As per industry benchmarks, 70% of global enterprises have suffered at least one project failure in the prior 12 months, i.e. for every $1B invested, $122M was lost in wasted resources, time, and efforts hampering project performance.
What are the Practical Challenges Faced by Project Managers?
- Manual entry of actual cost is time-consuming and error-prone
- No real-time visibility into the actual cost of a project
- Possibilities of missing expense lines cost against the project cost plan
Identifying planned v/s actual costs is the most critical factor to drive project portfolio decisions in an optimal manner. Join us to learn how you can gain real-time visibility into project spend with ServiceNow PPM and Aavenir Invoiceflow.
Better together - Invoiceflow + ITBM PPM
Integrating ITBM PPM with Aavenir Invoiceflow can automatically update the project’s cost plan expense line with vendor information, invoice information (header & line items), amount, payment due date, and payment status. Having access to the actual costs associated with expense lines, project teams can get real-time visibility into budgeted vs. actual project costs from the ITBM PPM dashboard or using custom-built visual reports.
Read the blog on: "ServiceNow PPM integration with Aavenir Invoiceflow – A foolproof solution to challenges of managing....”
How it is put into practice?
Integration of ITBM PPM with Aavenir Invoiceflow automatically embeds approved invoice data to the expense line. Here is how the integration works.
- Aavenir Invoiceflow auto-captures invoices received at your AP email
- Invoiceflow extracts PO and vendor information from invoice
- Invoiceflow uses AI-enabled 2 –way/ 3-way match to validate invoice
- For validated invoices, Invoiceflow identifies related cost plans based on PO
- Invoiceflow updates invoice record by adding cost plan and project details
- The invoice approval request is sent via email with the cost plan and project details
- Once the invoice is approved, Invoiceflow updates an expense line in the ITBM PPM cost plan with invoice details– invoice number, vendor, amount, etc.
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