Avaali Solutions, an India based startup which is working to support mid to large enterprise to create digital transformation strategy and roadmap for execution in line with business goals, is driving adoption of its Velocious Source to Pay Platform, a solution that automates the entire lifecycle of supplier engagement processes and helps significantly reduce sourcing and procurement cost.
In line with the objectives of India’s Atmanirbhar Bharat, Velocious aims to contribute to indigenous technology development to meet market demand and socio-economic growth, the company said.
Velocious Source to Pay platform delivers value by enabling full lifecycle automation of supplier collaboration processes and offers 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 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, the company added.
“Avaali Solutions continues to stay deeply invested in enabling our customers to 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 percent.
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,” said Srividya Kannan, Founder-CEO of Avaali Solutions.