Aavenir announces a new product update on Invoiceflow

The new product version of Aavenir Invoiceflow can help companies simplify the accounts payable process, gain visibility, avoid fraud and improve operational efficiency

Aavenir, the next-generation cash-on-delivery SaaS solution provider, announced the latest innovative update of its Invoiceflow product. The latest version 2.0 introduces an innovative invoice data extraction method that uses artificial intelligence (AI) and digital workflow on the ServiceNow platform. AI can achieve fully automatic cognitive invoice data extraction, thereby improving speed, accuracy and affordability. Digital Workflow simplifies the time-consuming accounts payable workflow process and provides full visibility of the status of all invoices on a single dashboard within the existing Now Platform.

By introducing new features, Invoiceflow can shorten invoice processing time by 10 times compared with manual invoice processing, reduce average invoice processing costs by 80%, and greatly improve the accuracy of invoice data.

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The new features of Invoiceflow focus on four main areas:

• By introducing Aavenir foundation as the basic software package, the 2-way and 3-way matching with supplier data, purchase orders and receipts has been improved to achieve some valuable integrations with ServiceNow products, Aavenir Contractflow and other enterprise applications
• Intelligent data recognition and data capture in multiple invoice formats
• Improved user experience for invoice creation, life cycle management, side-by-side view and cross-departmental collaboration.
• Intelligently assign and process the priority of invoice processing requests through digital workflow to manage the workload of the AP department.

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With the release of new products, Invoiceflow has expanded its functions to go beyond the invoice data extraction function, providing the use of pre-built fields (such as multiple invoice line items, supplier details, amount details, currency, taxes, shipping details) Information, etc. Invoiceflow is built based on proprietary rule-based AI and NLP-based machine learning technology, which can train itself on new invoice data.

Manual invoice data extraction is slow and error-prone, while traditional AP automation tools are expensive, work islands, cumbersome configuration and limited use cases, resulting in increased overhead. The new product version of Aavenir Invoiceflow greatly reduces the barriers for AP teams that need a better way to process invoices, reduce invoice processing costs and achieve spending visibility. “-Said Jesal Mehta, CEO and founder of Aavenir.

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