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This article is part of our Buyer's Guide: Your guide to choosing the right e-procurement software

Accelerate the entire procurement process with Ivalua

Ivalua offers organizations a variety of different tools that integrate with one another, including e-procurement software, to maximize efficiency during the procurement process.

Ivalua is one of the leading providers of spend management cloud software, including e-procurement. Ivalua's spend management suite features different modules built on a "common code base" to streamline the entire procurement process. In addition to Procurement, Ivalua's suite also includes Supplier Management, Strategic Sourcing, Contracts & Catalogs, Invoicing, and Spend Analytics.

What is included in Ivalua's e-procurement software?

The features offered in the procurement software include purchase requisitions, purchase orders (POs), goods receipts and budget tracking. Ivalua's procurement software features an Amazon-like user interface, so users may already feel comfortable with the setup.

Purchase requisitions allow catalogs, contracts, free-text or punch outs to be routed through approval workflows and then shaped to the individual request. Purchase requisitions from Ivalua let organizations account for varying costs, delivery sites and suppliers, and validation workflows can also be organized on the category of purchase requisition. Any accounting entries made can also be exported to the organization's accounting system. 

From requests, POs are then sent for suppliers to look over and keep track of the organization's changing requirements and needs. The software also allows for the construction of numerous purchase orders from one requisition, helping users save time. Users and suppliers can connect simply through the Supplier Portal or electronic data interchange or commerce extenxible markup language (cXML), eliminating the need for other forms of communication such as fax or email.

Goods receipts help organizations keep track of supplier notifications and receipts of order fulfillments, and suppliers can even note shipments ahead of time so users can approve before anything is shipped. Budget tracking helps users do just that: keep track of the budget. Actual as well as planned spending of budgets can be tracked online or imported from another financial system.

What else is offered in Ivalua's spend management suite?

Along with its e-procurement software, Ivalua also offers other tools that integrate with one another and can ease the procurement process.

Supplier Management keeps supplier information in an individual database that also allows for complete transparency for data exchanged with suppliers. There are alerts in case there are missing credentials or expiring documents and there aren't any supplier fees.

Supplier Management has several features. Supplier repository allows users to look at all available information about suppliers. Registration and data management helps customers keep track of requests for proposals (RFPs), orders and invoices. The supplier risk and performance feature gives users insight on suppliers' performance and any risk data that may be associated with them. Improvement plans are also included, which allow users to automate certain interactions with suppliers. The exception management feature helps users pinpoint what parts of the procurement process need the most attention and improvement.

Strategic Sourcing from Ivalua helps users keep track of bids during sourcing events, speed up the sourcing progression with individualized customer workflows and pool resources with stakeholders for RFP planning.

With sourcing projects as one of the main features for Strategic Sourcing, users can regulate any part of a sourcing plan, such as documents or who's involved with the project. RFx automates the preparation for RFPs, supplier distribution and collect bid responses. In this same suite, users can also host online auctions as well as get bills of material so there is a trail of details when a new product is put into the market.

Contracts & Catalogs gives users visibility over every contract, the ability to shorten contract cycle times with negotiating with suppliers, an accelerated approval process and the ability to manage or automate contracts.

The contract repository feature helps with management of contracts by giving reminders by either critical renewal or when expiration dates are nearing. Contract authoring and lifecycle lets users take control of the entire contract lifecycle by being able create and author contracts online. The items and catalogs feature allows for the sharing of catalog updates with suppliers in the supplier portal, and asset and tooling management is set up for users to track depreciation, maintenance, locations and usage. 

Invoicing from Ivalua features tools to capture invoices electronically as well as keep track of expense reporting. The dynamic discounting feature gives the possibility of early-payment discounts and users can also use the Invoicing feature to register accruals for goods and labor, even if it's not fully invoiced.

Ivalua's Spend Analytics builds on online analytical processing like "cube-based analytics and dashboards," and the spend enrichment workbench feature gives users direct visibility into the automated classification process for millions of lines of spending. Savings, tracking and action plans help businesses organize and budget agreed upon savings and then track it with features like savings goals. Procurement Project Management streamlines any action in the Ivalua suite.

How is Ivalua's spend management suite priced and licensed?

Users can request a demonstration on Ivalua's website. Ivalua offers support for implementation, integration, supplier enablement, data quality and cleanup, as well as technical assistance and an on-site or e-learning "training academy." There is no pricing or licensing information on the company's site, so those interested in Ivalua should contact them directly. 

Next Steps

Find out how e-procurement software utilizes cloud

Learn about how e-procurement tools can lower costs

Here's what to take into consideration when choosing e-procurement software

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This was last published in June 2016

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