2024
Unleash the Power of Generative AI
In today’s dynamic business landscape, the race for Procurement efficiency and a competitive edge is relentless. Introducing Ivalua’s Intelligent Virtual Assistant (IVA) – powered by cutting-edge Generative AI (Gen AI). Seamlessly integrated into your daily activities, IVA empowers your Procurement team to shift their focus towards strategic initiatives, while enhancing overall productivity.
Unleash the power of Generative AI in Procurement, a rapidly expanding technology with undiscovered potential. Concrete use cases for leveraging Large Language Models (LLM’s) within Source-to-Pay are emerging but this is just the beginning. Procurement professionals must leverage the power of Gen AI to create their own use cases with no-code capabilities.
Why is Generative AI Critical for Procurement?
Procurement faces an ever-growing workload, marked by escalating volumes of data, an extensive array of stakeholders, and intricate strategies to put into action–all within the constraints of limited resources.
Transform your Procurement strategy and operations with the power of artificial intelligence to automate time-intensive daily tasks such as: research, analysis, content creation, modification, and summarization.
Gen AI will address these challenges to propel the Procurement function into a more efficient, effective, and strategic future.
Escalating data, information, and task volumes.
Shrinking timeframes for strategic planning.
Expanded responsibilities with constrained resources.
Communicating effectively to meet the diverse needs of all stakeholders.
Generative AI in Procurement: Pre-Built Use Cases
Experience the potential of IVA Gen AI. Here are some of the existing use cases developed by our innovative R&D team.
Supplier Research
Gathering information and researching suppliers doesn’t have to be tedious.
AskIVA to help find and gather relevant information on existing or new suppliers and their offerings.
Legal Assistant
Spending too much time creating contract summaries or drafting clauses?
AskIVA to create an instant contract summary or draft a clause to ensure specific elements are covered.
Category & Market Insights
Staying on top of category and market insights while effectively communicating is no easy task.
AskIVA to conduct some research and summarize key trends within your categories.
Enhanced Communications
Struggling with supplier communications or sourcing invitation messaging?
Experience the power of IVA – instantly create or proofread in seconds! Simply provide your instructions, and IVA will perfect your content in no time.
Generate Improvement Plans
Kickstarting an improvement plan due to poor supplier performance?
AskIVA to review information and suggest appropriate actions creating the basis of a structured improvement plan.
Chat With Your Documents
How much time does it take to digest a 40-page contract or supplier document?
AskIVA to pull relevant information, data, and insights from lengthy documents in seconds e.g., Supplier ESG report, contract, 10K filing, etc
IVA: Fully Integrated User Experience
Seamless integration into your Procurement technology.
Prioritizes the highest data privacy standards for peace of mind.
Examine solutions that can interact with users.
Seek a “DIY approach” to craft entirely new use cases tailored to your needs.
Opt for AI solutions that seamlessly connect with every part of the Source-to-Pay process.
Key Criteria for Generative AI in Procurement
There are some important considerations for Procurement leaders to take into account when exploring Gen AI.
Build Your Own Generative AI Use Cases
Unlock the endless possibilities of Generative AI in Procurement within Ivalua’s no-code Source-to-Pay Platform. We believe in empowering our customers and partners with the tools and framework necessary to create their own valuable use cases, powered by Generative AI!
Leverage pre-defined tools and framework to create your own use cases.
Get creative and test out new ideas leveraging Generative AI.
Find new ways to create content or provide insights to simplify user tasks.