Helping businesses reduce the risk of supply chain disruption, optimise inventory levels and make better buying decisions
Ivalua, a global leader in Cloud Spend Management solutions, announces an extension of its Procure-to-Pay solution with a new Inventory Collaboration capability. The solution streamlines and automates the management of inventory levels, the stock replenishment process and collaboration with suppliers for Vendor Managed Inventory (VMI), addressing both indirect spend and direct materials needs.
Organisations often face challenges due to poor visibility and collaboration with suppliers with respect to optimising inventory levels, streamlining stock replenishment, communicating demand forecasts and planned orders, ultimately leading to suboptimal inventory levels. With the pandemic, businesses have seen unprecedented changes to normal demand patterns impacting both their operations and finances, either in terms of shortages and supply chain disruptions or strained working capital due to high inventory levels.
Ivalua’s fully integrated Inventory Collaboration solution helps customers streamline and optimise inventory levels in sync with the broader procure-to-pay process. Procurement and other business users will be empowered to make more informed buying and planning decisions with the help of:
- Quicker and easier access to current inventory levels
- Streamlined processes around stock replenishment with proactive alerts, automatic calculations and order creation
- The ability to easily allocate stock to relevant storage locations (i.e. warehouse, plant, stockroom)
To address supply chain and direct materials needs, Ivalua also offers a Vendor Managed Inventory (VMI) capability, enabling efficient collaboration with suppliers that manage inventory for their customers. Procurement and supply chain organisations will be able to:
- Assign stocks to suppliers and share real-time information on managed inventory levels and demand forecasts via the supplier portal
- Increase supplier autonomy on replenishment orders within the agreed boundaries (i.e., min, max levels)
- Clearly identify consignment stocks
“Our Inventory Collaboration solution enables Procurement and Supply Chain teams to improve buying decisions and strengthen collaboration with suppliers,” said David Khuat-Duy, CEO of Ivalua. “Together with Ivalua Payments, this offers Procurement an additional lever to help optimise working capital and become a strong partner to Finance.”
Ivalua is a leading provider of cloud-based Spend Management solutions. Our complete, unified platform empowers businesses to effectively manage all categories of spend and all suppliers, increasing profitability, lowering risk and improving employee productivity. Trusted by hundreds of the world’s most admired brands and recognised as a leader by Gartner and other analysts, Ivalua maintains the industry’s leading 98%+ customer retention rate. Learn more at www.ivalua.com.