The update “further solidifies the company’s mission to streamline cross-functional collaboration and vendor communication for procurement and sourcing professionals,” the release stated.
The enhancements come natively on ServiceNow and offers integration with Aavenir Contractflow, providing procurement professionals with a single source-to-contract experience, according to the release. The process will work from procurement intake through to RFx response collection and vendor scoring, along with side-by-side vendor comparison to contract drafting, negotiations and eSignatures. That will allow collaborative and consistent procurement experiences.
The update also unveils new integration compatibilities with ServiceNow applications that include vendor management and procurement, allowing for “a single source of truth,” the release stated.
“The most recent version of RFPflow, which is now available on the ServiceNow Store, would significantly improve the source-to-contract experience,” Aavenir CEO Jesal Mehta said in the release. “I’m happy to say that during the incredibly challenging year of 2020, we transformed source-to-pay for numerous ServiceNow customers, and we’ll continue to do so for years to come. With the growing adoption of enterprise-wide workflow platforms like ServiceNow, the evolution of artificial intelligence, and the increasing demand for more resilient procurement and sourcing operations, especially in the aftermath of the COIVD-19 outbreak, we are in an exciting time. We are constantly innovating our source-to-pay solutions while keeping innovation at the forefront of what we deliver.”
The procure-to-pay cycle has been seen as in need of revision, and Aavenir rolled out an update last year to help make automatic invoicing even quicker using AI-based applications.
Manual processes have become slow and strenuous compared to new digital operations, but the pandemic has expedited a shift toward digital processes. Suppliers have to be treated like partners, Mehta said, and the accounts payable (AP) process needs to be easy and quick.
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