One of the biggest perks of hiring an Ivalua consultant is that it gives you an opportunity to save money in every aspect of the business which, in turn, raises the overall efficiency of spending practices. Sound too good to be true? Keep reading and you might be surprised.
A Double-Edged Sword
The entire source-to-pay process for many businesses is a lot of work. In order for the process to go as smoothly as possible without overspending or underbuying, there has to be a period of substantial planning before the process even begins. Anybody that has ever used Ivalua knows that the entire process can be shortened and implemented without much of a sweat if the software is set up correctly.
When you combine the power of the Ivalua platform with an experienced expert that knows how to get the most out of the program you become equipped with a double-edged sword that cuts through all of the complications that usually accompany an unaided process.
A credible consultant will be able to:
- Implement the software
- Administer the foundation
- Create accounts and users
- Instruct teams on how to correctly use the software
Although on its own, Ivalua is a powerful platform that has the potential to save a company millions of dollars, without the help of an expert many of the features that it has to offer could go unused or even undiscovered.
From Source to Pay
Many of the leading industries in the United States have an efficient source-to-pay structure in place so that they can be aware of the spending and the activity that happens through the course of a business day.
Large enterprises that have multiple locations can be extremely difficult to manage. Implementing a software platform that can connect all of the team players of a specific department throughout the entire planet can be a great way to find solutions to problems that would cripple many other companies.
The source-to-pay process for an average company without the help of a software application can take weeks to accomplish. If you look at it from a business standpoint it is easy to see where manual processes can actually lose money.
- Time spent and wages paid
- Inefficient sources
- Breached contracts
- Slow payment
Within each one of the above topics, there is the potential for large revenue losses. The more employees have to spend time working on the procurement process the more money that has to be paid out to cover their wages.
Inefficient sources that cost more than they return are nothing but a heavy weight that needs to be cut away and replaced with a light solution that actually makes money instead of losing it.
Breached contracts can cause a company to lose quite a bit of money. It is not uncommon for a company to make a deal for a certain number of items for a certain cost. However, when the deal is made, if the rest of the company that made the deal is not informed at the time of checkout the cost will not be at a reduced price, and the money that was supposed to be saved will be spent.
Finding the time and the resources to enforce each and every contract can be daunting and cost more money than it will save.
The entire source-to-pay process has to be streamlined and efficient, otherwise, the entire company will be in jeopardy of losing money and wasting resources. This is where a software application can help to improve performance, and why a consultant makes a difference.
Administration and Implementation
The Ivalua platform is a very large program that has to be installed by a professional and structured by a person that knows how the software works. It is tempting to believe that all you have to do is download it and answer a few questions as you would for Microsoft Office, but it does not work like that.
The capabilities of the platform are beyond phenomenal so it is only obvious that the code and structure that supports the software would be very complicated.
When an administrator installs the platform it can be on a detached server that only connects to a local network, or it can be in an off-site environment housed in a cloud. The software will act as a hub for a group of users to connect to and conduct business within the platform.
The initial setup of the platform will involve inputting specific data that matches the needs of the company.
Some of the parameters that are popular are:
- Prices of items
- Amounts of product
- Names of sources
- Contact information
- Department details
- Budgets
The entire structure of the business will have to be laid out in the platform and a knowledgeable expert will have to assist in the beginning stages of building. If a person that does not understand how the platform works attempts to install it, not only will they be in danger of crashing the entire system, but also of losing out on functionality that could save a lot of money.
Planning and Forecasting
When it comes time to implement the application into the daily work environment there will be many options to consider as the operation unfolds.
First and foremost, the entire endeavor has to be planned out and carefully examined in order for the process to be as efficient as possible. Looking over all of the options and operations that are available in the program will take some time. If you do not fully understand what all of the functions are used for, it is best to have an expert guide you through the process.
The Power of AI
Artificial intelligence is becoming more and more advanced as the technological age continues to expand and evolve. One of the functions within Ivualua involves high-tech intelligence. The ability to seek out some of the best sources with the best prices and highest ratings is a powerful tool that can save time and headaches in the long run.
Beyond the capabilities to reach out and find the best possible sources and outcomes for a business, the platform has the power to help to optimize and minimize spending within each and every transaction.
Strategic sourcing is only one of the powerful solutions that Ivalua provides. Supplier management, contract management, invoicing, payments, and many more daily functions of a business can be implemented and managed by the software platform.
Where a Consultant Is Valuable
It is not difficult to see that when it comes to the entire scope of the Ivalua platform there is much to know and understand. The best way to get the absolute most out of your software is to have an expert guide you through the platform, and show you the best ways to build a system that works to the benefit of the entire company.
Knowing where the sources are, what the best deals are, the fastest way to achieve success in any given opportunity are great things, but knowing how to use the information and the resources that you have to their fullest capacity is a treasure unto its own. A certified Ivualua consultant can show you how to use all of the functions of the platform in ways that bring more money and value into the business consistently for the long run.