Covid-19 amplifies the need for SRPM solutions to better manage suppliers
London, UK – July 28, 2020 – Ivalua, a global leader in cloud Spend Management solutions, today announced that it has been recognized as a Leader by Forrester Research Inc. in “The Forrester Wave™: Supplier Risk And Performance Management (SRPM) Platforms, Q3 2020.” The report evaluated the 10 SRPM vendors Forrester believed to be most relevant to its enterprise clients.
According to the report, enterprise spend on SRPM solutions grew by 15% in 2019 as “CPOs need to protect their firm’s customers and brand by ensuring that all their suppliers are safe, secure, reliable, and ethical. Manual processes, typically based on emails and spreadsheets, are ineffective – there are simply too many suppliers, types of risk, and sources of relevant data. Recent events have amplified the need.”
Ivalua was ranked as a leader based on its scores in both the current offering and strategy categories. Ivalua received the highest scores among all vendors in the risk monitoring criteria and had the highest score possible in the corporate strategy criteria.
“Ivalua has a flexible SRPM solution within a broad, deep SVM suite” stated author Duncan Jones, Vice President & Principal Analyst, Forrester, in the report. Ivalua “particularly well suits any large, complex, mature organization that needs an enterprise-grade SRPM platform that it can tailor to its needs” but it also “has a more prescriptive offering called “Jump Start” for these less mature customers.” Duncan Jones also noted in the report that Ivalua “has particular strengths as a central master data management hub for all supplier information, enabling customers to disable supplier maintenance in all their ERP instances by capturing all necessary data about a supplier and publishing it to the ERP instances that need to know about that supplier.”
Ivalua’s customers have also been recognized for success in managing their suppliers in the recent year. At the most recent Future of Sourcing Awards, Ivalua and its customers swept the Third Party Management awards category, with a joint award given to Ivalua & Sprint and a second award to Fannie Mae, also an Ivalua customer.
“The Covid-19 crisis has further demonstrated that organizations must maintain clear visibility of their suppliers to manage risk and ensure continuity of supply” said David Khuat-Duy, Corporate CEO of Ivalua. “We are proud to be recognized as a leader in this critical area by Forrester. With Ivalua, companies can quickly deploy best of breed capabilities and expand to realize the automation and easy access to information of a complete, unified suite.”
To access the report, please click: The Forrester Wave: Supplier Risk & Performance Management Platforms, Q3 2020