The best way to get the most out of this powerful application is to hire an Ivalua consultant so that you can truly understand how effective and streamlined the program is. When it comes to procurement, spend management, and source-to-pay solutions the bigger question is whether or not there is anything Ivualua can’t do.
The Purchasing Process
The way that a company handles its purchasing process can either make or break the entire structure of the business. Companies that purchase goods and services in a way that not only saves money but adds overall value to the company tend to stay on top and in business longer. Companies that do not pay close attention to their spending can fall into troublesome money issues.
Some of the areas that Ivalua helps to improve are:
- Source-to-pay
- Spend management
- Contract management
- Analytics and insights
Each and every step of the purchasing process has the potential to maximize revenue and minimize spend. Whit the help of the Ivalua platform, companies can get the entire scope of all spending and revenue simply by looking at the data. In a nutshell, the Ivalua platform helps to simplify the whole procurement process from sourcing goods and services all the way through to payment for the goods and services.
Source-to-Pay Efficiency
When there are literally thousands – if not millions – of purchases, services, goods, and contracts to be in control of the procurement department can become chaotic and faulty. Even the most skilled specialists make mistakes here and there that can lead to catastrophic losses on the other side of the process.
The ability to strategically find and acquire high-quality sources gives the company an advantage beyond normal capacity.
In addition to finding the perfect sources that can handle even the most difficult of orders through difficult times the ability to manage the vendors, maintain the contracts, navigate the purchasing process, and fulfill the payments on time, every time, is a crucial element for the integrity of the company.
What the Ivalua platform does is conveniently places all of the components of the entire source-to-pay process into one area that will allow all members to access and use it within the parameters of their permissions.
Business Spend Management
Because the platform allows users to see spend practices throughout the entire company process it gives the people that are in charge of procurement a clear vision of where money is being spent wisely, and where it is not.
The platform actually allows users to seek out spending opportunities that could be more beneficial to the company, and put those opportunities into contracts that form into long-lasting commitments and economic gain.
A great example of how being in control of all spending from one platform is when businesses have spending issues that automatically buy and pay for services or goods that are no longer beneficial to the company.
In many instances, a company can unwittingly spend hundreds, if not thousands of dollars a month on goods that they either no longer need, or that they already have on hand. Doubling up on purchases can be an unnoticed occurrence that can only be remedied by manually stopping the transactions.
Over and over again companies are seeing that they have a lot of room for improvements in the way that they spend money. These improvements can be made relatively easily with the help of an Ivalua implementation and a few tips from a consultant.
Digitizing Procurement Processes
It is not a secret that most of the world is in the process of a digital transformation. It all started with eMail technology many years ago. In the technological world that we live in today, it is only a matter of time before businesses that fail to transform will be left behind in a cloud of dust.
Some of the most important factors to consider when it comes to digitizing a process are:
- Hardware capacity
- Software quality
- Integration capibilities
- Staff training
Any company that is in the process of transforming its physical procedures into digital ones will have a few growing pains along the way, however, the end result will be worth it.
Where at one point the way to find and source items was to get on the phone and dial numbers, the digital way of communication will be through a robust platform that is able to reach all points of the world and instantly connect groups of people.
Information that was once only available on written records is now easy to access and find in secure databases located throughout a vast network that is connected by way of a digital cloud.
Digital Transformation
The engineers that developed the Ivlaula platform had the ease of integration in mind during their creation stages. The world of technology has literally billions of different software applications and platforms that all have their own functions and capacities.
Ivalua was developed with the mindset of easily connecting its platform with the major platforms that businesses use around the globe. What this means is that if you are already using a specific type of platform to function, the Ivalua platform will most likely be able to integrate into it without any problems.
The digital transformation of the world has been in progress for a very long time. Using paper and folders to store information in filing cabinets is not only cumbersome but takes a lot more time than searching for information using a search platform with keywords.
Whether a company is just starting out in the digital transformation process, or it already has a significant amount of digital solutions in place the Ivalua platform has enough functionality to seamlessly convert business processes and add value to the company.
Contract Management
When it comes to managing the thousands of contracts a business can have it is much easier to have a bit of help. There are probably some businesses that are still using the old-fashioned way of paper and pen to keep up with contracts and agreements, however, many companies that use this technique lose out on money that they might not even be aware of.
One of the things that can happen with contracts is that a staff member can strike a deal with a vendor and agree to a price for a volume of services or goods, but the rest of the vendor’s company is unaware of the deal. When it comes time to pay for the items the deal price is forgotten and the cost of whatever is ordered is not any different than it would be without the deal.
It is practices like this that can ultimately cost the company big bucks. Especially if the cost of the goods is higher than another regular cost from another vendor.
The Ivalua platform keeps track of commitments and contracts down to the smallest of details and sends out reminders to each party that the agreement was made for a specific amount of money for a number of goods ordered. Since most of the time when these price discrepancies happen it is by mere accident or misunderstanding, the software will be able to successfully resolve the issue and ensure proper pricing.
In addition to contract enforcement, managing time constraints, and expiration dates is convenient and simple through the Ivalua platform.
Conclusion
In conclusion, it is easy to see that Ivalua is much more than a typical web platform. It has the capacity to manage spending practices, save money, manage contracts, and keep a business as efficient and effective as possible.