Avaali, the Bangalore headquartered company with specialization in bringing down cycle time and cost of enterprise business processes, launched a reverse auction feature for its Velocious Supplier Relationship Management (SRM) solution. With this solution, enterprises would be able to bring down their procurement cost by about 12-15% in addition to bringing in transparency in their procurement process.
Avaali’s Velocious SRM 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. 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 SRM 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 reverse auction feature allows enterprises to create, conduct and deliver reports for closed auctions and in turn automatically initiate the supplier onboarding processes for chosen vendors.
Reverse auctions significantly bring down procurement cost for companies as bid prices are continuously brought down during live auctions, where vendors have visibility of where their ranking is against submitted prices. This ensures that the procurement teams are not leaving money on the table while also reducing the time and expense of procurement. Via stronger supplier collaborations, enterprises benefit significantly via accelerated and more visible processes.
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. Avaali has worked with over 120+ large enterprise customers across Asia, MEA and parts of Europe to bring down their procurement cost and increase visibility in their processes.
“Our continued focus on automation of shared service processes including source to pay functions have enabled our enterprise customers to deliver significant cost savings coupled with reduced risks. We continue to stay invested in delivering superior value for our customers and bring down their cycle time to business processes. Velocious SRM delivers tangible reduction in procurement costs while significantly increasing visibility in the procurement process for our customers.” says Srividya Kannan, CEO of Avaali Solutions.
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