Artificial intelligence (AI) powered source-to-pay provider Aavenir is integrating its Aavenir Invoiceflow product with its portfolio management application ServiceNow Project Portfolio Management (PPM) to advance and automate expense tracking.
The integration aims to offer project managers the ability to monitor the actual cost of a project against the budgeted expenses, in real time. The resulting information will give managers the chance to take preventive measures or make necessary changes.
“Many project managers continue to struggle with disparate systems and must resort to multiple data sources to monitor project costs and communicate status with stakeholders. Additionally, manual entry of actual costs is error-prone, time-consuming and lacks real-time visibility,” Aavenir Founder and CEO Jesal Mehta said in a Wednesday (July 28) press release.
“Aavenir, as an elite ServiceNow technology partner, looks forward to collaborating with organizations to integrate Aavenir source-to-pay solutions with more ServiceNow applications to maximize their ServiceNow investments,” he added.
The only vendor that functions on a single platform to serve both traditional project portfolio management and agile portfolio, ServiceNow Information Technology Business Management (ITBM) also adheres to an individual data model, according to the press release.
ServiceNow Project Portfolio Management — part of ITBM — also assists project managers with budgeting, cost projecting, and expense tracking. Further, the tool enables demand management as well as resource and financial planning, per the statement.
“More than 60 percent of ServiceNow customers use ServiceNow IT workflows. Aavenir’s new integration will help them extend ServiceNow’s capabilities and maximize returns on ServiceNow investments,” said James Maxwell, ISV technology and alliances (APJ) lead at ServiceNow.
“The integration also validates Aavenir’s go-to-market approach for making Aavenir source-to-pay solutions a right fit for the ServiceNow platform ecosystem. Aavenir Invoiceflow is available via ServiceNow Store, meaning; ServiceNow customers can be up and running and using its rich functionalities with just a few clicks.”
In April, Aavenir introduced new features for REPFlow, its source-to-pay product, which now are natively on ServiceNow. The enhancements also integrate with Aavenir Contractflow, which offers a single source-to-contract experience for procurement pros.