Aavenir Unveils AI-enabled Accounts Payable Solution on ServiceNow to Optimize Finance Operation

SANTA CLARA, Calif. - Feb. 22, 2020 - PRLog -- Aavenir, a ServiceNow partner, announced the launch of its new-generation 'Aavenir Accounts Payable (AP) Automation Solution' on ServiceNow App Store for enterprises to improve supplier relationships and seize better payment terms.

Armed with Artificial Intelligence (AI) capabilities, Aavenir's AP Automation reduces account payable cycle time and improves accuracy with zero-touch invoice processing for capturing, validating, and bringing thousands of invoices from different channels on one digital platform.

Aavenir's powerful ML engine is trained to learn different invoice formats, payments terms, and auto-extract vital information such as; invoice number, item codes, order quantities, unit price, taxes, amounts payable, discounts, currencies etc. The AI-enabled solution validates the invoices information against POs, GRNs, and contracts data to ensure accuracy of data being ingested on a ServiceNow platform.

It leverages the best of ServiceNow features to help finance teams to automate manual tasks, eliminate errors, and gain complete visibility of spends. ServiceNow customers can quickly install and administer it like other ServiceNow apps - ensured with security compliances," said James A-A Maxwell, ISV Technology & Alliances Lead (APAC & Japan), ServiceNow.

"Built-with cognitive data interpretation capabilities, Aavenir AP Automation can help enterprises to accelerate invoice processing by 70% with savings of approx. USD1.6 per invoice. Not to mention, it can drive 100% on-time payments with total visibility on spends," said Jesal Mehta, Founder and CEO, Aavenir.

About Aavenir:
Aavenir delivers 'future of work' with AI/ML-powered Procure-to-Pay solutions- Aavenir Contract Lifecycle Management (https://aavenir.com/contract-lifecycle-management-softwar...) and Aavenir Account Payable Automation Solutions (https://aavenir.com/accounts-payable-automation-software-...). Led by enterprise tech experts with 25+ years of domain experience, Aavenir aims to drive operational efficiency and competitive edge for enterprises.