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.

Velocious source to pay enables automation of supplier-related activities and provides a single source of truth for both customer and supplier including for shared service environments, and also reduces the cost of procurement via Reverse Auctions and Supplier Bill discounting modules.

Our product improves supplier discovery via comprehensive supplier information management with configurable and easy-to-deploy workflows, brings down implementation time by 40% for Invoice Portal (from about 4 months to 2.5 months) and 20% reduction for S2P and P2P via out-of-box integrations with leading AP Invoice Automation solutions, and is also easy to adopt (intuitiveness) with minimal training requirements.

Solution Addressing Business Needs

The Velocious Source to Pay Platform is a one of its kind solution, with rich features including:

Sourcing

RFQ

  • ✓ Configurable RFQ form with PR and Non-PR based options
  • ✓ Exhaustive Review Mechanism before RFQ publishing
  • ✓ Auto Suppliers Quote Comparison
  • ✓ BPMN based configurable Workflow Engine
  • ✓ Proactive Alerts & Notifications
  • ✓ Auto Order Creation in ERP

Reverse Auction

  • ✓ Configurable Bid Rule Engine
  • ✓ Role Specific Views – Creator, Publisher, Moderator, Approver
  • ✓ Instant Messaging mechanism to chat with Auction Moderator during Auction
  • ✓ Real Time Bidding
  • ✓ Comprehensive Auction Evaluation and Approval Mechanism
  • ✓ Proactive Alerts & Notifications

Contracting Lifecycle Management

Supplier Contracting

  • ✓ Contract document authoring and editing
  • ✓ Comprehensive Clause Library
  • ✓ Configurable Workflow Engine
  • ✓ Reminders and Notifications
  • ✓ Auto Contract creation in ERP

Supplier Information Management

  • ✓ Comprehensive Onboarding Form with flexible option to add additional fields
  • ✓ Built in Validations – PAN , GST , Bank Details, MSME
  • ✓ Field level validations and validations with ERP Supplier Master Data
  • ✓ BPMN based configurable Workflow Engine
  • ✓ In-built query management functionality
  • ✓ Supplier Profile Management
  • ✓ Proactive notifications and comprehensive reports
  • ✓ Auto Vendor Creation and Updates in ERP

Order & Delivery

  • ✓ Order Details
  • ✓ Order Status Visibility of Open and Closed POs
  • ✓ Order Acknowledgement and its Status Update in ERP
  • ✓ Order Items Delivery Visibility
  • ✓ Goods Receipt Status Visibility
  • ✓ Advanced Ship Notice (ASN) creation
  • ✓ ASN Document Generation along with bar code
  • ✓ ASN Document Generation Notification
  • ✓ Inbound Delivery Creation in ERP

Invoice Management

Invoice Upload and Validations

  • ✓ Invoice Upload Mechanism supporting all Invoice types
  • ✓ Functionality to attach supporting documents
  • ✓ Auto Digital Signature Verification
  • ✓ QR code reading for IRN based invoice
  • ✓ Built-In Invoice Workflow
  • ✓ Invoice status visibility – Approved, Paid etc. and Invoice Payment Visibility

Payment Management

Payment Management

  • ✓ Invoice Payment Status Visibility
  • ✓ Vendor Account Statement Visibility
  • ✓ Early Payment Request Mechanism
  • ✓ Discount percentage Configuration functionality – Supplier Wise
  • ✓ Auto calculation of discounts
  • ✓ Notifications of Bill Discount Request

SOLUTION BENEFITS

Improve supplier Relationship

With self service mode , supplier has all key information available 24*7, thus enabling greater satisfaction and relationship with suppliers.

Smooth Onboarding Process

The supplier fills the onboarding form which ensures that all the information updated is accurate. Also eliminate paper-based forms and supporting documents as the portal allows supplier to upload all supporting document during onboarding.

Improve Visibility

The supplier has full visibility at all necessary levels across the Source to Pay process.

Quick Turn Around on Queries

Currently, the supplier raise their queries on calls and emails. By providing the access to the information and query management capabilities on portal , the time to get the queries answered gets reduced.

Reduced Costs

With features like early payment discounts, sourcing events, query management, etc. helps to reduce the operational costs.

Improve Efficiency

Invoices uploaded by the Suppliers seamlessly flows to the invoice processing application (VIM, ReadSoft), so this ensures that invoices are processed immediately and are not stuck with user departments.


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.

Talk to our Digital Transformation Specialists today!