SANTA CLARA, Calif.--(BUSINESS WIRE)--Aavenir, Inc., delivering the future of work with AI-enabled source-to-pay solutions, today announced the availability of its integration of Aavenir Invoiceflow, an AI-enabled accounts payable solution, with ServiceNow Project Portfolio Management (PPM) application to automate actualization of project costs and track project expenses. Furthermore, the integration would allow project managers to track actual project cost vs. budget cost in real-time to take necessary corrective or preventive measures.
Announced as a Leader in Gartner Magic Quadrant for Enterprise Agile Planning (EAP) Tools in April 2021, ServiceNow ITBM is the only vendor to support both traditional project portfolio management and agile portfolio on a single platform, with a single data model. World’s leading companies use ServiceNow Project Portfolio Management (PPM), a part of the ITBM, to perform demand management, resource planning, financial planning, and track the performance of projects portfolio. PPM also enables project managers to allocate budget, create project cost plans and track expense lines.
Built natively on the Now Platform, Aavenir Invoiceflow leverages the most advanced natural language processing and machine learning technologies to offer touchless invoice data capture, coding, and 2/3-way validation with the vendor, purchase order, or contract data. The solution automatically brings invoices and its metadata on ServiceNow from email attachments and routes them through a fully customizable invoice approval workflow for accurate and on-time payments.
The integration of ServiceNow PPM application with Aavenir Invoiceflow can auto-update PPM’s expense lines with the relevant approved invoice information available in Aavenir Invoiceflow (such as vendor name, invoice #no, related cost plan, amount, payment due date, and payment status, etc.). Key benefits of this integration include:
- Automated data entry: Reduce time and errors in manual data entry of actual costs to relevant expense lines in PPM’s cost plans. The automation brings more transparency between project managers and the accounts payable team.
- Real-time visibility to project KPIs: Gain visibility into the project’s financial key performance indicators (KPIs), cost variances, and strategic spend for better outcomes.
- Execute project audits better: With all costs reconciled in ITBM PPM, project managers can easily maintain a single version of the truth. It also increases PMOs’ agility for optimizing and reallocating budgets as priorities shift.
“Many project managers continue to struggle with disparate systems and must resort to multiple data sources to monitor project costs and communicate status with stakeholders. Additionally, manual entry of actual costs is error-prone, time-consuming and lacks real-time visibility. Aavenir Invoiceflow AI-engine and its integration will enable ServiceNow customers to gain visibility into project expenses and control cost variances without leaving ServiceNow PPM application,” said Jesal Mehta, CEO and Founder of Aavenir Inc. “Aavenir, as an elite ServiceNow technology partner, looks forward to collaborating with organizations to integrate Aavenir source-to-pay solutions with more ServiceNow applications to maximize their ServiceNow investments,” he added.
“More than 60% of ServiceNow customers use ServiceNow IT workflows. Aavenir’s new integration will help them extend ServiceNow’s capabilities and maximize returns on ServiceNow investments. The integration also validates Aavenir’s go-to-market approach for making Aavenir source-to-pay solutions a right fit for the ServiceNow platform ecosystem. Aavenir Invoiceflow is available via ServiceNow Store, meaning; ServiceNow customers can be up and running and using its rich functionalities with just a few clicks.” said James Maxwell, ISV Technology & Alliances (APJ) Lead at ServiceNow.
Aavenir’s Ongoing Collaboration with ServiceNow
Since 2019, Aavenir has been building several source-to-pay solutions natively on the Now platform, including its integrations to ServiceNow apps, and spoke for the IntegrationHub. Many leading ServiceNow customers across the globe have implemented Aavenir Source-to-Pay solutions on their existing ServiceNow instances; The solutions include:
- Aavenir RFPflow for sourcing with RFx Management
- Aavenir Contractflow for contract lifecycle management
- Aavenir Obligationflow for contract obligations management
- Aavenir Invoiceflow for accounts payable automation
Because all Aavenir solutions store data on ServiceNow platform, it supports Low-code/No-code integrations, single version of the truth, and security and regulatory compliances - same as other ServiceNow apps.
Pricing and Availability
Customers seeking access to the Aavenir Invoiceflow and its integration are advised to reach out to their ServiceNow account executive or visit the Invoiceflow website to learn more about features and pricing. To learn more about the ServiceNow PPM and Aavenir Invoiceflow integration, click here.
About Aavenir:
Aavenir delivers the ‘future of work’ with AI-enabled source-to-pay solutions including Contractflow, RFPflow, and Invoiceflow – all built natively on the ServiceNow digital workflow platform. Aavenir’s next-gen Source-to-Pay suite transforms traditional legal, sourcing, procurement, and accounts payable processes using the latest digital workflow, machine learning, and natural language processing technologies to reduce manual efforts, accelerate cycle time, and gain complete visibility. Aavenir’s artificial intelligence engine learns unique patterns in documents, automates manual data entries and provides smart suggestions and predictive intelligence based on historical data. To know more visit: www.aavenir.com
About ServiceNow:
ServiceNow (NYSE: NOW) is making the world of work, work better for people. ServiceNow’s cloud-based platform and solutions deliver digital workflows that create great experiences and unlock productivity for employees and the enterprise. For more information, visit: www.servicenow.com.
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