Ivalua, a company in spend management solutions, has launched a new offering, an Intelligent Virtual Assistant (IVA) powered by Generative AI. The AI has been developed to enhance the efficiency and decision-making capacities of customers relating to their suppliers, contracts, and overall spend.
This solution eliminates the need for code while concentrating on traditionally time-consuming tasks like analysis, research, and content creation, among others. In the light of recent trends where 63% of organisations plan to or have already implemented AI or machine-learning technology, this new offering stands to revolutionise the way business operates.
The new IVA has been designed with flexible no-code capabilities to streamline different content-related operations. Customers can be linked directly to the Ivalua platform from where, using a wealth of data related to sourcing, supplier, contracts, spend, and invoicing, they can generate high-quality outputs tailored to their needs. By including these features, Ivalua aims to reduce the burden on legal departments and hasten document analysis for effective decision-making.
There are several out-of-the-box use cases, including helping to reduce the legal burden by drafting contract summaries or clauses to cover specific elements, generating performance improvement plans from supplier response reviews, and instant document analysis for more informed decisions. This AI solution can even extract relevant data and insights from different documents and suggest queries based on common issues.
The advantages of Generative AI are not without limitations, but it offers transformative potential to accelerate content-related tasks. "The key is applying it in targeted, high-value use cases," said the team at Ivalua.
They have used this principle to create several AI add-ons for use across the Source-to-Pay spectrum. The core feature of the Ivalua approach is the seamless integration of Generative AI into the no-code Ivalua platform. This approach allows users to customise the AI for their specific use-cases, giving them greater control and enabling innovative solutions.
Ivalua has developed its proprietary AI orchestration services, integrating third-party models like OpenAI operating on Microsoft Azure as well as open-source models refined by Ivalua themselves. The Ivalua platform allows Generative AI to be applied across numerous processes, producing more refined outputs based on a wealth of data.
"Gen AI has the potential to significantly impact procurement and accelerate various activities within the Source-to-Pay process, freeing up time for more strategic focus," said Pascal Bensoussan, Chief Product Officer at Ivalua.
The new IVA is set to deliver several out-of-the-box capabilities, including supplier research, market insights, RFP assistance, enhanced communications, and performance improvement plan Generation.
Ivalua's Chief Product Officer concluded, "We’re incredibly excited to unveil IVA powered by Gen AI... We strongly believe that by putting this technology in the hands of our customers and partners to build their own Gen AI powered use cases, we will co-innovate faster and better."