Avaali´s Velocious Source to Pay platform checks procurement & sourcing costs for enterprises
Avaali Solutions, a startup working to support mid to large enterprises to create digital transformation strategy and roadmap for execution in line with business goals, is heavily driving adoption of its Velocious Source to Pay (S2P) platform, a compelling full-featured solution that automates the entire lifecycle of supplier engagement processes and helps significantly reduce sourcing and procurement cost. In line with the objectives of Atmanirbhar Bharat, Velocious aims to contribute to indigenous technology development to meet market demand and socio-economic growth.
Velocious Source to Pay platform from Avaali brings down procurement and sourcing costs for various enterprises
The platform delivers value by enabling full lifecycle automation of supplier collaboration processes but is probably the only solution that offers out of box integration with any best of breed Accounts Payable Automation solution as well as leading ERP’s. With such integration, invoices that come via the portal are automatically extracted through the OCR engine, processed automatically, and posted into their ERP application.
Companies that collaborate better with their suppliers not only outperform their peers in terms of growth but also in terms of value creation via superior supply chain and eventually customer experience
Commenting on its adoption, Srividya Kannan, Founder-CEO of Avaali Solutions, said “Avaali Solutions continues to stay deeply invested in enabling our customers run more profitably. The Velocious S2P platform is a powerful solution to bring down the sourcing and procurement costs for upper mid to large enterprises by 15-20%.
“Companies that collaborate better with their suppliers not only outperform their peers in terms of growth but also in terms of value creation via superior supply chain and eventually customer experience. While cost control is not a new theme for enterprises, this becomes a complex challenge especially in the context of high top-line growth to have sustainable higher operating cost productivity, which is a measure of how earnings growth outpaces revenue growth. According to Gartner, the payoff for efficient growth is significant, with leaders earning a 6.2-percentage-point return on invested capital (ROIC) premium over competitors”.
How it Works
The Velocious S2P platform automates the entire lifecycle of supplier collaboration processes including RFP/RFI process, supplier onboarding, and facilitates automatic exchange of PO and invoices, provides dynamic discounting in addition to other features like dashboards and insights. The e-auction feature allows enterprises to easily create, conduct and deliver auctions and in turn automatically initiate the supplier onboarding processes for chosen vendors.
Enterprises are aggressively investing in digital solutions to automate their sourcing and procurement functions. The pandemic has even further accelerated digital investments in this space, as remote workers are now compelled to leverage technology to deliver their tasks with zero disruption, especially in this business-critical function.
Enterprises that deploy such automation can benefit from up-to 50% more of its spend under management to drive an additional 31% in total savings. Traditional negotiation cycles are being replaced with e-auction platforms to shave costs by about 15%-20% depending on the spend category. Vendor management solutions provide in-depth visibility to supplier engagement processes to bring down the overall process execution time, provide real-time visibility to both parties and improve governance.
According to the most recent Gartner research, companies that outpace their peers in long-term profitable growth sustain operating cost savings for 40% longer than competitors. Gartner Research also says that ´efficient growth´ leaders — companies that outpace industry peers in long-term revenue growth and cost reduction — achieve 9% lower COGS (cost of goods sold) per revenue than competitors. India’s IT spending is projected to grow 6.8% over the last year to $88.8 billion in 2021.
Headquartered in Bangalore, started in 2013, Avaali Solutions is a leading provider of digital solutions to help reduce operational costs for upper mid to large enterprises. The company has executed over 120+ engagements for large marquee brands across Asia, MEA, and parts of Europe.
The company has its product line under Velocious as well as its services and consulting offerings in partnership with various technology vendors. The company has done some of largest and most complex shared service automation projects and consolidated, standardized and automated these processes. As a result of their engagements, they have brought about a 35-50% reduction in process cycle time and a 10-15% reduction in cost.
Improved visibility, governance and transparency are other themes that Avaali focuses on via these initiatives. The company has deep skills on technologies such as ML based ICR/OCR, enterprise content management, workflow automation solutions, chatbot, RPA and digital signature. The company has a dominant presence in procure to pay automation with over 100+ implementations in this space. Some of the prominent clients of Avaali Solutions are Tata Sky, Sun TV, Bidco Africa, Nayara Energy and many more.