New Delhi: Oil India Limited (OIL), the premier Indian National Oil Company under the Ministry of Petroleum and Natural Gas, Government of India on Wednesday announced that it had gone live with its automation project for Supplier Collaboration and Accounts Payable Invoice Automation.
With this automation, OIL intends to deliver superior supplier engagement via the Avaali Velocious Supplier Relationship Management (SRM) solution. Additionally, invoices that come in via the Velocious SRM solution will seamlessly integrate with SAP OpenText Vendor Invoice Management to automate the invoice receipt to post-process.
As a part of this project, OIL has leveraged the Velocious vendor portal from Avaali, to provide a self-service platform to suppliers and enable them to maintain their profile, access Purchase Order details, generate and submit invoices, track payment progress, and seamlessly communicate with users in OIL. The self-service portal is envisaged to drive convenience and satisfaction across the entire supplier base of OIL.
The Invoice Automation solution will enable extraction and analysis of invoices that OIL receives from multiple sources. The solution will help OIL automate invoice verification and monitoring and easy access and retrieval of the invoice and supporting documents. Workflows will be fully automated, enabling audit trails, post which invoices will be posted.
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This implementation will help OIL improve efficiencies, enhance productivity, eliminate process bottlenecks, and simplify operations. Additionally, this is intended to deliver excellent supplier relationships via a strong collaboration with OIL's suppliers.
Commenting on this go-live, Sushil Chandra Mishra, Chairman and Managing Director, Oil India Limited said, As part of OIL's digital journey, the invoice management process shall be standardized and the process workflow digitalized to improve team productivity and leverage process automation across the invoice management lifecycle through the Invoice to Pay solution.
Srividya Kannan, CEO of Avaali Solutions, said, Avaali is honored to work with OIL in this prestigious project to transform OIL's Procure to Pay process to incorporate good practices, deliver significant efficiencies and reduce cost.
PTI
