The best way to get the very most out of an Ivalua platform investment is to hire a qualified Ivalua consultant to oversee the entire project and offer suggestions along the way. The Ivalua platform is a powerful software application that reaches beyond the normal capacity of technology and can connect businesses with partners around the planet. An Ivalua implementation is a transformation from an ordinary situation into an extraordinary realm of endless possibilities.
Cloud-Based Platform Implementation
Ivalua provides a complete cloud-based platform for businesses that gives them the freedom and the power to manage all of their spend endeavors within one platform. A cloud-based application means that instead of having a single point of installation and deployment of the application, the entire program is installed within a network of servers connected to a digital cloud.
While the platform is off-site, the company that uses the platform will install components on their local computers that connect to the software through the internet.
The initial implementation will be for the company to install software into the computers that users will log into to access that program that connects everybody together and allows each machine to connect to and communicate with other users.
Implementation will consist of:
- Getting access to the main platform in the cloud
- Installing apps into local computers
- Creating groups and users in the app
- Connecting users to the platform
- Training staff to use the software
It is imperative that anybody that is going to use the platform and have access to the hub is trained on how to use the software.
The application is designed to take the company from the level of performance that it is on and drive it up to a higher level of efficiency and success than ever before. Implementation of the software is only the first step toward a rewarding journey.
Functions and Capabilities
The Ivalua platform was engineered so that every business that uses it will be able to rise up to the highest level of potential that it has. The ability of decision-makers to see across all areas of finance and development is a formidable edge over any competition. Without the power of an integrated platform to pull all sources together into a plainly visible entity, a company has nothing to do but guess where to step next.
Some of the most important functions that the platform has to offer are:
- Strategic sourcing
- Supplier management
- Contract management
- Spend analysis
- Analytics and insights
This list goes on, but it is easy to see where the platform could provide a substantial advantage over the average solution.
Some of the most successful companies in the world are the way that they are because they have a solid source-to-pay structure that allows them to accurately manage everything that they spend and see where they are losing money, or have opportunities to gain money.
The general outline for a basic source-to-pay strategy is to break the process up into four major steps:
The planning phase of the process is key to the success of the operation, however, sourcing appropriate vendors that have the capacity to fulfill the needs of the company on a regular basis is very important as well.
During the administration phase of the initial implementation of the Ivalua platform the administrator that is creating the structure will use critical information to develop a structure within the platform that will have the capacity to streamline the entire source-to-pay process and connect the company with the best of the best sources.
Pertinent information will help to develop an ideal environment that will maximize spend analysis, contract management, and supplier management. Where the company may have depended on paperwork and folders to manage the procurement processes, the Ivalua platform will allow all management processes to be done in a digital format within a secure cloud-based platform.
No company should ever have to guess which sources will work for them, and which won’t. Installing the Ivalua platform takes all of the guesswork out of the picture and replaces it with cold hard facts and numbers that do not lie.
Since the sources that a company depends on need to be reliable, available, and efficient it is crucial to strategically seek out sources that will be most beneficial. The Ivalua platform will be able to draw data from databases that are filled with vendors and sources that have good names and great reputations.
From the information that the platform gathers, the artificial intelligence will be able to choose the best possible matches for the company, based on the criteria that are specified in the query.
For example, if the company needs a vendor that sells black socks that are made out of cotton for a certain price after a certain amount the software can browse the information available and produce eligible sources that match the criteria, that are among the best of the best.
Beyond finding perfect matches the software can be programmed to take the next steps forward and choose the best vendors then reach out to them to produce contracts and start the buying process.
A business that moves a lot of product will have literally thousands of contracts at any given time. Some vendors will be long-lasting contracts whereas others will be for the duration of a couple of weeks or until a specified amount of transactions have occurred.
Regardless of the stipulations of each contract, it is difficult for a person, or even a group of people, to keep track of every contract and every stipulation within each contract.
The software in the Ivalua platform has the capacity to keep track of all of the details of every contract and even send reminders to participants in order to maintain the contract agreements.
Many times contracts are made between two people and the other end of the party fails to inform the rest of the company. When the transaction goes through the vendor has no way to know that an alternative price had been arranged. What happens is the company spends full price for the item and does not get any savings at all.
With the Ivalua platform involved the software already knows the terms of the deal and will not allow the transaction to go through until it has been corrected. Instead of losing out on a good chunk of savings, the application will send a gentle reminder to all parties that the cost of the goods or services has been changed in order to facilitate a deal.
It is easy to see the value of having an extra set of “eyes” to watch transactions closely.
Analyzing the spending functionality of a company gives great insight into where money can be saved and where money can be invested. The data that comes from the way companies spend money can become crucial tools to improve the overall efficiency of the entire company. The Ivalua platform can provide detailed information that goes beyond mere spending within the company, but also where it would be beneficial to spend money and find ways to get high returns on investments.
Implementation of the Ivalua platform is one of the most powerful ways a company can get its spending habits on the right track. Beyond the scope of a typical web-based application, the Ivalua platform delivers dynamic, intelligent solutions for businesses that are ready to rise to the next level.