Ivalua's New Platform Release Accelerates AI-Powered Contract Digitization and Overall Purchasing Optimization

Customers will unlock greater and faster value across strategic procurement activities while also supercharging efficiency and visibility in operational activities

REDWOOD CITY, Calif., Aug. 29, 2023 /PRNewswire/ -- Ivalua, a global leader in Cloud Spend Management solutions, announced the general availability of its new platform release 178. This release reflects Ivalua's growing investment in R&D, including a broad set of new innovations that improve contract digitization and analytics, enhance visibility to optimize disparate purchasing activities, extend global e-invoicing compliance, enable new virtual card payment scenarios and provide a built-in digital adoption layer.

Greater efficiency with AI-Enhanced Source-to-Contract
The seamlessly connected Source-to-Contract process within Ivalua has become simpler and more automated with:

• Enhancements to AI-powered Contract Data Capture across 13 languages and powerful search and discovery results across 100+ key terms, obligations, document types and clause types.
• Automated updates to risk scorecards of suppliers based on changes in risk criteria or external data sources.
• Validation of supplier banking information and ownership to reduce fraud.
• The ability to import, view, and update Approved Manufacturer List (AML) and Approved Vendor List (AVL) at the item level.
• Automatic mapping of suppliers to items based on category strategies and qualifications.
• Refreshed contract analytics with updated reports covering contract approval cycle times, clause usage and deviations, and much more.

Increased transparency and compliance in Procure-to-Pay
Ivalua's Procure-to-Pay solution continues to help customers simplify the complexities of purchasing and paying suppliers with greater visibility and flexible workflows.

• A new Purchasing Optimization Center brings a centralized view across all purchase requisition (PR) line items, enabling consolidation and efficiency. Procurement now has the visibility to combine several items across different PRs into one quick sourcing event and automatically update PRs upon award.
• Items within different PRs can now be grouped for approval and different approval workflows can be triggered for different line items within a single PR.
• New rapid deployment packages for 10 additional countries: Australia, Austria, Denmark, Hong Kong, India, Malaysia, Mexico, Netherlands, Portugal, and Qatar.
• Unique management of the OCR and AI-generated invoice data capture rules giving ability to further optimize the underlying rules and not be a black box.

Incorporating Virtual Cards for a complete Payments solution
Ivalua's new Virtual Card capabilities are now part of our Payment Cards offering. This offers greater control over card access and opens up the possibility of creating a Virtual Card from any workflow or business process flow, thereby unlocking more card usage and spend controls within an organization. All spend is tracked and linked to a user, department and approved budget.

Accelerated usage and adoption with Ivalua Guides 
Digital adoption platforms are effective in accelerating usage, adoption and employee satisfaction by navigating users to complete tasks autonomously. Built into the Ivalua Platform, users are rapidly guided to learn new activities, processes or features and ramp up adoption. These in-app guides can be created within minutes for continuous improvements to Source-to-Pay processes.

"Our latest release is designed to unlock the new levels of automation and efficiency across Source-to-Pay for our customers," said Pascal Bensoussan, Ivalua's Chief Product Officer. "Our AI expertise and technology has come to fruition with Contract Lifecycle Management (CLM), Invoicing and more advancements to come soon. Combined with customer-driven enhancements in purchasing optimization, virtual cards, and guided user enablement further demonstrate our focus on delivering innovations that unlock tangible value for our customers."

About Ivalua

Ivalua is a leading provider of cloud-based Spend Management software. Our complete, unified platform empowers businesses to effectively manage all categories of spend and all suppliers, increasing profitability, improving ESG performance, lowering risk, and improving employee productivity. We are trusted by hundreds of the world's most admired brands and recognized as a global leader by renowned industry analysts. Learn more at www.ivalua.com. Follow us on LinkedIn and Twitter.

SOURCE Ivalua