SKF Transforms Procurement & Supplier Management with Ivalua
Spend management expert Ivalua is partnering with SKF, a global leader in technology solutions, to revamp supplier management as part of its digital transformation journey.
Ivalua, recognised for its cloud-based, AI-powered source-to-pay (S2P) platform, is already trusted by some of the world’s top brands for improving spend management, sustainability and risk management.
Now, SKF is set to leverage these capabilities to centralise and enhance supplier management processes.
Strengthening supplier management at SKF
SKF, known worldwide for its manufacturing of rolling bearings and technologies that enable rotation, has more than 42,000 employees and operations in 130 countries.
The company sought a solution to better manage its vast supplier network, which had previously been handled through a fragmented system. This scattered approach led to limited visibility and hindered efficient collaboration across its supply chain.
To resolve this, SKF recognised the need to digitalise its supplier management processes and consolidate them into a single platform.
After a rigorous selection process, Ivalua emerged as the ideal partner, thanks to its intuitive platform, strong supplier relationship and performance management (SRPM) capabilities and flexibility in handling complex requirements.
“Ivalua enables unmatched visibility into and collaboration with our suppliers, which helps us improve decision-making and foster stronger relationships,” says Loic Abgrall, Purchasing Transformation Specialist at SKF.
“This is a critical step to ensure resiliency in our supply chain and continue to co-innovate.”
Ivalua’s role in SKF’s procurement transformation
Ivalua’s platform is designed to automate procurement processes and reduce manual tasks. For SKF, this means gaining the ability to manage its supplier relationships in one centralised system, driving increased efficiency and cost savings.
The new system will simplify communication with suppliers and create more opportunities for collaboration.
With Ivalua’s SRPM functionality, SKF can now monitor and assess supplier performance more effectively, using scorecards, KPIs and regular evaluations to ensure that suppliers meet expectations.
The platform’s flexibility also allows SKF to tailor the solution to its unique requirements, ensuring that both large-scale and niche suppliers are managed seamlessly.
“Ivalua enables companies like SKF to unlock value from its supplier base by fostering collaborative processes that improve business performance, drive efficiency and promote innovation,” adds Dan Amzallag, COO at Ivalua.
“We’re excited to support SKF on this digitalisation journey and look forward to continuing our collaboration.”
Partnering for a successful digital transformation
Ivalua’s implementation at SKF is being supported by Stretch Procurement, a key partner responsible for overseeing the rollout of the platform.
Stretch brings the expertise needed to ensure the transformation runs smoothly and meets SKF’s strategic goals.
Sara Bråtegren, COO at Stretch, shares her excitement about the partnership: “We’re thrilled to collaborate with SKF and Ivalua on this important initiative, providing the necessary support to ensure a successful digital transformation.”
The combined efforts of Ivalua and Stretch are helping SKF to reduce manual workloads, improve supplier communication and enable the company to better monitor supplier performance.
This transformation aims to streamline SKF’s operations, boost collaboration and drive long-term value from its extensive supplier network.
As SKF continues its journey towards digital excellence, the company is poised to strengthen its supply chain, improve decision-making and foster innovation through deeper, more effective supplier relationships.
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