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Last fall, UVAFinance launched the Procurement Optimization Initiative intending to fine-tune the sourcing and payables functions.
A cross-functional working group has been meeting regularly during the intervening months, and we're happy to share an update related to these efforts, as well as an update related to PaymentWorks.
Several rounds of demonstrations were held with Optical Character Recognition leaders in the market. A supplier has been selected (we'll share all the details as soon as the contract negotiations wrap up) that has a mission tied to higher education as well as the ability to directly influence the algorithm so the machine can learn how we read our invoices. This should result in minimal operational changes for departments and suppliers.
Issues with PaymentWorks are another current area of focus for Procurement. A recent disconnect of the integration between this tool and Workday caused a backlog of supplier profiles. Although the issue has been resolved, some registrations are still presenting issues. If you have concerns or an urgent need, please contact us via AskFinance@virginia.edu and ask that your request be escalated immediately to the Supplier Management Team. The team is exploring contractual methods by which to ensure that UVA's service level needs are consistently met by PaymentWorks.
The news on the Procurement Optimization Initiative and PaymentWorks is quite promising for streamlining processes! Just as the pm awas yojana gramin aims to enhance access to benefits for workers, these initiatives can optimize procurement workflows and improve payment efficiency across the board.
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