ITBM PPM Integration with Invoiceflow to actualize project costs

Companies use ServiceNow ITBM Project Portfolio Management (PPM) to perform resource planning, financial planning, and track programs and projects portfolio progress. PMOs can create cost plans to capture planned costs — fixed and recurring. Cost plans are actualized with expense lines to represent actual costs — Capex or Opex. Aavenir Invoiceflow uses Artificial Intelligence (AI) to automatically extract invoice data from multi-page invoice documents and manage invoice approvals using digital workflow on ServiceNow.

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 actual costs.”

Significant advances in PPM due to Integration

• The integration automates data entry of invoice header and line items into ITBM — PPM
• As the expense lines are updated in real-time, you can effortlessly track planned vs. actual project costs
• A better understanding of project risks due to insights given by KPI Dashboard
• Improve bottom-line growth by getting insights for cost re-allocation and investment optimization

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.

Download the Datasheet to get more information…