Simplifying Invoice Audits and Reviews with AI-enabled Solutions
Despite following rigorous processes to streamline invoice receipt, scan and match them with POs and follow approval processes, you may not be ‘audit-safe.’ Auditors identify potential financial fraud, scam attempts, and compliance discrepancies against contracts. Accounts payable audits (AP audits, i.e., invoice audits and reviews) share the moment of truth of improper information and accuracy against contracts that can cost companies millions of dollars.
A study by the Aberdeen Group found that a company's average cost of overpayments can be over $100,000 per year. A manual invoice audit can cost anywhere from $50 to $200 per invoice. Post-audit follow-ups also incur additional costs, such as time spent on resolving discrepancies, supplier negotiation, and legal fees.
Disconnected Source-To-Pay processes and manual invoice processing can lead to:
- Overcharged or incorrect billing against contracts
- Unattended requests against financial compliance or tax forms
- Missed or duplicate payments due to unresolved contract obligations
- Hours lost in manual invoice verification
At Aavenir, we understand the need to implement a comprehensive invoice audit and review process that aligns with multiple functions across the enterprise.
Watch our exclusive webinar to see how Aavenir’s AI-driven Invoiceflow solution connects across Source-To-Pay processes and boosts efficiency, financial control, vendor relationships, and compliance, reducing the risk of fraud.
The session is designed for CFOs, VP Finance, AP managers, Legal, Contract Management, and Procurement teams interested in
- Achieving greater financial stability and control with AI-driven insights
- Reducing fraud risk and preventing payment leakage using a seamlessly connected Source-To-Pay solution
- Maximizing outcomes through AI-driven invoice processing and streamlining vendor collaboration
The Connected Contract Management Experience: Maximizing Outcomes Across The Enterprise
Contracts are the heart and soul of businesses and define arrangements and obligations between you, your customers, and your vendors. You already know the value of a robust CLM solution to your contract management process and legal teams. But are you seeking greater value from your CLM solutions? The value that hugely benefits your upstream and downstream processes like sourcing, procurement, payments and invoicing, governance and compliance, and delivers outcomes across your enterprise never imagined before?
Connected Contract Management Experience
A ‘connected contract management experience’ can bridge gaps between people, processes, and systems that organizations struggle with and deliver far-reaching value aligned with business objectives. It enables tracking and monitoring of productivity, risk, cost, and revenue KPIs that spread across multiple functions within the enterprise.
Watch this one-hour interactive session and hear from Aavenir’s Contract Management and Source-To-Pay experts on maximizing outcomes with the connected contract management experience.
In this 60-minute LIVE session on how a Connected Contract Management Experience can boost S2P outcomes, attendees will also see a demonstration of Aavenir’s AI-driven connected contract management solution and learn:
- What connectivity across processes, data, AI-driven insights, and internal and external teams should be about
- How organizations can elevate business outcomes to new levels and drastically reduce costs and risk with this experience, and
- What it takes to implement and deliver such an experience
Unlock the Power of AI-driven Insights to Author & Manage Contracts
For data-driven organizations, simple contract management systems won’t solve complex vendor & contracting problems. Are you able to extract key high-risk clauses that counterparties introduced in agreements they sent to you? Or is your contract management system capable of assisting in contract reviews and providing relevant contract insights using AI?
McKinsey & Company reports that 90 percent of annual revenue across industries is documented in contracts. Increased contract automation can help in frictionless contract approvals and collaborative communications, but are you leveraging the power of AI to its fullest?
Even though contract management organizations are aware of ML & AI, they are yet to unleash the full potential of what AI has in store for many different use cases, including the 3Es:
- Extract - Contract Metadata Extraction from Third-party Papers
- Empower - AI-powered Cognitive Assistance for Contract Authoring and Language Standardization
- Embrace - Auto-extraction of Hidden Contract Obligations and Assignment of Fulfillment Tasks
Organizations are exploring artificial intelligence (AI) to author, execute, and manage contracts, but are unable to extract the full potential of AI & machine learning technology to transform business outcomes.
Watch this 30-minute webinar and demo to learn more about defining a path to AI-driven contracting excellence in your CLM journey.
In this webinar, you will learn:
- How to assess the current state of your AI maturity
- How Aavenir’s AI Engine helps you extract and discover contract metadata, clauses, and obligations
- How Aavenir’s core AI capabilities help you get contract data and insights and visualize them effectively during the authoring process
- How AI-driven sentiment analysis of contract clauses highlights negative sentiments, suggests alternative language, and ultimately helps mitigate legal risks
Get started with your AI-driven Contract Management transformation journey!
Register Today!
Eliminate Invoice Review Headaches with AI-enabled Automated Solutions
Eliminate Invoice Review Headaches with AI-enabled Automated Solutions
The struggle of invoice review and approval is not new for AP, Procurement, and Legal teams. Manual and outdated automation of invoice and claims processing and verification results in less breathing space and greater errors, leading to prolonged review and payment cycles, spend leakage, and compliance risk.
Did you know that around 3.6% of manually entered invoices include an error caused by data entry? On an average, AP automation can reduce your invoice processing times by 75%.
Compromised automation and invoice processing introduce
- Bottlenecks due to lack of visibility into pending approved, and paid invoices
- Spend leakage due to overpayments, missed discount opportunities, and incorrect coding
- Invoice fraud and financial audit risk
- Strained supplier relationships due to delayed payments, discrepancy resolution, and lack of sophisticated collaboration tools
At Aavenir, we understand the need for faster and more accurate invoice processing and simplified invoice collaboration with vendors.
Join our exclusive webinar on 19th October 2022, and find out how Aavenir’s AI-driven Invoiceflow solution can help you overcome invoice processing and review headaches, and streamline vendor communication with collaboration portals.
The session is designed for CFOs, VP Finance, AP managers, Legal and Procurement teams focused on
- Extracting information from submitted invoices and claim documents
- Identifying errors and duplicates, tracking invoice status and approvals
- Conducting 2 & 3-way match of invoices and invoice audit against contracts
- Building AP dashboards with performance metrics & KPIs
- Managing vendor communication, performance, and relationships
Get started with your Invoice Processing transformation journey. Watch Now!
Streamlined Vendor Onboarding and Collaboration Portals to Manage Suppliers and Drive Efficiency
Streamlined Vendor Onboarding and Collaboration Portals to Manage Suppliers and Drive Efficiency
Onboarding vendors is an essential process that all organizations undertake. But adding new vendors brings risks and inefficiencies, which increase with compromised approaches and result in chaotic vendor management. Accurate vendor management starts with proper onboarding and registration of suppliers. Onboarding and managing suppliers has never been easy, and old-age methods combined with decentralized approaches fail to scale to today’s market-driven agility demands caused by supply-chain disruption.
72% of organizations have manual supplier onboarding processes, whereas 36% of CPOs said that suppliers fail to meet new requirements.
- Are you still relying on manual supplier onboarding processes to collect and capture vendor information using multiple Excel sheets, long Word files, paper-based forms, and e-mails?
- Are you looking for a robust way of handling vendor onboarding that seamlessly connects to your sourcing and contracting processes?
- Do you have the practical knowledge of vendor onboarding and due-diligence processes that need to be put in place but are unable to implement them?
- Does your supplier information management system expose you to greater operational costs, fraud, and compliance risks?
Join Aavenir for an insightful LIVE session as our experts dig into why automating supplier onboarding and adopting vendor management portals is a win-win for you and your suppliers. In this webinar, you will learn how you can drive efficiency, boost vendor performance, and manage vendor risk with centralized vendor onboarding and collaboration across Source-To-Pay processes.
This session is for Procurement, Sourcing, Contract, Finance, and IT Teams focused on
- Enabling a self-serve model for suppliers across Onboarding and supplier information management
- Simplifying collaboration with suppliers across Contracting, Proposal Management, and Invoices and Payments
- Injecting efficiency and flexibility into the supplier onboarding process and vendor engagement activities, and looking to free up internal staff for higher-value activities
- Driving vendor performance and engagement across Source-To-Pay processes and lowering vendor risk
Drive Efficiency and Manage Risk with Centralized Vendor Onboarding and Source-To-Pay Collaboration
In Partnership with SIG (Sourcing Industry Group)
Drive Efficiency and Manage Risk with Centralized Vendor Onboarding and Source-To-Pay Collaboration
Vendor management starts with proper onboarding and registration of suppliers. Onboarding and managing suppliers have never been easy, and old-age methods combined with decentralized approaches fail to scale to today’s market-driven agility demands caused by supply-chain disruption.
72% of organizations have manual supplier onboarding processes, whereas 36% of CPOs said that suppliers fail to meet new requirements.
- Are you still relying on manual supplier onboarding processes to collect and capture vendor information using multiple Excel sheets, long Word files, paper-based forms, and e-mails?
- Do you have the knowledge of vendor onboarding and due-diligence processes that need to be put in place but are unable implement them?
- Does your supplier information management system expose you to greater operational costs, fraud, and compliance risks?
- Are you looking for a robust way of handling vendor onboarding that seamlessly connects to your sourcing and contracting processes?
Join SIG and Aavenir for an insightful session as we dig into why automating supplier onboarding and adopting vendor management portals is a win-win for you and your suppliers. In this webinar, you will learn how you can drive efficiency, boost vendor performance, and manage vendor risk with centralized vendor onboarding and collaboration across Source-To-Pay processes.
This session is for Procurement, Sourcing, Contract, Finance, and IT Teams focused on
- Injecting efficiency and flexibility into the supplier onboarding process and vendor engagement activities, and looking to free up internal staff for higher-value activities
- Enabling a self-serve model for suppliers across Onboarding and supplier information management
- Simplifying collaboration with suppliers across Contracting, Proposal Management, and Invoices and Payments
- Driving vendor performance and engagement across Source-To-Pay processes and lowering vendor risk
Set Contract Review on Autopilot with AI-based Obligation Management [With Legal Operators]
In partnership with Legal Operators
Set Contract Review on Autopilot with AI-based Obligation Management
Win back 60% of the legal time by automating with the #1-rated contracting obligation management platform for ease of use.
In every signed contract each contracting party is committed to the undertaking or performing obligations.
However, identifying and managing hundreds and thousands of such obligations across numerous agreements can be painful and daunting. Obligations pertaining to contracts come in all shapes and sizes that span across various milestones with deliverables, quality, security, audit, and regulatory requirements.
Are you facing contract performance and compliance events like:
- How to manage contract disputes, audits, identify profitability drain?
- How to manage obligatory regulations like GDPR that notify all affected departments within 72 hours of a data breach?
- How to transition from products to services contracting
- How to evaluate Corporate Risk Strategy
Join us for an engaging, practical session on how you can implement an effective AI-based obligation management solution to manage contract performance and drastically reduce non-compliance risk.
This session is for Legal, Procurement, Sourcing, IT and Compliance Teams focused on:
- Common business use cases to justify the need for obligation management
- How to identify obligations, assign & manage compliance tasks, plus track obligation fulfillment
- How to build vendor contracts with clear performance metrics
- How to manage vendor relationships and performance compliance
To Explore how Aavenir can help achieve compliance and obligation management:
Schedule a Personalized Demo
Drive Value Creation and Contract Performance Excellence through Vendor Management Portals and Effective Obligation Management
In partnership with World Commerce & Contracting
Drive Value Creation and Contract Performance Excellence through Vendor Management Portals and Effective Obligation Management
Vendor management enables organizations to control costs, drive delivery excellence and mitigate risks to gain increased value from their vendors.
With thousands of vendors and suppliers, procurement organizations struggle with managing vendor contracts, obligations, and onboarding processes, and expose themselves to fraud, business and legal risk, and material erosion of value.
In this webinar, learn how you can manage vendors by implementing AI-driven obligation management and a collaboration portal framework for key processes such as onboarding, RFP management, and contract collaboration, and invoice and payment status visibility.
This webinar will benefit
- Vendor relationship managers and onboarding specialists responsible for managing vendor relationships and onboarding processes
- Legal and procurement contract professionals, and risk and compliance managers responsible for vendor contract and performance obligation management
- Procurement and IT managers looking to adopt a self-serve model to simplify vendor collaboration
- Accounts payable teams that collaborate with vendors for invoices and payments
Realize Contract Value Through Automated Obligations Management
In every signed contract, each contracting party is committed to the undertaking or performing obligations.
However, identifying and managing hundreds and thousands of such obligations across numerous agreements can be painful and daunting. Obligations pertaining to contracts come in all shapes and sizes and span various milestones with deliverables, quality, security, audit, and regulatory requirements.
Are you facing contract performance and compliance events like:
- How to manage contract disputes, audits, identify profitability drain?
- How to manage obligatory regulations like GDPR that notify all affected departments within 72 hours of a data breach?
- How to transition from products to services contracting
- How to evaluate Corporate Risk Strategy
Join us for an engaging, practical session on how you can implement an effective obligation management solution to manage contract performance, realize contract value, and drastically reduce non-compliance risk.
This session is for Legal, Procurement, Sourcing, IT, and Compliance Teams focused on:
- Common business use cases to justify the need for obligation management
- How to identify obligations, assign & manage compliance tasks, plus track obligation fulfillment
- How to build vendor contracts with clear performance metrics
- How to manage vendor relationships and performance compliance
4 Accounts Payable Metrics to Sharpen Your Invoice Processing
In partnership with IOFM | Winter 2022 Financial Operations Summit
Demo | 4 Accounts Payable Metrics to Sharpen Your Invoice Processing
Email, find, scan, submit… but then what? AP invoices get lost in transit as processing teams wonder: Who is it with? Who am I waiting on? How long until my vendor can expect payment? Have we hit any snags? To evaluate and improve your invoice process, you have to know where the bottlenecks occur or what is creating the delays.
Learn how to support your CFOs, CPOs, CIOs, and CEOs with the right data with Aavenir Invoiceflow, which elevates your AP and invoice processing by implementing top 4 metrics like Cycle Time, On-time Payments, Recurring Payment Visibility, Invoice Exception Rate.
Aavenir Invoiceflow empowers your team with 99.97% accurate data capture till the line-level item with AI, digital workflows to assign and manage workloads with integration flexibility across Oracle, SAP, and other business financial systems.
If you’re eager to lift the veil of ambiguity surrounding your AP process and to make sure your vendors are paid on time, every time… this product demo is ready to provide some much-needed clarity.
To Explore how Aavenir can help achieve AP process automation: Schedule a Personalized Demo