Ivalua: Is no-code Gen AI the future of procurement tech?

As the acceleration of AI use in procurement technology increases, Ivalua announces a new Intelligent Virtual Assistant including no-code flexibility

The new generative AI offering is built-in to the Ivalua platform. An Intelligent Virtual Assistant (IVA) powered by Generative AI aims to help customers improve efficiency and enable faster, more effective decision-making regarding their suppliers, contracts and spend. 

What is the Intelligent Virtual Assistant?

IVA is a procurement productivity tool powered by Generative AI. It is intended to integrate into daily procurement operations, and help teams redirect their focus toward strategic initiatives, and productivity. 

While Generative AI has limitations, it offers transformative potential to accelerate time-consuming content related tasks, such as research, analysis, content creation, modification, and summarization. 

Ivalua has already packaged a dozen concrete generative AI add-ons covering use cases across the full Source-to-Pay spectrum and the number is rapidly growing.to truly unleash its potential, Ivalua customers and partners will have the opportunity to create their own tailored use cases without having to write any code using the no-code platform.

The combination of this flexibility and Ivalua’s platform, allows Generative AI to be applied to more processes and improved outputs based on access to complete, high-quality sourcing,  supplier, contract, spend and invoicing data. Ivalua has developed its own AI orchestration services, enabling it to offer best-in-class large language models (LLMs) both from third parties such as OpenAI running on Microsoft Azure and open source models fine-tuned by Ivalua and running on the Ivalua Cloud infrastructure.

IVA Features

IVA Powered by Generative AI already offers the following out-of-the-box capabilities:

Supplier Research: Find and gather relevant information on existing or new suppliers and their offerings and enrich their profiles.

Category & Market Insights: Conduct specific research and summarise key trends within your category.

RFP Assistant: Leverage best practices to articulate and share the objective, timeline, success criteria and selection process of your next sourcing event with all invited suppliers.

Enhanced Communications: Get instant help creating / proofreading supplier communications and sourcing invitations.

Generate Improvement Plans: Review supplier performance responses, summarise, and suggest appropriate actions within a structured improvement plan.

Chat With Your Documents: Extract information, data, and insights from documents

“We’re incredibly excited to unveil IVA powered by Gen AI,” said Pascal Bensoussan, Chief Product Officer at Ivalua. “Procurement teams are inundated with a growing set of responsibilities, but without the additional resources to support. Gen AI has the potential to significantly impact procurement and accelerate various activities within the Source-to-Pay process, freeing up time for more strategic focus. We strongly believe that by putting this technology in the hands of our customers and partners to build their own Gen AI powered use cases, we will co-innovate faster and better”.

Pascal Bensoussan, Chief Product Officer at Ivalua

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Other magazines that may be of interest - Supply Chain Magazine | Sustainability Magazine

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