Using Ivalua's new tech, firms will be able to explore innovative ways to improve supplier relationships and sourcing initiatives, see and deal with savings, and implement more automation for accounts payable (AP) solutions.
Chief Product Officer Pascal Bensoussan said keeping a visible, efficient supply chain is important, especially with the new challenges posed by the pandemic.
"The COVID-19 crisis has reinforced the importance of having visibility into all levels of a company's supply chain, and being able to quickly and efficiently analyze scenarios regarding supplier selection," he said, according to the release. "With Ivalua's current release, procurement and supply chain leaders are empowered to do so, not only to address the current crisis, but also to put in place a stronger risk and compliance management discipline for the years ahead."
The program's new sourcing optimization options will let companies access tools traditionally only used by select companies due to the complexity involved. Now, all companies will have the option of working with the tools for better allocation and supplier selection, the release says.
And with the sub-tier supplier management tool, businesses can view a supplier's sub-chain network to better assess any risks involved.
Using Ivalua's savings tracking tools, companies will be able to manage and track their savings as is appropriate, and companies will be able to process invoices at a quicker and more efficient rate with AP automation technology.
Lastly, the new updates make Ivalua's public and supplier portals compliant with an international standard known as Web Content Accessibility Guidelines (WCAG), which is important for many public sector and European Union customers.