Tuesday 28th November
Ivalua has announced a new generative AI offering built-in to the Ivalua platform. An Intelligent Virtual Assistant (IVA) powered by Generative AI enables customers to improve efficiency and enable faster, more effective decision-making regarding their suppliers, contracts and spend.
IVA is a procurement productivity game-changer powered by Generative AI. Seamlessly integrating into daily procurement operations, IVA empowers teams to redirect their focus toward strategic initiatives, supercharging productivity. IVA is designed in a safe and secure way to protect customer data.
While Generative AI has limitations, it offers transformative potential to accelerate time-consuming content related tasks, such as research, analysis, content creation, modification, and summarization. The key is applying it in targeted, high value use cases.
Ivalua has already packaged a dozen concrete generative AI add-ons covering use cases across the full Source-to-Pay spectrum and the number is rapidly growing. However, the unique advantage of Ivalua’s approach is the simple and powerful no-code extensibility of Gen AI built into the Ivalua platform. To truly unleash its potential, Ivalua customers and partners will have the opportunity to create their own tailored use cases without having to write any code.
The combination of this unmatched flexibility and Ivalua’s unified platform, allows Generative AI to be applied to more processes and improved outputs based on access to complete, high-quality sourcing, supplier, contract, spend and invoicing data. Furthermore, Ivalua has developed its own AI orchestration services, enabling it to offer best-in-class large language models (LLMs) both from third parties such as OpenAI running on Microsoft Azure and open source models fine-tuned by Ivalua and running on the Ivalua Cloud infrastructure.
IVA Powered by Generative AI already offers the following out-of-the-box capabilities:
• Supplier Research: Find and gather relevant information on existing or new suppliers and their offerings and enrich their profiles.
• Category & Market Insights: Within seconds, conduct specific research and summarise key trends within your category.
• Legal Assistant: Create an instant contract summary or draft a clause to ensure specific elements are covered.
• RFP Assistant: Leverage best practices to articulate and share the objective, timeline, success criteria and selection process of your next sourcing event with all invited suppliers.
• Enhanced Communications: Get instant help creating / proofreading supplier communications and sourcing invitations.
• Generate Improvement Plans: Review supplier performance responses, summarise, and suggest appropriate actions within a structured improvement plan
• Chat With Your Documents: Extract information, data, and insights from documents in seconds (Supplier ESG reports, certifications, contracts, 10K filings, invoices).