Avaali, the Bangalore based Information Management specialist, recently announced its launch of Velocious – an innovative solution for enterprises to effectively manage supplier queries. Using rules based Artificial Intelligence language processing technology, this solution is very effective for enterprises to update their suppliers on invoice status, payment dues and provide query resolution to suppliers 24/7.
According to a recent survey, the accounts payable team spends 30% of their time in answering the queries from suppliers. This has an impact on productivity and costs. Also, one of the top factors contributing to poor supplier relationship is dispute or query time management. Maintaining strong supplier relationships has always been a key agenda item for an enterprise’s supply chain strategy. Enterprises spend millions of dollars directly or indirectly, to have a sound supplier management system. However, they still undertake processes like handling supplier queries in a manual way.
Leading enterprises are looking to automate this process, to optimize resource utilization and improve relationships between the suppliers and their buyers. The need of the hour is also to have an artificial intelligence and cognitive computing engine that can manage customer queries round the clock without any delay. Enterprises are starting to invest heavily in the chat economy and it has fueled the development of chatbots across various business functions. More importantly, with chatbots, enterprises have a cost-effective way to interact both inside and outside the organization.
The Velocious app is powered by artificial intelligence language processing, that has opened new realms of the customer engagement and innovative ways of doing business in the form of conversational commerce. Chat-bot is a rules-based communications environment to support suppliers with answers to their queries, on a web-chat based environment, designed to bridge the communication gap between the suppliers and the buyers.
With the chatbot, suppliers can stay up-to-date with information relevant to their business transactions and the payments associated with the transactions. Suppliers can now be engaged through a chat window, have their questions answered in a whisker without having to wait on the phone while the support agent checks for the updates on the centralized environment. The application is designed to provide regulated access of the information to authenticated users. Suppliers can also upload invoices and their supporting documents to initiate Invoice Processing.
With Velocious, Avaali intends to support enterprises significantly improve governance and reduce costs of managing suppliers.