There seems to be a surge in the number of businesses that want to hire an Ivalua consultant. Who is to blame them? Ivalua is one of the most powerful software platforms in the world and it helps to simplify one of the most crucial elements in a business: the source-to-pay process.
Although many companies are on the fence about whether or not it is wise to hire a consultant as opposed to hiring an in-house professional, after reading this article you might be more apt to get yourself your own consultant. Don’t believe it? Keep reading.
What is Ivalua?
Just in case you might be wondering what all the fuss is about it might be a good idea to start this out with some explanations. As we mentioned above, Ivalua is a powerful software platform that has the ability to simplify the source-to-pay process. However, simplicity is just the beginning.
The difference between a company using the old ways of procurement and business without taking full advantage of technology and a company that is up to date with the latest technology is a lot like night and day.
If a business is still keeping track of all of its spending records with paper and pen it is losing out on an opportunity to use every bit of data in a way that optimizes and maximizes every penny that goes into and goes out of a company.
The Ivalua platform allows a business to transform the way that they do business into a secure, structurally sound, web-based environment that allows them to connect to anywhere in the world.
Why Does Ivalua Need a Consultant?
Just like every business has its own roots and specialties that require experts to be around to keep the company rolling along the Ivalua platform is a unique software platform that is only easy to use if the user understands it.
The main function of an expert in the insurance field would not understand the fundamentals of the software program unless they had the years of education and training under their belts as an Ivalua professional would.
Where an Ivalua consultant would not be an expert in insurance, an insurance agent would not be an expert in Ivalua. However, when a person who needs insurance teams up with an insurance agent they learn what they need to learn and leave the expert parts of the situation to the experts.
So it is with the Ivalua platform. Since this platform involves some extremely sophisticated application and administration skills to make it all work it is only right to hire an expert to get it to work the way that it is supposed to be.
We all know how to drive our cars, but when they break down we hire a mechanic. As much as we rely on our transportation, most of us are lost without the help of a professional to get us through breakdowns.
Administration and Implementation
There are so many functions and abilities that the Ivalua platform has to offer that it would be a waste of resources to try and set it up without professional help. For example, one of the many features that the platform has to offer is the ability to automate the entire procurement process of a business. This is not a simple task.
Where the professional comes in is to guide the company through the process of inputting crucial data and information that will allow for business automation. Where the company will understand its needs and how to acquire the needs, the consultant will know how to tell the application to find and deliver the needs that the company requires.
During the initial setup of the software, there will be an administration phase where the structure of the application for the business will be created. There will be users, groups, areas accessible files, and whatnot. During the creation of the setup, there will be roles assigned to groups and individuals that will allow certain permissions to access areas of the application, and there will be security measures put into place that will disallow certain roles to have access to certain areas.
It is very wise to have a consultant around when this phase is happening because the very core of the business will grow from the foundation that is laid in the first stages. Of course, an administrator can go back and make changes later, it is always better to get the core of the system right the first time.
Procurement and Contract Management
It is not a secret that the very foundation of every business is built on the way that it spends its money. If the company is spending more than it makes, there is no way that it will last. The powerful aspect of the Ivalua platform is that it can take the spending habits of a company and show them which ways to spend more wisely and save more money. The more a company saves, the more money it has.
With the help of a talented consultant and the powerful element of artificial intelligence that the platform has to offer the entire procurement process can be optimized for maximum efficiency from sourcing to payment.
These elements help to produce the perfect strategy:
- Bird’s eye view of the company’s spending
- Global access to high-quality sources
- Smart contract management
- Automated payment solution
Instead of having large planning meetings where most of the decisions are made through a series of well wishes and guesswork the software can compile a detailed report of where money is being spent and where it could go to be more efficient.
The information that is gleaned from this report can be used to guide the sourcing strategies from finding mediocre sources to finding top-quality ones that will be there when you need them most.
The automated contract management function will be able to keep the deals made with sources up to date and in line so that the prices for goods or services will be the same as the ones agreed upon in the contract.
The software has built-in intelligence that can understand contract terms and intervene within conversations and actions between the company and the vendor before the money is drawn out and overcharged if the situation comes up.
For example, if a contract stipulates that a certain product costs 30% lower if it is bought in a bulk number, such as over 100, the software will know if the supplier does not honor that deal when it is time to check out. Not that the suppliers make a habit out of dishonoring prices, but that sometimes the person that made the original deal with the company does not pass the information on to the rest of the company in time for the purchase to catch the price break.
The Cost of a Consultant
Where it may seem like a huge cost to hire a consultant, the truth is that if you implement Ivualua without the help of a consultant you could lose out on so many money-saving features that it would be more expensive to not hire an expert than if you would have just sprung for the investment in the first place. Down the road, in the long run, not hiring a consultant is much more expensive than hiring one in the first place.