Sourcing Champions Takeaways from TSM’s Customer Day: Leveraging Ivalua for Procurement Success

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Throughout the day, various sessions explored both the achievements and aspirations surrounding Ivalua‘s platform, giving attendees valuable insights into how it has evolved to meet modern procurement needs. One of the highlights was hearing from long-standing Ivalua clients who shared first-hand knowledge about implementing the platform. Their insights underscored the importance of understanding the platform thoroughly and adapting internal processes to leverage its full potential.

Key Learnings from TSM Customer Day:

1. The Power of Ivalua’s AI Tool Iva

Ivalua’s AI, Iva, is revolutionizing procurement and beyond, with applications in contracting, supplier management, and environmental compliance. Designed for seamless integration across functions, it automates routine tasks and simplifies complex ones, easing workloads and enhancing operational efficiency.

Generative AI adds even more potential to streamline procurement. Picture AI-powered features that prefill supplier data or contract forms, offering a highly efficient and accurate solution for data-intensive tasks. Ivalua’s generative AI capabilities aim to cut down manual entry by auto-filling supplier details, recommending contract clauses, and automating repetitive tasks, making procurement processes faster and more efficient.

2. The Importance of User Understanding

While a robust tool is essential, so is user understanding. Digital transformation isn’t just about technology; it also requires people. Training and change management are crucial in ensuring users understand how tools and what changes need to be made. This learning point resonated strongly, as TSM emphasized the value of preparing people as much as the systems themselves.

3. Avoid Digitalizing Inefficient Processes

The old adage “don’t digitize a poor process” rings true. Digital tools won’t fix a broken process; they’ll merely digitize its flaws. Instead, the focus should be on refining processes before introducing technology. TSM experts encouraged attendees to approach digitalization with a mindset of improvement and continuous enhancement. By striving for excellence from the outset, organizations can ensure they’re not only meeting current standards but also setting themselves up for future advancements.

4. Balancing Efficiency and Employee Well-being

Implementing new technologies takes time, dedication, and practice, but it’s crucial to protect employees. With so many hours required to adapt and manage new tools, leaders need to be mindful of employees’ time and well-being. This focus on sustainable work practices is as important as achieving operational gains.

5. The Shift to Cloud Integration

A growing trend is the move towards cloud-based solutions, which provide efficiency gains and enhance cybersecurity by entrusting data protection to specialized providers. For organizations, this shift offers a resource-efficient way to access advanced data security while saving time and costs.

6. ESG Integration: P2P and Sustainability

ESG was a reoccurring topic, with the Procure-to-Pay (P2P) approach showcasing notable sustainability advantages. For example, order consolidation reduces shipment frequency, lowering emissions. Furthermore, automating invoicing minimizes paper use and streamlines the entire process. These straightforward yet powerful changes can drive meaningful benefits for businesses and the environment, translating into improved business performance.

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