Ivalua’s Role in Enhancing Supplier Management at SKF

Ivalua is already trusted by hundreds of the world’s best-known brands and recognised as a trailblazer in the realm of spend management by Gartner and a host of other analysts. 

With its cloud-based, AI-powered source-to-pay (S2P) platform, the company empowers customers to effectively manage all categories of spend and all suppliers, increasing profitability, improving sustainability, lowering risk and boosting employee productivity.

The latest organisation to benefit from Ivalua’s immense capabilities in SKF, a world-leading provider of technology solutions that enable rotation in all manner of products and machinery. 

With its partner Stretch in tow, Ivalua is assisting SKF on a digital transformation journey aimed at enhancing supplier management processes.

Robust SRM offered by Ivalua

Founded more than a century ago, SKF is a manufacturer of rolling bearings and technologies that enable rotation through sealing solutions, lubrication systems and services. 

These days, the Gothenburg-based company is represented by more than 42,000 employees in around 130 countries.

Before implementing Ivalua, managing a large and diverse supplier base through a fragmented approach presented several challenges for SKF. This included limited visibility across the supply chain, impacting its ability to effectively collaborate with and monitor the performance of suppliers.

Seeking to streamline its supplier management operations, SKF identified an opportunity to digitalise and consolidate multiple systems into one platform. Following a comprehensive selection process, Ivalua stood out from the crowd thanks to its intuitive user experience, robust supplier relationship and performance management (SRPM) capabilities and impressive flexibility.

“Ivalua enables unmatched visibility into and collaboration with our suppliers, which enables us to improve decision-making and foster stronger relationships,” comments Loic Abgrall, Purchasing Transformation Specialist at SKF.

“This is a critical step to ensure resiliency in our supply chain and continue to co-innovate.”

SKF’s bid to increase efficiency

By partnering with Ivalua, SKF aims to automate procurement processes, reduce manual efforts and enhance operational workflows – increasing operational efficiency and driving cost savings in the process. 

Centralising supplier management operations means the manufacturing giant can streamline communications with suppliers, improve relationships and enable better collaboration.

Furthermore, SKF will now be able to monitor and evaluate supplier performance in a consistent and structured manner through scorecards, KPIs and regular assessments.

“Ivalua enables companies like SKF to unlock value from its supplier base by fostering collaborative processes that improve business performance, drive efficiency, and promote innovation,” explains Dan Amzallag, COO at Ivalua. 

“We’re delighted to partner with SKF as it begins this digitalisation journey and look forward to supporting its future needs.”

Meanwhile, SKF selected Stretch Procurement as the partner with responsibility for  implementing the Ivalua platform. 

Sara Bråtegren, COO at Stretch, adds: “We’re excited to collaborate with SKF and Ivalua on this strategic initiative, providing the necessary expertise and support to ensure a successful digital transformation.”

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