Ivalua's new update incorporates AI-powered contract management, seamless messaging and communications, enhanced supplier risk and performance, and procure-to-pay efficiencies.
FREMONT, CA: The function of procurement and supply chain management will assist organizations in maximizing their earnings. This is accomplished by striking a balance between cost reduction, supplier quality, and supply assurance and gradually releasing supplier innovation. Ivalua, a global pioneer in solutions for Cloud Spend Management, has come up with its new platform, release 174. The release contains many innovations designed to empower Procurement and Supply Chain leaders to enhance collaboration among internal stakeholders and suppliers, proactively mitigate supplier risk and performance issues, gain efficiency and visibility in contracting, and enhance guidance and efficiency across procure-to-pay.
"In today's dynamic and challenging global economy, the ability to effectively collaborate with internal stakeholders and suppliers is critical to business success," states 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, and environmental, social, and governance risks."
Ivalua augmented its industry-leading CLM solution with AI-Powered Contract Data Capture. These Optical Character Recognition (OCR) and artificial intelligence (AI) technologies will help digitize, classify, and extract essential metadata from vast volumes of old contracts, giving much-needed visibility and compliance. Customers can accelerate contract cycle times with AI-driven document segmentation, clause categorization, and information extraction. This release also includes new search capabilities for procurement and legal teams. They quickly locate legal documents and clauses based on keywords, the presence or absence of specific types of clauses, and specific key terms such as effective date, payment terms, renewal period, and governing laws, which are extracted automatically by the AI service.
As part of the release, Ivalua introduced a new Message Center that facilitates collaboration throughout the platform. The Message Center is an embedded chat feature that facilitates cooperation and contextual discussions between internal users and providers. This feature enables instantaneous conversations between users and suppliers and the ability to share files, tag others, and assign tasks.