Aavenir Announces New Product Updates About Invoiceflow – An AI-enabled Invoice Data Capture and Accounts Payable Workflow Software built on ServiceNow
The new product release of Aavenir Invoiceflow helps businesses streamline accounts payable processes, gain visibility, avoid fraud, and increase operational efficiency
Aavenir, a next-generation Source-to-Pay SaaS solutions provider, announced its latest innovative updates to the Invoiceflow product. This latest 2.0 release version introduces innovative invoice data extraction methods using Artificial Intelligence (AI) and Digital Workflows on the ServiceNow platform. AI enables completely automated and cognitive invoice data extraction resulting in higher speed, accuracy, and affordability. Digital Workflow streamlines time-consuming accounts payable workflow processes and provides full visibility of all invoices’ status on a single dashboard inside the existing Now Platform.
With the introduction of new features, Invoiceflow can accelerate invoice processing time by 10-times, reduce average invoice processing cost by 80%, and improve invoice data accuracy drastically when compared to manual invoice processing.
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Invoiceflow’s new features focuses on four main areas:
- Improved 2-way and 3-way match with vendor data, purchase order and receipts by an introduction of Aavenir foundation as a base package to enable some valuable integrations with ServiceNow products, Aavenir Contractflow, and other enterprise applications
- Smarter data recognition and data capture from a variety of invoice formats
- Improved user experience for Invoice creation, lifecycle management, side-by-side view, and cross-department collaboration.
- Intelligent assignment and prioritization of invoice processing request(s) through digital workflows to manage the AP department workload.
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With the new product release, Invoiceflow extends its capabilities beyond invoice data extraction to offer intelligent AI-powered data capture and data validation using pre-built fields such as multiple invoice line items, vendor details, amount details, currency, taxes, shipping details, etc. . Invoiceflow is built with proprietary rule-based AI and NLP based machine learning technology that’s able to re-train itself on new invoice data.
“Manual invoice data extraction is slow and error-prone while conventional AP automation tools are expensive, work in a silo, cumbersome to configure and address limited use cases leading to increasing overhead. The new product release of Aavenir Invoiceflow significantly lowers the barrier for AP teams that need a better way to process invoices, lower invoice processing costs, and achieve spend visibility.” – said Jesal Mehta, CEO and founder of Aavenir.
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