Ivalua, a global leader in Cloud Spend Management solutions, announced the general availability of its new platform release 174. The release includes a broad set of innovations to empower Procurement and Supply Chain leaders to improve collaboration among internal stakeholders and suppliers, proactively mitigate supplier risk and performance issues, gain efficiency and visibility in contracting and improve guidance and effectiveness across procure-to-pay.
AI-powered contract management
On the AI front, Ivalua enhanced its leading CLM solution with AI-Powered Contract Data Capture. Customers will now be able to accelerate contract cycle times with AI-driven document segmentation, clause classification & metadata extraction. These Optical Character Recognition (OCR) and AI services will also digitize, classify and extract key metadata from large volumes of contracts, bringing much needed visibility and compliance to legacy contracts. This release also includes new search capabilities for procurement and legal teams to find legal documents and clauses quickly based on keywords, presence or absence of specific types of clauses, and specific key terms such as effective date, payment terms, renewal period, or governing laws, all extracted automatically via the AI service.
Message Center with embedded chat functionality
As part of the release Ivalua launched a new Message Center, which will enable seamless collaboration across the platform. The Message Center is an embedded chat functionality that will enable collaboration and contextual discussions amongst internal users and suppliers. Through this feature discussions amongst users and with suppliers will be instant, as will the ability to share files, tag others and assign tasks.
Other notable highlights include:
Supplier Risk & Performance Management
- Automated Assessments: Automate information gathering and actions with the ability to auto-trigger supplier assessments and/or schedule them based on events, business rules or a specific time period to engage suppliers effortlessly and in a timely fashion.
- Supplier Communications: Efficiently communicate via bulk email campaigns to all or select groups of suppliers, including sub-tier suppliers with visibility into the results (opens, unreads, etc.)
- Automated Bid & Buy: Empower users to conduct simple and automated spot bids from within a purchase requisition. This will greatly simplify the user journey from identifying a need, all the way through to getting supplier quotes and completing an order.
- Inventory Efficiency: Improve visibility into stock and process efficiency by defining a distribution scope for each storage location.
- Alternatives Items: Improve the user experience from within the catalog through enhanced visibility into predetermined alternatives for selected items, helping to match to user’s’ budget or lead time needs.
“In today’s dynamic and challenging global economy, the ability to effectively collaborate with internal stakeholders and suppliers is critical to business success”, said Pascal Bensoussan, Ivalua’s Chief Product Officer. “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.”