Aavenir has integrated vendor onboarding and obligation management workflows into its contract management product.
The pre-built workflows in the latest release of Aavenir Contractflow will offers users easy access to data and information, thereby streamlining the connectivity between processes, the company said in a Tuesday (Feb. 14) press release.
“The connected contract management experience will help sourcing, legal, procurement and finance professionals realize ‘The Aavenir Difference’ with solutions on a single data model that seamlessly connect processes and data, and deliver cross-application insights without additional expensive technical integrations,” Aavenir CEO Jesal Mehta said in the release.
PYMNTS research has found that vendor onboarding can consist of many different analysis types, with most seeking to assess the financial reliability of new vendors or partners.
As part of the vendor onboarding process, 65% of businesses collect new suppliers’ credit information, and 45% collect data on suppliers’ past financial performances, according to the “Innovating B2B Retail Payments Playbook,” a PYMNTS and MSTS collaboration.
The report found that many merchants’ onboarding processes also require screening new partners to determine their legal statuses, including ensuring that they are certified or licensed and that they are not on international sanctions lists.
Technology can help companies eliminate frictions throughout the accounts payable (AP) process involving onboarding vendors and tracking payments, Dan Miller, senior vice president of product management at financial software provider Sage Intacct told PYMNTS in an interview posted in 2020.
“There is a real value in bringing [these solutions] together at the vendor onboarding stage [because it] saves a lot of time in figuring out how that vendor relationship is going to be structured,” Miller said at the time. “You bring in new vendors [and] you need to be sure how that vendor [is] expecting to be paid.”
The new version of Aavenir Contractflow make sourcing and supplier performance management more efficient and effective by eliminating manual back-and-forth between contracting teams, procurement teams and suppliers, according to the press release.
It also enables vendor creation and onboarding, provides visibility into vendors’ service-level agreement (SLA) achievement, facilitates a contract termination process and minimizes the risk of breaches or noncompliance, the release said.
“The combined contract management solution is a significant step towards delivering a connected source-to-pay experience,” Aavenir said in the release.
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