RENK Digitalizes Procurement with Ivalua to Minimize Risk and Maximize Supplier Collaboration
Ivalua, a global leader in spend management, OptiBuy, a trusted Ivalua implementation partner, and RENK, a global leader and Trusted Partner for high-efficiency propulsion and drivetrain technology, announced that the RENK Group has selected Ivalua to digitalize and consolidate its procurement operations.
Headquartered in Augsburg, Germany, the RENK Group is a global technology leader focusing on the development and manufacture of complex propulsion and transmission systems for certain key industries and future markets in the defense and civil sectors. The company stands worldwide for a unique dovetailing of engineering, production and testing know-how as well as maintenance and services over the entire life cycle. The company has more than 3,400 employees worldwide.
Supported by Ivalua’s extensive expertise in aerospace and defense procurement and supply chain management, RENK selected Ivalua to digitalize, automate and connect procurement processes for both direct and indirect suppliers. The digitalization roadmap will start with Ivalua’s Source-to-Contract (S2C) solution, to be followed by Procure-to-Pay (P2P) in 2024.
By implementing a central, global Supplier Relationship Management (SRM) one of RENK’s main objectives was to improve collaboration through a single point of contact for all suppliers and partners.
Read More: Revenue Enablement Drives Productivity and Growth in the Evolving Financial Services Sector
With a 360-degree view of all its suppliers, Renk will be able to better monitor risk and performance across its supplier base. Additionally, this will provide RENK with valuable insights to meet global ESG requirements and comply with local regulations such as the German Supply Chain Act.
“With even greater visibility into our supply chain and seamless collaboration tools, RENK will be able to design and implement an effective, global source-to-pay strategy over the short and longer-term to further broaden the commitment as Trusted Partner to our customers”, said Alexander Pingert, Director Global Procurement Excellence at RENK. “Ivalua’s multi-instance architecture provides us with the added level of security which is crucial to RENK, while the flexibility will empower us to continue our global digitalization journey considering local requirements going forward. All our Global Procurement Teams will benefit from one single source of supply chain collaboration following our ONE RENK strategy”.
“OptiBuy is proud to collaborate with RENK and Ivalua on this strategic initiative to build a modern, global tool for RENK’s entire procurement organization. With a step-by-step approach, beginning with the Source-to-Contract (S2C) process followed by Procure-to-Pay (P2P) and other functionalities, we aim to enhance spend and supplier transparency, making decision-making more straightforward and data-driven,” said Tomasz Gonsior, Senior Director, OptiBuy. “This is a significant digital transformation project that will not only simplify operations but also drive efficiencies across all procurement processes. Our longstanding experience as an Ivalua implementation partner ensures that we bring the best of expertise and value to this project.”
“A complete, unified platform is critical to enable RENK to consolidate its operations across its plants and centralize supplier creation and master data management to streamline procurement processes and enhance collaboration,” said Dan Amzallag, Chief Operating Officer (CCO) at Ivalua. “Ivalua will represent RENK’s backbone for a transparent, controlled and efficient supply chain.”
Read More: SalesTechStar Interview with Gregg Aamoth, CEO of POPcodes
