A complete source-to-pay procurement platform.
Ivalua is a complete procurement platform that provides a unified source-to-pay suite of solutions and functionalities to digitize all processes, manage all spend categories, and improve transparency and data quality.
There are a number of solutions available within the Ivalua open ecosystem, including out of box capabilities, supplier managed features, add-ons via the store, 3rd-party content, and more.
The challenges in NYC around procurement are fairly complex. We have a complex set of agencies that are charged with managing their own procurement portfolios. The process is essentially manual and paper-based. We wanted to enhance that process through technology and business process improvements.
We’re looking to diversify our vendor pool. We get good value from organizations doing business with the city.
We were looking for a highly configurable tool. Working in the public sector, we have a lot of legislation and rules in the procurement process. We needed a platform that was able to manage the multitude of transactions and be nimble enough to adjust and adapt to a changing regulatory landscape.
Vendor management portal was number one on the priority list. Vendor onboarding process used to take a month but it is now down to 1 day with Ivalua.
We also do a background check on vendors for vendors that receive contracts. This normally takes 7-8 weeks but we have that down now to 1 week. We’ve broken down information silos from agencies and this shared environment has led to an increase in efficiency and a decrease in cycle time.
Our job is to pull insurance policies that we are contracting with the customer, whether it’s personal or business related.
We wanted a software to help lower risk and have a positive impact on our profit and loss. The first challenge was we did not have a tool. The way we managed our closing and contract management process was on Excel, Word, and Access.
We needed to invest in a new solution. We are a regulated company so we needed something that would improve compliance and control, while keeping a better and seamless user experience.
With Ivalua, we have implemented a unique solution in which we will be able to manage the process end-to-end, taking advantage of the platform’s basic foundation, and doing very little customization, in a highly regulated business environment.