Significantly increase supplier engagement and bring down costs with the Velocious Supplier Portal
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 Supplier Portal, enterprises could automate the engagement with their suppliers across the lifecycle, right from RFP/RFI issuance, to vendor 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.
Avaali Solutions to launch unique vendor portal
The Velocious Supplier Portal is a one of its kind solution, with rich features including:
The solution provides a fully automated and seamless experience right from collecting and validating onboarding documents to then creating user accounts for suppliers to leverage for future engagements.
The solution allows vendors to submit invoices which can then be OCR'd and integrated with their existing accounts payable automation solution to deliver a truly automated and seamless experience.
In order to ensure that discrepancies are taken care of 'at source', Velocious Supplier Portal comes bundled with a powerful OCR engine that validates invoices at the time the supplier submits invoices and proactively notifies suppliers for any discrepancies. This way, only clean invoices come into the enterprise systems which could then be taken up for processing.
This is perhaps one of the most unique feature of the Supplier Portal. With this solution, suppliers could select invoices for early payment which is then passed on for workflow approvals with the buyer entity. Once approved, the supplier is intimated for the value of the discounted invoice.
Reverse Auction module allows enterprises to create, conduct and deliver reports for closed auctions and in turn automatically initiate the supplier onboarding processes for chosen vendors.
The solution comes bundled with the AI Chabot engine via which suppliers could query and get status updates on invoices, download vendor account statements or even use it as a channel to upload invoices. This is a powerful chatbot platform which has NLP, AI and ML integrated with it, eventually being able to provide compelling insights. This chatbot could provide response to FAQ's as well.
The solution provides powerful insights in the form of dashboards and reports. Reports could be downloaded into excel and used for interpretation and analysis.
Currently, the supplier raise their queries on calls and emails. By providing the access to the invoice information we reduce the time to get the queries answered Frequently asked queries can be handled by bot and transferred to live agemt when needed.
The vendor can quickly find answer to their own queries using various reports in the portal. A portal is available 24 x 7 and provides better way to track their information.
The suppliers fills the onboarding form to make sure all the information provided is correct.Also eliminate paper based forms and supporting document as the portal allows supplier to uplaod all supporting document during onboarding.
The supplier and buyer can agree on discounts for the early payment and supplier can at any time view open invoices and request for early payment resulting in a win - win situation.
The AP Automation usually starts once the buyer receives the invoices from supplier.By providing first level of validation at invoice upload, supplier can make sure the invoice data is correct thereby reducing delays.
The supplier can check the status of the invoice at any time which provides visibility and transparency to the entire process.
Avaali is uniquely positioned to deliver this Supplier Portal 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 have 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.
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