The 6th annual CPO Honors Awards are tomorrow and it is an exciting time for everyone at Ardent Partners! On Tuesday, we announced the complete list of finalists across the seven distinct awards.
As we approach the CPO Honors 2021 Awards Ceremony (click here to register), I wanted to share some of the details and great achievements of this elite list of CPOs, procurement executives, teams, and technologies. Let’s look at the Technology Excellence Award.
The Best Technology Partnership Award: Presented to the best partnership between a solution provider and their procurement team customer during a technology deployment.
The Finalists:
Ace Hardware and Workday
Ace Hardware partnered with Workday Strategic Sourcing to improve process efficiency, enhance collaboration, and power visibility across the enterprise. By centralizing their sourcing and supplier data within Workday, the procurement team at Ace can automate reporting and gain actionable insights into metrics like savings tracking, supplier performance, and resource allocation. With Workday Strategic Sourcing, procurement has spend data at the ready and can automatically generate customized reports, exponentially reducing time spent on manual processes. Other details will be discussed at the ceremony.
Booz Allen Hamilton and Ivalua
Given the number, variety and nature of markets that Booz Allen Hamilton operates in (>27,000 employees in 80 offices across the globe) and the resulting complexity for procurement processes and systems, BAH needed a solution that was highly comprehensive and transformative in nature to support both direct and indirect spend, with detailed planning and precise execution. Together, they deployed full Ivalua S2P digitization across direct and indirect spend with >40k suppliers enabled and seamless integration with 20 other systems to ensure data integrity and information flow across not just S2P, but also asset management, financial & employee systems. Other details will be discussed at the ceremony.
eBay and Lawgeex
At eBay, employing more than 12,700 staff worldwide brings with it the challenge of a mountain of buy-side contracts which need to be reviewed and redlined to facilitate the company’s growth strategy. eBay turned to LawGeex and its AI-powered contract review automation technology as a way to reduce the amount of time their attorneys spent reviewing contracts. After a process-mapping exercise, it was decided that everyday routine contracts like statements of work (SOWs) would be reviewed automatically by LawGeex and overseen by their Center of Excellence, empowering those without a legal background the confidence to sign-off on contracts without involving Legal. More complex contracts, such as MSAs, were reviewed by LawGeex and routed to the Legal team for final review and sign-off. Other details will be discussed at the ceremony.
Fannie Mae and Ivalua
Fannie Mae has partnered with Ivalua to undertake a multi-year digital transformation of its complete source-to-pay process with a strong customer service mindset, ensuring procurement better serves the business and nurtures supplier relationships. Fannie Mae successfully consolidated all Source-to-Pay processes in one system, the Ivalua platform, achieving virtually 100% digitization of their contracting and ordering processes, visibility into 100% of total spend, and 100% Employee adoption. Other details will be discussed at the ceremony.
