How Ivalua see Procurement Reimagined With AI & Innovation

Ivalua NOW EMEA 2024 assembled people from procurement and supply chain management to discuss the industry’s future. Both the events in Versaille, France and Miami, Florida, saw a total of more than 1,200 in-person attendance across the pair of events. Plus approximately 700 joining virtual from around the globe. 

Attendees had the opportunity to connect with industry leaders with topics such as the power of Generative AI. Here, its role in making everyday jobs faster and smarter was discussed and how it is shaping a more efficient future for business operations.

Ivalua NOW 

Ivalua Now opened with a keynote speech from David Khuat-Duy, Founder and CEO of Ivalua. During his talk, David highlighted the imbalance in procurement tasks and the significant disparity in teams' tasks, with 71% of their time dedicated to tactical or operational duties.

David added: "It is time that we reimagine that model. I believe that technology is a key enabler for that. A full source to pay suite is important, but not enough.

"That’s our conviction, that’s what we think, that it has to be more than just a full source to pay suite. We believe in the power of a unified source to pay suite."

David believes there is a critical need for reimagining procurement models, shifting the focus from mundane tasks to strategic initiatives that drive business growth.

Embracing technology for change

As the procurement landscape continues to evolve, the integration of AI and innovative solutions emerges as a game-changer.

With a focus on efficiency, transparency and strategic value, companies can harness the power of technology to drive transformative change.

David's keynote serves as a call to action for organisations to embrace these advancements and embark on a journey towards revolutionising procurement operations. By embracing these advancements, companies can unlock new efficiencies and opportunities, paving the way for strategic transformation in procurement operations.

David emphasised the pivotal role of technology, particularly unified source databases, in revolutionising procurement processes.

He added: "We believe technology, particularly a unified source database, can bring transparency to data and efficiency to procurement processes."

This technological integration marks a paradigm shift towards more streamlined and strategic procurement operations. By leveraging advanced technologies, organisations can enhance collaboration, mitigate risks and optimise supplier relationships, ultimately fostering sustainable growth and resilience.

The rise of generative AI

A significant highlight of David's keynote was the emergence of generative AI as a disruptive force in procurement.

He highlighted: "Generative AI is a game changer and we need to embrace it and invest full speed in this topic."

Generative AI promises to transform procurement processes by providing actionable insights, automating tasks and facilitating data-driven decision-making. Its integration into procurement solutions signifies a bold step towards unlocking new efficiencies and opportunities, empowering organisations to adapt to dynamic market conditions and drive strategic value.

David adds that he hopes businesses can leverage the new tech to all aspects of their value chain. “We want you to have this ability to manage all types of spend,” he said.

“You know service procurement can be a very big part of your spend. So managing the external workforce we felt that this was really something many industries and many of our customers wanted to have.

"So we will be showing you that being stronger in terms of tax compliance, to be able to accurately manage all your invoices and of course still investing in the payment and the working capital.”
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