Why Ivalua is a Leader in Strategic Sourcing

Ivalua has been named a Market Leader in strategic sourcing, thanks to its robust functionality across all modules

Ivalua, known as a global leader in spend management, has announced it has been named a Market Leader in Ardent Partners' 2024 Strategic Sourcing Technology Advisor category.

The report evaluated the eight vendors Ardent identified as solution and market leaders in the strategic sourcing space, placing Ivalua in the Market Leaders Quadrant based on its solution and provider strength.

The report put Ivalua into the strong Market Leaders Quadrant, after its assessment yielded a grade of good or market leader in every individual capability assessed. It was praised for its 'robust functionality across all modules'.

It also specified the advantages to transparency and the user experience of Ivalua’s platform being truly unified with a single code base and data model.

What the report highlighted as Ivalua strengths

Within the report, the company received high praise for the following efforts:

  • Generative AI: The report noted that Ivalua is a 'pioneer when it comes to deploying Generative AI and has already released nine use case capabilities in strategic sourcing. Customers can use the AI tools as designed or build upon them with their own configurations.'
  • Direct Materials: The report noted that Ivalua’s platform can support all categories of spend. While most providers can support indirect goods, direct requires specific, advanced capabilities and the report noted that 'Ivalua has built the market leading solution for direct materials sourcing and materials master data management.'
  • Supplier Management: Noting that 'Ivalua offers market-leading supplier management capabilities, especially when it comes to supplier master data management, supplier risk management, and supplier collaboration.'

The rise of AI

AI has captured widespread attention in recent months, particularly with the emergence of generative AI models like GPT-4, ChatGPT, Einstein GPT and DALL-E.

This powerful tool has already made its mark across various sectors including healthcare, insurance, finance and commerce. However, despite its current impact, AI continues to hold significant untapped potential.

An Accenture report suggests that by 2035, AI technologies could potentially increase companies' profitability by approximately 38%, indicating a promising future for AI-driven advancements.

The role of strategic sourcing

Strategic sourcing stands at the forefront of vital business objectives such as profitability, supply resilience, sustainability and compliance.

Ivalua has become a Market Leader in this domain by offering transparency and automation solutions that enable effective supplier management. This has allowed businesses to navigate the complex landscape of procurement with confidence, ensuring robust performance and alignment with strategic goals.

Ardent Partners defines strategic sourcing as 'the business process that leverages process automation tools to quickly identify, evaluate, negotiate, implement, and adjust the optimal mix of goods and services that best support the constantly evolving objectives of the enterprise.'

Effective strategic sourcing is critical to several top business objectives, including increasing profitability, ensuring supply resilience, improving sustainability and ensuring compliance with regulations.

Core technology solutions in scope of this evaluation include Spend Analysis, eSourcing, Contract Management and Supplier Management.

“Ivalua is proud to be recognised by Ardent Partners as a Market Leader in this comprehensive assessment of Strategic Sourcing capabilities,” says David Khuat-Duy, Founder and CEO of Ivalua.

David Khuat-Duy, Founder and CEO of Ivalua (Credit: Ivalua)

“For organisations to succeed in today’s complex and uncertain market, they must be able to effectively manage their suppliers. Ivalua’s innovative approach provides the transparency, automation and collaboration capabilities needed to select, monitor and engage all suppliers.”

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