Advanced solutions for manufacturing, financial services, public sector, healthcare, oil, gas and energy; 7 pre-defined process packages for quick time-to-value; primary supplier/item master data management and numerous other suite-wide enhancements
Ivalua, the global leader in cloud spend management solutions, today announced the availability of Industry-specific solutions for 5 verticals, pre-defined process packages for quick time-to-value in 7 common spend management scenarios, primary master data management for suppliers and item data, and other enhancements to simplify sourcing complexity, improve process control and user experience.
Ivalua has the fastest R&D update cycle with over 95% of enhancements conceived and released in less than a quarter. Over 60% of enhancements are directly inspired by clients, with the remaining coming from market research and analysts.
Key Innovations Announced Include:
- Industry Solutions with Advanced Functionality – deep industry-specific functional support for companies operating in:
- Manufacturing: advanced functionality includes Cost Breakdown Analysis, Bill of Material (BOM) Centric Sourcing, Build-to-Order Sourcing, NPI Management, Deeper Project Management, Mass Supplier Deliveries, Raw Materials Price Variance, Approved Supplier Lists by Plant & Commodity, Supplier Risk Profiles, Supplier Improvement Plans/ Targets, Supplier and Item Master Data Management.
- Banking & Financial Services: advanced functionality includes Multi-Envelope Bidding, Contract Compliance, SLA Management with self-service evaluation scorecards, Services Rate Cards and Profiles, Third Party Information management (to meet OCC guidelines), Risk Tracking from Idea through Contract.
- Public Sector: advanced functionality includes Federated Procurement approach, Multi-Envelope Sourcing, Public RFX, Nothing is Impossible Workflow, Accessibility support, Validation and Alerting, SLA Management, Services Rate Cards and Profiles.
- Healthcare: advanced functionality includes GPO Price Sourcing and Management, In-flight Product Substitution on a PO, Partial period Invoicing and Reconciliation, Easy to order repetitive items, Provider Contracting, Support for HIPAA, Configurable fields for manufacturer, distributor, internal item codes, Mapping of Health Care commodities to UNSPSC, Mobility for “on the go” physicians.
- Oil, Gas & Energy: advanced functionality includes Spot Sourcing of requests within preferred suppliers, Spot awards to on-site Suppliers, Field Service Request based procurement, MSA and Blanket Orders, Assets and Tooling, Stringent review of Supplier safety practices & credentials, Supplier access to contracted items and rates for service estimation, Sourcing of outcomes vs. materials (e.g. square footage drilled vs. drill bits)
- Pre-defined Packages for Quick Time-to-Value – for 7 common spend management scenarios; Packages include pre-assembled, standard functionality and services, and help customers realize value quickly:
- Primary Master Data Management for Supplier and Item Data– Ivalua to serve as primary supplier or item/ service master. Enables customers to spend less time and effort while lowering compliance risk.
- Supplier/ Vendor Master Data: Ivalua as the primary source of truth for supplier data across the enterprise; easily sync and update supplier master data between Ivalua primary record and secondary supplier tables in ERP and legacy systems.
- Item/ Service Master Data: Ivalua as the primary source of truth for item and service data across the enterprise; capture comprehensive item and service information in one place by using out of the box Item master and easy configurations to capture evolving needs for product and services data; easily sync and update item and service master data between the Ivalua primary record and multiple other secondary tables in ERP and legacy systems
- Other Ivalua Update 154 (“IU 154”) Enhancements across the Suite:
- Improved Supplier Qualification– for customers looking to have better controls in supplier management, IU 154 provides the ability to configure a workflow (configurable by organization and / or commodity) to approve each line of qualification.
- Deeper e-Auction support – now supports Dutch Forward and Index Auctions, Multicurrency bidding and Auction by rank i.e. Best bid Supplier View option.
- Greater functionality and performance in e-Procurement – upgraded user options in accounting for asset/expenses, improved control on PO cancellation process, 85% plus improvement in search response times for PRs, POs and Invoices.
- Mobile Expense creation – ability to capture expense receipts on mobile devices, then send as attachments to a dedicated email address and automatically create a draft expense items within Ivalua. Deeper Spend Analytics– ability to report a single KPI on dashboard, display values on charts, export multiple analyses simultaneously from homepage and improved error management with root cause alerting during ETL import process
“Ivalua has set a new standard for industry-specific advanced functionality, pre-defined process packages and supplier/item master data management solutions that buying organizations should expect from modern Cloud Spend Management providers”, said David Khuat-Duy
, Group CEO of Ivalua.
“I look forward to customers adopting these innovations to support deep industry and extended Spend Management process needs while quickly realizing value beyond savings,” said Patrick Conquet, Vice President- Product Management of Ivalua.