Some of the companies that wait too long to hire an Ivlaua consultant can miss out on some of the higher-level functionality that the platform has to offer. The best time to get into contact with a consultant is before you even invest in it. It is true that Ivalua is one of the most comprehensive platforms in existence when it comes to procurement and source-to-pay solutions, but unless you know how to use it, it might be useless.
Table of Contents
What is Ivalua?
Ivalua is a powerful, comprehensive software platform that offers multiple functions that provide solutions to businesses of all sizes. Some of the solutions that can be implemented with the platform are:
- Source-to-pay
- Procure-to-pay
- Contract management
- Strategic sourcing
- Invoicing
- Payments
- Spend management
The entire procurement process can be performed with precise accuracy from within the platform, once the administrator knows how the program works.
The Importance of Strategic Sourcing
In many cases, a business is only as strong as its sources. There are a few old adages that talk about the risks of building a castle on an unstable foundation. If the sources that a business uses to stay in business are faulty, the entire business is at risk of becoming faulty as well.
With the help of artificial intelligence and a knowledgeable human to direct the flow of the software, the Ivalua app can find and produce the best sources available for a company.
Since each place of business will have different needs it is important to set the parameters of each search in a manner that bests suits the company.
Poor sourcing can result in:
- High costs
- Unreliable product
- Broken contracts
- Poor quality
- Missed deadlines
- Extra costs
Strategic sourcing is when a number of high-quality sources are matched and compared to each other in a way that allows the company to choose from the best of the best.
Software scrubs databases on the internet and pulls together a list of the best sources that match specific criteria based on the parameters of the search.
What happens is the very best sources are right at the fingertips to compare and choose from.
What many companies can learn is that the sources that they already have in place are not as good as they thought they were. The best way to get the kind of sources that provide resources that build higher returns and provide substantial value is to choose ones that are completely in line with the needs of your company.
Contract Management
When it comes to obtaining great sources there may be many times when a source offers a great deal on a service or a product if you buy in bulk. The offer can extend for weeks, days, or months depending on the circumstances and the details of the offer.
In some cases, the deal can save a lot of money, especially over a period of time. So, like any savvy business person, you seal a deal and make a contract.
What happens in way too many cases is that the person that made the deal fails to inform the rest of the company of it. When it is time to purchase the product or service, the discount does not come into effect and the company pays full price for the product.
Paying full price might mean that the cost of the product would have been substantially cheaper with another supplier. If the transaction goes through without being monitored, the money will be paid and the amount could even go unnoticed.
The great thing about smart contract management is that the software will keep track of the details of each contract and send out reminders to both the source and the buyer that the transaction is different than what was agreed upon in the contract.
Most of the time situations like these are merely oversights that go along unnoticed and cost the company excessive amounts of money. With alerts and reminders in place issues like contracts, breaches can be detected and dealt with before any serious damage can be done.
Hiring a Consultant
When it comes to the technical side of the software platform it is always a smart idea to get an expert to look into the entire implementation of the application. From the very beginning of the installation through to the first six months of use it is imperative that somebody who is familiar with the platform monitor the way that the software is working.
Forming the base of the platform in the digital realm will be a tedious and complicated process. For a person that is unfamiliar with the platform, it is virtually impossible to “figure out” how to get the most out of the software by mere guesswork.
Some of the factors that could be an issue for novices are:
- Integration
- Administration
- Database configuration
- Creating parameters
In some cases, the platform will be installed on a server that connects solely to a private network that does not connect to the internet, but in most cases, the software will be part of a cloud-based application that allows users to connect to it from anywhere in the world.
In any event, the initial installation will require extensive knowledge of the way that programs work and interact among servers and devices.
A consultant will be able to guide the installation and administration process from the beginning to the end and help to show the company how to use the platform that will benefit the company most.
Administration and Profile Creation
Since every business will have its own characteristics from the names of the employees to the names of the companies that it works with every installation will be the same. As the implementation of the software evolves certain accounts and permissions will have to be created and assigned within the software environment.
For example, most people use social media sites. Each person has their own account where they can log in and have access to the content that belongs to them. Users can follow people, friend people, or be followed all depending on the social media p[latform they are using.
Although Ivalua is not a social media app, it is a place where users will sign in and have access to areas that are predesignated in the construction of the platform.
When the administrator is setting up the parameters of the software they will create users, groups, and levels of administration. There could be level one users, level two users, and so on with different permissions but all in all each type of user will have varying degrees of access to different areas of the platform.
Some users with limited permissions will only be able to access their own little area, where administrative users will have access to areas with sensitive information or with the power to add and remove users, block users, set their own parameters or invite new users and assign them permissions.
Creating users and assigning permissions is a task that should be done only after careful planning and research to see what can be accessed by who and why.
Conclusion
The average person, no matter how smart they are, does not know enough about the nuts and bolts of sophisticated software that runs on a server. In addition to the technical knowledge, an Ivalua consultant has extensive knowledge in the procurement realm and can give great insight to business owners that want to cut costs and generate higher revenue. So, with all of this being said, if you are contemplating investing in the Ivalua platform, the best time to hire a consultant is right now.