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Aavenir Bets On AI To Automate End-to-End Procurement, Contract Management For Enterprises

Aavenir Bets On AI To Automate End-to-End Procurement, Contract Management For Enterprises

Ahmedabad-primarily based Aavenir has constructed merchandise to automate procure-to-pay offerings from supplier identification to bills

The international procure-to-pay software program marketplace is predicted to reach $nine.2 Bn by 2026 fuelled via business enterprise adoption of automation products

Recently, Aavenir raised $2 Mn in a seed spherical from Accel Partners to fuel its enterprise growth

It’s time we embrace the brand new truth round us and circulate ahead. As businesses and their personnel begin to stare at a dismal following few months, it’s quite obvious that the traditional workplace will never be the equal anymore. But far off paintings has come an extended manner simply within the past  months, and it’s right here to stay.

Many enterprise professionals and business leaders also said that a majority of groups will hold to help far flung paintings even after this disaster is over. In the past couple of months, Facebook, Twitter, and Shopify all announced indefinite earn a living from home for his or her personnel. But without the right era or programs in area, it will become difficult for companies to preserve enterprise continuity. So it’s no longer most effective appropriate for businesses to have the right virtual gear in area, but vital to survival, particularly in the course of crises including an epidemic.

Ahmedabad-primarily based corporation tech startup Aavenir is seeking to solve one in all the biggest challenges for traditional organizations that rely on the conventional procurement chain. It is trying to remedy the workflow demanding situations that businesses face in shopping carriers or goods, settlement control in addition to bill management and bills.

Citing the example of Amazon in simplifying the procurement or buying process for customers, Jesal Mehta, founder and CEO of Aavenir, advised CFT that it isn't the case with companies. He believes that personnel are the use of old agency packages and gear that don’t appeal to modern customers. This is mainly true for corporations in conventional businesses.

Mehta said Aavenir focusses on 3 areas — automating the procurement procedure for companies through leveraging technology like AI, use of cloud computing gear for garage of records, and simplified person experience, specifically within the source-to-pay procurement method, inclusive of Procureflow for procurement activities, RFPflow to manipulate and assessment multiple request sent through the carriers in one location, settlement lifecycle management (CLM) (Contractflow) and Invoiceflow for money owed payable automation answers among others.

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For example, Aavenir’s Contractflow allows personnel to control contracts underneath the watchful eyes of legal, thereby lowering the risks and enhancing settlement overall performance. Invoiceflow, then again, solves multi-dealer invoice information extraction and processing issues through leveraging generation like AI and ML, thereby enhancing cash glide and minimizing charge errors.

A veteran and a techie from Silicon Valley, San Francisco Bay Area, Mehta has over 3 many years of enjoy in agency SaaS, procure-to-pay (P2P), and settlement lifecycle management (CLM) domains amongst others. Along the manner, he has labored in various senior control roles throughout groups, which includes iMANY, Apttus & Revitas (currently referred to as Model N) and others.

At Apttus, Mehta changed into instrumental in scaling the enterprise to new heights, seeing it develop from below 50 personnel in 2011 to 1400 employees, with 800 in India and revenue of about $2 hundred Mn. This fulfillment drove Mehta to launch Aavenir. “Since I changed into constructing applications on a hybrid cloud platform, I determined to copy a similar version in some different context, especially in source-to-pay due to wider attain and domain understanding, and this is when I stumbled upon ServiceNow,” he brought.

In May 2019, Aavenir partnered with ServiceNow which gives an app shop for enterprise gear. It has a consumer base of about 5.4K firms globally, consisting of Fortune 500 groups which include Deloitte, Moody’s, Mphasis, Malaysia Airlines, Novartis, Redhat, Vodafone amongst others. This substantially elevated the attain of Aavenir’s products, which helped it tap the massive marketplace for procure-to-pay market

According to an evaluation via Reports and Data, the worldwide procure-to-pay software program marketplace is anticipated to reach $nine.2 Bn with the aid of 2026, from $five Bn in 2018, developing at a compound annual boom fee (CAGR) of seven.6%. The increase of the industry is said to be fuelled through streamlining commercial enterprise operations, strategic partnerships and automating workflow among others.

Aavenir claimed that it does now not have a direct competitor inside the space as it works in a horizontal market (ServiceNow) wherein it covers the complete gamut of procure-to-pay solutions throughout departments. This allows it to reach more clients. However, in phrases of procurement corporation software, it competes in opposition to the likes of Apttus, Zykus, TradeShift, Ariba, Basware, Xeeva, ProcurePack among others.

Gaining Momentum In The Covid Times

Since the whole Covid-19 state of affairs unravelled in March 2020, startups in India have long gone through a few virtually hard patches, without a commercial enterprise, pause on investment, zero revenue and value-reducing, layoffs, discretionary spending with the aid of clients and many others. Amid those harsh realities, agency tech startups emerged as saviours for corporations letting them keep their operations digitally.

Aavenir no longer only endured to aid clients that came its manner, however also managed to elevate $2 Mn in seed investment from VC firm Accel Partners all through the lockdown. The funding might be used to reinforce product improvement and make stronger sales and advertising and marketing operations, the company had stated in April.

“Except noticeably impacted sectors like hospitality and airways, the rest of the financial system has been chugging along quite nicely, specifically the IT industry, wherein the customers have continued to shop for our offerings,” Mehta stated.

At the time, Aavenir had also presented few of its services without spending a dime to help businesses for the duration of the entire work from home transition. For example, it had supplied unfastened access to Contractflow, its agreement lifecycle management product for a hundred and twenty days.

Also Read:- How Businesses Can Utilize Intelligent Automation To Revolutionize The Future Of Work?

In the previous few months, the organization stated that it has witnessed an uptick in its sports, and now the organization is slowly gaining momentum within the marketplace. It stated that remaining month, it has even started hiring activity. “In the absence of workflow gear, corporations currently are counting on e mail for communique, invoicing and procurement sports, and plenty of statistics gets lost within the procedure. Enterprises, these days, are realising the importance of our products, and it's far best growing. Therefore, we are also growing our spend” stated Mehta.

Going forward, Aavenir said that it is operating closer to automating its contract control, invoice extraction and RFP sports, along persevering with to do a number of studies inside the regions of AI, in which it's miles focusing closely on changing unstructured facts, be it text, pix, PDFs, Word documents, which might be part of the contract, invoice process to convert right into a structured statistics, thereby offering businesses with actionable insights to make informed choices.

As the arena is shifting toward the new reality, establishments are operating remotely. In those instances, it's also similarly essential for them to paintings smartly via automating redundant tactics. With the chant of “do greater with much less”, Aavenir’s founder said that establishments need to treat their employees like their clients, provide them with the right device, era and consumer revel in. “In other words, if you are trying to provide the satisfactory viable product, generation, user enjoy to your clients, why no longer for your employees?”

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