Ivalua Unveils Groundbreaking Generative AI-Powered Intelligent Virtual Assistant for Procurement Excellence
Ivalua, a prominent global leader in spend management, has introduced a cutting-edge generative AI feature integrated into its platform—a game-changing Intelligent Virtual Assistant (IVA). This innovative IVA, powered by Generative AI, empowers customers to enhance efficiency and make quicker, more informed decisions regarding suppliers, contracts, and expenditures.
The IVA stands out as a transformative force in procurement productivity, seamlessly integrating into daily operations and allowing teams to refocus on strategic initiatives. Engineered with a commitment to safeguarding customer data, IVA unleashes the potential of Generative AI while maintaining security.
While acknowledging the limitations of Generative AI, Ivalua emphasizes its transformative potential in expediting content-related tasks such as research, analysis, content creation, modification, and summarization. Ivalua has already curated a dozen concrete Generative AI add-ons covering a range of Source-to-Pay use cases, and this number is rapidly expanding. The distinctive advantage lies in Ivalua’s approach, offering a simple and powerful no-code extensibility of Gen AI within the Ivalua platform, allowing customers and partners to create tailored use cases without coding.
The unparalleled flexibility, coupled with Ivalua’s unified platform, facilitates the application of Generative AI to various processes, enhancing outputs based on access to comprehensive, high-quality data across sourcing, supplier management, contracts, spending, and invoicing. Additionally, Ivalua has developed AI orchestration services, providing access to best-in-class large language models (LLMs) from third parties like OpenAI on Microsoft Azure, along with open-source models fine-tuned by Ivalua on the Ivalua Cloud infrastructure.
IVA Powered by Generative AI offers out-of-the-box capabilities, including supplier research, category insights, legal assistance, RFP support, enhanced communications, improvement plan generation, and document interaction.
Pascal Bensoussan, Chief Product Officer at Ivalua, expressed excitement about IVA powered by Gen AI, stating, “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. By enabling our customers and partners to build their own Gen AI-powered use cases, we anticipate faster and better co-innovation.”