India, 09 November, 2022: To help digital businesses operate more efficiently, Avaali Solutions has released its latest version 4.1.1 of its flagship product—the Velocious Source to Pay platform. This new version released includes superior Sourcing and Vendor Management functions that can help enterprises reduce direct and indirect costs, save valuable processing time and ensure better supplier relationships. The solution comes enriched with over 50% more features than its predecessor with a significantly enhanced SaaS-based RFx module for a streamlined and democratic approach towards procurement by enabling automation of the Sourcing lifecycle, including creation, approval, collaboration, decision-making and reverse auctions.

The update includes an innovative QR code extraction feature that can read information from invoices and record the invoice reference number (IRN) which helps enterprises verify and validate invoices from anywhere, anytime, offline, through a mobile app.

Commenting on the occasion, Srividya Kannan, CEO, Avaali Solutions, said, “The new version will help enterprises minimize manual intervention across supplier engagement processes, facilitate greater control, governance and visibility to their supplier collaboration processes and bring down costs in their sourcing, procurement and supply chain activities.”

New features in Velocious Source to Pay’s latest version are designed for more efficiency and security, including digital signature verification of invoices that can reduce the manual processes involved significantly and ensure the authenticity of data is well protected. Enhanced supplier and buyer dashboards including GR and Vendor Ledger Reports will provide stakeholders with a single source of truth to several metrics, including invoice status, items due for delivery, queries pending response, invoice ageing and payments and adjustments.