Cloud management solution firm, Ivalua announced the general availability of version 174 of its new platform. A wide range of changes are included in this release to enable procurement and supply chain executives to enhance cooperation between internal stakeholders and suppliers, identify and respond to supplier risk and performance concerns, improve contracting efficiency and visibility, and enhance guidance and effectiveness across procure-to-pay.
“In today’s dynamic and challenging global economy, the ability to effectively collaborate with internal stakeholders and suppliers is critical to business success. Our new release will further boost collaboration and greatly enhance automation and efficiency. This will free up more valuable time for users to manage critical issues around supply disruption, price volatility, as well as environmental, social, and governance risks,” stated Pascal Bensoussan, Ivalua’s Chief Product Officer.
The new release offers AI-powered contract management and a message center with an embedded chat facility to the users. Ivalua added AI-Powered Contract Data Capture to its top CLM solution to advance the field of AI. With AI-driven document segmentation, clause categorization, and information extraction, clients may now shorten contract cycle times. Important metadata from large data volume that provides visibility to historical data can be digitized, categorized, and extracted using optical character recognition (OCR) and artificial intelligence (AI) technologies.
Additionally, with the help of the AI service, new search capabilities have been added that will help procurement, and legal teams quickly locate legal documents and clauses based on keywords, the presence or absence of particular clause types, and particular key terms like the effective date, payment terms, renewal period, or governing laws.
A new Message Center was introduced by Ivalua as part of the update, allowing for smooth platform-wide cooperation. Internal users and suppliers may collaborate and have contextual conversations with the Message Center, an integrated chat feature. Discussions between users and suppliers will be instant using this feature, which also makes it possible to share files, tag people, and assign tasks.
Other major features of the new release include supplier risk and performance management and procure-to-pay.
Supplier risk and performance management include:
- Automated assessments: To engage suppliers quickly and easily, automate information collecting and actions with the option to auto-trigger supplier evaluations.
- Supplier Communication: Enables sending emails in bulk to all or a specific set of suppliers, including lower-level suppliers, and does it effectively while keeping track of the outcomes.
Procure-to-pay consists of:
- Automated bid and buy: Enables users to automatically place a spot bid inside from a purchase request. The customer journey from requirement identification to obtaining quotations from suppliers and placing an order will be significantly streamlined as a result.
- Inventor efficiency: By specifying a distribution scope for each storage location, stock visibility and process effectiveness can be enhanced.
- Alternative items: By giving users better access to predefined alternatives for chosen goods, the catalog can be made to better suit their budgetary and lead-time requirements.