Avaali Solutions uses digital tech to help enterprises manage information efficiently
According to Gartner, enterprise software will see the biggest increase, growing at 8.8% as remote work environments are expanded and improved
India’s IT spending is projected to grow 6.8% over the last year to $88.8 billion in 2021
Bengaluru, NFAPost: Avaali Solutions, a startup that supports mid to large enterprises to create digital transformation strategy, is helping customers adopt Velocious Source to Pay Platform that automates the lifecycle of supplier engagement processes and helps 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 delivers value by enabling full lifecycle automation of supplier collaboration processes but it also 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.
Velocious S2P platform automates the entire lifecycle of supplier collaboration processes including RFP/RFI process, supplier onboarding, facilitates the 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.
Commenting on its adoption, Bengaluru-headquartered Avaali Solutions Founder-CEO Srividya Kannan said Avaali Solutions continues to stay deeply invested in enabling customers run more profitably.
“The Velocious Source to Pay 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 the customer experience,” said Srividya Kannan.
While cost control is not a new theme for enterprises, Srividya Kannan said 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, Srividya Kannan said the payoff for efficient growth is significant, with leaders earning a 6.2-percentage-point return on invested capital (ROIC) premium over competitors.
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.