Paul Noel, Chief Customer OfficerIn an age when every business process is “connected,” supplier contracts have evolved from a simple agreement between the buyer and supplier to an integral part of the entire procurement and supplier management lifecycle. Sitting right at the apex of strategic aspects—such as supplier details, negotiations, and commitments—and day-to-day transactional activities such as invoicing, payment and terms of the contract, contracts need to be carefully managed. Helping companies bridge the conformations of the strategic actions and the oversight of daily transactions through contracts, Ivalua provides a full suite of supplier-related contracting modules meant to address every aspect of working with a supplier. This includes supplier information management, sourcing, contracting, requisitioning, ordering, receiving, invoicing, and payments.
Ivalua's suite of modules specializes in buy-side contracts that power its complete lifecycle starting with a contract that is created based on a newly awarded supplier emerging from the sourcing process. Ivalua is optimized to allow for a few clicks from the non-legal sourcing manager to create a contract, load it with pricing and terms and then generate a written contract based on the legal template. Ivalua’s workflow then guides the process through a legal review, supplier negotiation, approval by finance and others and then the signature process. Contract managers can even keep track of periodic contract performance reviews, amendments, renewals, and the termination process. “Ivalua is unique in the extent to which custom fields, tables, alerts, and notifications may be configured into the contract management tool in conformance to specific company and industry requirements,” explains Paul Noel, Chief Customer Officer of Ivalua.
Ivalua breaks down the contracts functionality into three modules. ‘Contract Management' includes contract header, date management, contract team management, and contract lifecycle workflow, and ‘Pricelist and Catalog' contains contract and catalog Items with supplier info and pricing and portal for vendor management of catalogs. Finally, ‘Contract Authoring' can be used for online HTML editing of contract clauses, managing contract versions, export/imports to Word and for clause repository and contract template management.
Our uniqueness lies in the level of configuration we offer, as well as the seamless integration between our contract module and the full source-to-pay suite
Ivalua is firmly a full-service provider for supplier-related contracting. Ivalua’s solutions are optimized for procurement professionals to seamlessly initiate and manage contracts as part of their overall procurement process. With this focus, Ivalua often brings functionality that generic contract management solutions do not have. “Besides being solely focused on the buy side, our uniqueness also lies in configurability,” says Noel. Striking a balance between the new technologies and old-school approach, Ivalua leverages Software as a service (SaaS) with regular free upgrades for their clients to stay on the leading edge of innovation while allowing for “old school” customization that enables organizations to handle a wide range of spend and supply management functionalities.
Leveraging Ivalua and its feature-full suite is a manufacturing company that groups items it buys for each product into a contract for each supplier. While reviewing the pricing for next quarter’s production, Ivalua helps the firm to pull all contracts associated with that product and kick off a campaign to the implicated suppliers to review the contracted items and their pricing.
Ivalua is positively building on their existing success with large, multinational companies in many different industries that require specific usage of contracts in the procurement domain. “Our path is to codify the industry specific elements and offer that to other companies with similar needs,” adds Noel. “We are finding that industry-specific contracting principles even stretch across borders. Hence our geographic expansion into Latin America, Asia and more countries in Europe will also be a big push in the coming years.”