The next-gen procurement solutions are here! With AI being the driving force, Ivalua, a pioneer in Cloud Spend Management, has ushered in a new era of procurement optimization.

What’s New in Ivalua’s Release? On 29th August 2023, Ivalua proudly announced its platform release 178. The unveiling of this version is the culmination of robust R&D efforts. here is a summary of the key updates they have shared.

What’s New in Ivalua’s Release

• Improved Contract Digitization: AI-driven data capture mechanisms can now support 13 languages and offer impressive search capabilities for over 100 essential terms and clauses. 
• Purchasing Optimization: A unified view for all purchase requisition line items, ensuring streamlined sourcing and efficient updating procedures.
• Global E-Invoicing: Now compatible with ten more countries, including India, Australia, Netherlands, and more.
• Virtual Card Payments: Now Facilitating better financial control, the feature allows the creation of virtual cards from any operational flow, ensuring all expenditures are accurately tracked.
• Digital Adoption: In-app guidance tools have been integrated to ensure quick familiarization with new features, fostering user independence.

AI – The Game Changer for Source-to-Contract

Ivalua has incorporated AI to make the Source-to-Contract process more intuitive and automated. This includes:

• Risk Management: Automated updates for supplier risk evaluations based on new data.
• Fraud Prevention: Validating supplier banking information to curtail deceitful activities.
• Contract Analytics: New analytics reports for deeper insights into contract approval timelines and other metrics.

With the integration of Virtual Card capabilities, organizations can now exercise better control over financial operations. Every transaction can be linked to a user and department ensuring accountability and efficient budgeting.

Procure-to-Pay: Achieving More with Less

The updated Procure-to-Pay solution by Ivalua focuses on transparency, compliance, and efficiency:

• • Purchasing Center: Offering a holistic view of all purchase requisitions allows for efficient item consolidation.
  • Rapid Deployment: Expanding its reach with packages for ten more countries, ensuring a broader user base.
  • Data Capture Rules: Integrating OCR and AI-generated invoice data capture provides optimum invoice processing.

Simplified User Experience with Ivalua Guides

User adoption is now faster than ever, with built-in guidance tools. These in-app tutorials can be whipped up in minutes, ensuring continuous improvements and seamless user transition to the platform’s Source-to-Pay procedures.

“Our overarching objective with this release is to empower businesses with advanced automation and efficiency in Source-to-Pay. Our state-of-the-art AI capabilities and enhancements in purchasing and digital payments underline our commitment to offering invaluable solutions to our clientele.” (Pascal Bensoussan, the Chief Product Officer at Ivalua)