Commodity Management Workflow

This document outlines the process for efficiently managing commodities using our system. It covers everything from sourcing projects and suppliers to contracts and beyond, providing an easy-to-access, comprehensive view of all relevant data and activities.

Step 1

Begin by exploring the application, specifically the commodity management feature. You will notice a comprehensive view of all system-related activities concerning a particular commodity, such as computers, readily accessible at your fingertips. This feature is supported by our unified data model.

Step 2

All elements related to a specific commodity, including sourcing projects, suppliers, and contracts, are available in one easily accessible section of the application. Additionally, our AI-driven tool, Research Assistant, enables in-depth research on a given commodity, providing detailed reports on price trends, supply disruptions, regulatory changes, compliance challenges, or a full Porter's Five Forces analysis.

Step 3

Ivalue offers project-based procurement, positioning the project as the central focus of all activities. This means that sourcing events, invoices, contracts, and analytics related to your project are consolidated in one location, all supported by our unified data model. Here, you can manage team-based projects with integrated project management features, as well as access all related application activities, such as requisitions, orders, and invoices, from a single location.

Step 4

Regarding sourcing, it can range from simple to complex based on the commodity and event type. Typically, this involves identifying an initiative, conducting an RFX analysis, and potentially awarding a contract.

Step 5

Project management elements can add complexity, with RFX ranging from basic events (such as three bids and a buy) to more advanced scenarios involving multiple lots and rounds. Regardless of the complexity, whether straightforward or intricate, iValue provides comprehensive support.

Step 6

Preparing an RFX is straightforward using the user interface or pre-designed templates that auto-fill required information within the application. Award analysis is simplified with built-in scoring scenarios and side-by-side evaluations of supplier responses. Once awarded, the sourcing event can seamlessly transition into a contract, maintaining data flow throughout the business process to eliminate redundant data entry.