Automated IT Vendor Invoice Data Extraction and PO Matching on ServiceNow

Automated IT Vendor Invoice Data Extraction and PO Matching on ServiceNow

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  Automated IT VendorInvoice Data Extraction and PO Matching on ServiceNow
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  About Company A leadingPharmacy Benefit Manager (PBM) serving the industry for 25 years, with a wide range of clients, including employers, hospital and health systems, unions, TPAs, state and local government, and health planners. ● INDUSTRY: Life Science ● REGION: Florida, North America ● HEADQUARTERS: Tulsa, Oklahoma, United States ● EMPLOYEES: 495 ● INTEGRATIONS: ServiceNow Vendor Management & ServiceNow Procurement
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  Challenges ● No centralizedstorage of IT purchase invoices data ● Long invoice approval cycle ● Time consuming invoice management ● Error -prone manually processing invoices
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  Invoice Management Challenges PBMhad 100+ monthly invoices which arrived by email or directly generated by systems, gathering all invoices data. Some major challenges were: ● Labor Intensive manual Process ● Duplicate payment instances ● High level of invoice review ● Traditional way of validating invoices
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  Aavenir Solution PBM implementedInvoiceflow Management on their existing ServiceNow and here is what they achieved: Automated Historical Invoice Data Validation Achieved automated invoice data extraction with up to 70% accuracy 2-way Invoice Data Matching Set up 100% custom workflow to handle different types of invoice mismatches Invoice Approval Workflow Setup really complex 5-stage invoice approval workflow Invoice Status Reports and Spend Analytics Monitored all invoices status and monthly trends using dashboard on ServiceNow
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  Results ● 70% accuracyin automated invoice data extraction ● Saved manual effort per invoice coding ● Single source of truth for vendor, purchase order, and invoice information ● 80% reduction in the invoice lifecycle timeline ● Automated notification for pending invoice approvals and reviews from different stakeholders ● Real-time Spend analytics ● Auto-generation of quarterly and monthly reports
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  Free Demo Session Geta live demo of Aavenir Source to Pay solutions to know how Aavenir can address your enterprise's unique business challenges and goals. We provide live demonstration for following Aavenir S2P solutions: ● Contractflow - Contract Lifecycle Management on ServiceNow ● Obligationflow - Obligation Compliance Management on ServiceNow ● RFPflow - Request for Proposal Management on ServiceNow ● Invoiceflow - Account Payable Automation on ServiceNow Visit: https://aavenir.com/demo/
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  Get Free Resources Stepsto transform Accounts Payable Free Download AI- enabled Accounts Payable automation Test Drive Invoiceflow AP Automation software buyer’s checklist Transforming source-to-pay Watch webinar Free Demo Explore now Explore Now
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  Delivering Future ofWork www.aavenir.com linkedin.com/company/aavenirinfo [email protected] twitter.com/AavenirInfo