Last week I attended my first solution provider conference (as an analyst) since COVID-19. Ivalua hosted the European edition of Ivalua Now in beautiful Versailles just outside Paris. According to Ivalua, they had over 2,000 registrants for the combined in-person and virtual event, and I would estimate that somewhere between 1,000 and 1,500 attended in person. Ivalua scaled up the venue from previous years but still needed a bigger space.
On day one, the conference started with a series of product-centric sessions for customers and partners. Day two was open for prospective customers and featured classic main-stage keynote-type presentations. Overall, the conference had a good mix of Ivalua and customer presentations, demos, and testimonials. Here are a few things that stood out over the one-and-a-half-day conference.
It’s All About Gen AI
Ivalua is all in on AI. Their virtual assistant IVA was featured in basically every presentation and demo I saw. Ivalua is leveraging the fact that they built a truly native suite where the same data and objects are used across the entire solution and are embedded in the generative AI capabilities within the platform and are pervasive across various modules. To help customers get started they have focused on nine use cases (ranging from contract summarization to creation of RFI questions) that customers can use as is or configure via a no-code interface to suit their purposes.
I think Ivalua is slightly overusing the term “generative AI.” The term is used even when other AI technologies or approaches are utilized in their solutions. And while the use cases are not overly unique, Ivalua is taking the right approach with the technology. They avoid overselling the capabilities while collaborating closely with partners and customers to see what’s working. Lenka Raulet from ArcelorMittal was on stage and was part of the early evaluator program. They tested six use cases and focused on three that yielded success (contract summarization, mass communication, and supplier improvement plan assistants).
The focus on generative AI nearly overshadowed two other announcements: the release of intake management and orchestration, and external workforce management solutions.
An S2P Provider with Intake Management
It’s been slightly surprising that S2P providers have been so slow to react to the wave of specialized IM and PPO vendors entering the market. Ivalua is reacting to it now and releasing their generative AI-powered version of intake management and orchestration later this summer. And customers will not be restricted to procurement requests only, with capabilities to orchestrate HR requests, IT requests, and so on via Ivalua. While no technical barriers should bar third-party procurement applications, Ivalua prefers that customers use the Ivalua suite.
Plugging the Contingent Workforce Management Gap
With its tagline “all spend, all suppliers,” Ivalua is now closing one obvious gap by releasing an external workforce management module to manage contingent workers. The solution covers the classic VMS bases of job descriptions, rate cards, requests, work orders, talent pools, candidate interviews, worker management, and time sheets. With a planned summer release, my colleague Chris Dwyer over at The Future of Work Exchange will have more to say about how the module compares to other offerings in this space.
Combining these new capabilities with Ivalua’s existing P2P, CLM, and supplier management offerings, Ivalua now plays in most service categories — even if some configuration is needed (perhaps something for the Ivalua AddOn store).
Prebuilt Configurations in the AddOn Store
Over the last couple of years, Ivalua has done a great job creating default out-of-the-box configurations for different types of organizations and industry verticals. Ivalua is now taking that one step further by offering an add-on store where customers and partners can publish more specialized configurations in a private or public fashion. This is useful for partners of particular verticals with specific needs that build configurations and make them available for their customers. And speaking of partners …
A More Mature Partner Network
While Ivalua has had very capable partners (e.g., OJC, Fluxym, KPMG, and Cap Gemini), they have pivoted toward a completely partner-led implementation approach. This has attracted other global giants such as Accenture and PWC. Even for longer-term partners like KPMG, the focus is a more global and strategic partnership as Ivalua keeps expanding. This gives Ivalua customers much wider options and allows Ivalua to focus on the product.
Closing Out in Style
I can’t leave you without mentioning the closing party. It was held at the stunning Palace of Versailles. While the procurement professional in me slightly cringed at the thought of the costs involved (on many levels), the wine, drinks, hors d’oeuvres, ambience, and conversations were excellent.
All in all, a great event. While “gen AI” was heard enough for a lifetime, I look forward to following Ivalua’s continuing journey to cover “all spend, all suppliers.”
A bientot!
RELATED RESEARCH
Ivalua NOW 2023 – Dispatch #1: CEO Keynote
Ivalua NOW 2023 – Dispatch #2: From PROcurement to PREcurement: Managing the Evolution
Ivalua NOW 2023 – Dispatch #3: Managing Supply Chains in the Age of Volatility
Ivalua NOW 2023 – Dispatch #4: Successfully Unlocking Agility Within Procurement
