New platform release features a broad set of enhancements across Ivalua’s complete Source-to-Pay suite, including deep integration with Amazon Business
Ivalua, a global leader in Cloud Spend Management solutions, today announced the general availability of its new platform release 168. The release includes a broad set of innovations to help organizations better manage their spend and suppliers. Customers can now ensure greater supply chain resilience through improved supplier discovery and collaboration, increase efficiency across each step of the source-to-pay process and better understand and optimize cost drivers for goods and services purchased. The release also adds or deepens integrations with Ivalua’s growing partner ecosystem to improve decision-making and optimize the purchasing experience for users.
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Ivalua has been increasingly recognized by analysts and other 3rd parties for the strength of its platform, product strategy and ability to execute. In 2020, Ivalua was named a Leader in the 2020 Gartner “Magic Quadrant for Procure-to-Pay Suites” and by Forrester Research Inc. in “The Forrester Wave™: Supplier Risk And Performance Management (SRPM) Platforms, Q3 2020.” Ivalua was also awarded the best P2P Specialist Provider by an independent panel of industry veterans at the 2020 World Procurement Awards and this release will support extending its leadership by delivering ever greater value to customers.
Specific release highlights include:
Supplier Management Innovations:
- Improved Supplier Diversity and Inclusion – With corporate social responsibility growing in importance, customers can more easily manage Minority and Women-Owned Business Enterprise (MWBE) classification and credentials.
- Faster Supplier Discovery and Enrichment – The pandemic highlighted the importance of having accurate supplier information and being able to quickly identify alternate sources of supply. Out-of-the-box integration to Tealbook now enables customers to discover new suppliers with a single click and access a high-quality source of supplier information.
- Improved Supplier Collaboration – As suppliers become increasingly important to organizational success, customers can create and project manage various types of supplier collaborations, including Innovation Plans and Corrective Action Plans.
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Sourcing Innovations:
- Deeper Understanding of Cost Drivers During Sourcing: Deliver better sourcing results by understanding what drives costs for items. Ivalua streamlines the process of building, quoting, and analyzing supplier proposals.
- Streamlined Contract Authoring: By starting contracting during sourcing, customers can reduce the cycle time from quote to contract and consider negotiated terms in sourcing decisions. Now, customers can create and iterate on a draft contract during an RFX.
Contract Management Innovations:
- Automated Contract Data Capture: Ivalua Contract Management can now match, segment and extract clauses and metadata from third-party paper contracts to save time and improve contract transparency.
- Collaborative Authoring: Collaboration internally and with suppliers within a contract helps improve efficiency and visibility throughout the process. Collaboration via comments and conversations is now simple and quick for users.
Procure-to-Pay Innovations:
- Supply Chain Collaboration: Direct material transactions and schedule lines have been further enhanced to improve communication and collaboration of MRP orders between buyers and suppliers. Additionally, suppliers are now able to create a barcode label upon the creation of an advanced shipping notice, which can be scanned upon delivery to validate a goods receipt.
- Deeper Integration with Amazon Business: Customers can now offer their users access to a curated list of Amazon Business items that can be searched, compared and checked out, directly in Ivalua with real-time pricing and availability checks.
- eSigning & eArchiving for eInvoices is now offered as part of Ivalua’s Invoicing solution, ensuring authenticity and integrity of the invoice content and archiving based on country regulations.
“The Covid-19 pandemic highlighted the importance of effectively managing spend and suppliers,” said Pascal Bensoussan, Chief Product Officer. “This release empowers procurement and supply chain leaders to better ensure resilience, control costs and optimize employee productivity.”