoice Frauds: closing the S2P loop with automated invoice validation | Aavenir

Invoice fraud involves a variety of tactics including inflated invoices, false vendor invoices, duplicate invoices. Learn how Aavenir Invoiceflow’s AI-enabled 2-way / 3-way matching can help eliminate possibilities of invoice fraud.

A cheat sheet for procurement savings tools | IndustryWeek

Understand the differences between spend analytics, should-cost tools, and negotiation insight solutions.

Top ServiceNow Partner App Sessions at Knowledge 21

Ready to attend Knowledge21? Here are few interesting sessions featuring ServiceNow partner apps, you don’t want to miss within key tracks.

How Leading Companies Use Source-to-Pay Solutions

johns-hopkins-university-Procurement-Contract-Management-for-Education-Aavenir-Contractflow

Johns Hopkins University unified contract management with sourcing on ServiceNow

The JHU uses Procurement Service Portal built on ServiceNow; along with SAP for managing vendors and product catalogs from 6000+ vendors. However, all contract requests and approvals were tracked manually or in spreadsheets and ad-hoc tools.

TDW-Vendor-Invoice-Processing-Automation-software-Manufacturing-USA

T. D. Williamson gains greater visibility into invoice process with AI-enabled 3-way match using Invoiceflow

TDW’s accounting team processes and manages approximately 50,000-60,000 invoices per year. Much of its AP processes including invoices coding and processing were manual with 7 different email inboxes associated with business units.

Events & Webinars

Explore some useful articles published on leading websites in past few weeks.

Webinar_AI enabled Account Payable Automation

AI-enabled Accounts Payable Automation on ServiceNow

Attend this session to learn how Invoice processing can be enabled with AI and workflows on ServiceNow platform

Managing Contract Lifecycle on ServiceNow at Knowledge 2021

Attend this webinar to learn how you can accelerate sourcing with RFP-to-Award workflow on ServiceNow.

What would you like to see in the next newsletter?

We look forward to your feedback at contact@aavenir.com, which will allow us to add more relevant information in subsequent editions.

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