Significantly increase supplier engagement and bring down costs with the Velocious Source to Pay Platform.
VELOCIOUS SOURCE TO PAY PLATFORM
Most enterprises recognize that active and meaningful engagement with suppliers is key to success. Benefits include accelerated time to market, improved margins and reduced risks. Best-in-class organizations recognize that this is a highly collaborative relationship. They have supplier portals that include advanced functions including onboarding / self-registration, workflows and OCR functionalities. When information exchange takes place in a timely manner, this brings about significant improvement in supplier engagement.
With the Velocious Source to Pay Platform, enterprises could automate the engagement with their suppliers across the lifecycle, right from RFP/RFI issuance, to supplier registration, issuance of PO, receiving of electronic invoices, processing of invoices and intimation of payments. The solution combines the unique features of AI Chatbot, OCR and integrations with the Accounts Payable / ERP solution to deliver a differentiated experience.
Solution Addressing Business Needs
The Velocious Source to Pay Platform is a one of its kind solution, with rich features including:
The solution provides a fully automated and seamless experience right from collecting and validating onboarding documents to then creating user accounts for suppliers to leverage for future engagements.
The solution allows vendors to submit invoices which can then be OCR’d and integrated with their existing accounts payable automation solution to deliver a truly automated and seamless experience.
In order to ensure that discrepancies are taken care of ‘at source’, Velocious Source to Pay Platform can be integrated with any powerful OCR engine that validates invoices at the time the supplier submits invoices and proactively notifies suppliers for any discrepancies. This way, only clean invoices come into the enterprise systems which could then be taken up for processing.
This is perhaps one of the most unique feature of the Velocious Source to Pay Platform. With this solution, suppliers could select invoices for early payment which is then passed on for workflow approvals with the buyer entity. Once approved, the supplier is intimated for the value of the discounted invoice.
The solution can be integrated with an AI Chatbot engine via which suppliers could query and get status updates on invoices, download vendor account statements or even use it as a channel to upload invoices. This is a powerful chatbot platform which has NLP, AI and ML integrated with it, eventually being able to provide compelling insights. This chatbot could provide response to FAQ’s as well.
The solution provides powerful insights in the form of dashboards and reports. Reports could be downloaded into excel and used for interpretation and analysis.
Quick turn around on Queries
Currently, the supplier raise their queries on calls and emails. By providing the access to the invoice information we reduce the time to get the queries answered Frequently asked queries can be handled by bot and transferred to live agent when needed.
Onus on Supplier
The supplier fills the onboarding form to make sure all the information provided is correct. Also eliminate paper based forms and supporting documents as the portal allows supplier to upload all supporting document during onboarding.
The AP Automation usually starts once the buyer receives the invoices from supplier. By providing first level of validation at invoice upload, supplier can make sure the invoice data is correct thereby reducing delays.
Improve Supplier relationship
The supplier can quickly find answer to their own queries using various reports in the portals. A portal is available 24 X 7 and provides a better way to track their information.
Request for Early Payment
The supplier and buyer can agree on discounts for the early payment and supplier can at any time view open invoices and request for early payment resulting in a win — win situation.
The supplier can check the status of the invoice at any time which provides visibility and transparency to the entire process.
FROM THE KNOWLEDGEBASE
Avaali’s Unique Velocious Source to Pay Platform Solution
THE AVAALI ADVANTAGES
Avaali is uniquely positioned to deliver this Velocious Source to Pay Platform as we have experience of working with over 100+ large enterprises to automate various shared service and procurement processes. Our functional knowledge coupled with deep technical expertise in various emerging technologies has been incorporated into this product. With our rich functional understanding and numerous experiences, our solution offers a very practical and cost-effective way of engaging with suppliers.