Ivalua Launches New Solution to Secure Spend on External Workforce

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Jun 25, 2024, 09:00 ET

The new solution empowers organizations to efficiently manage all aspects of their external workforce seamlessly within Ivalua's spend management platform.

REDWOOD CITY, Calif., June 25, 2024 /PRNewswire/ -- Ivalua, a global leader in spend management, today announced the launch of its External Workforce Management solution which enables organizations to manage all aspects of their external workforce alongside the rest of their supplier spend.

With Ivalua, organizations can gain a comprehensive understanding of external workforce costs, the value derived, and the level of risk involved at any given time.

Resorting to an external workforce to supplement regular employees represents a substantial financial commitment and managing this type of expenditure effectively is challenging. The fragmentation in the external talent supply market results in complex engagement processes and inefficiencies around worker on/offboarding, renewals, assignment start and end dates, and more. Additionally, ensuring a return on investment can be difficult due to hidden costs such as unplanned worker expenses, extra hours, and overlapping contracts. Limited visibility also hampers organizations' ability to assess contingent workers' performance and value in light of the costs. Finally, the external workforce is a source of regulatory risk with potential misclassification resulting in massive fines, back taxes, and other sanctions.

Ivalua's External Workforce Management solution addresses these challenges by providing organizations with better-informed arbitrage capabilities to engage with the right service, supplier, and worker. The solution supports all aspects of an organization's external workforce commitment from selecting the right talent at the right cost and time to engaging workers swiftly and risk-free, while ensuring delivery in adherence to budget, planning, and quality standards. With its unrivaled configurability, the solution can be tailored to any specific requirements and local workforce regulations. Furthermore, by developing the solution in Ivalua's Source-to-Pay platform, it offers a consistent user experience boosting user adoption.

"With Ivalua, organizations take control of their external workforce spend, performance, and risk. Embedding the solution within our unified Source-to-Pay platform, businesses can engage with the right talent, at the right cost, and at the right time, enabling them to make risk-free investments in external workforce and drive operational efficiency," said Patrick Conquet, VP Product Management at Ivalua.

Join an upcoming live demo of this new product here

About Ivalua

Ivalua is a leading provider of cloud-based, AI-powered Spend Management software. Our unified Source-to-Pay platform empowers businesses to effectively manage all categories of spend and all suppliers, increasing profitability, improving sustainability, lowering risk and boosting employee productivity. We are trusted by hundreds of the world's most admired brands and recognized as a leader by Gartner and other analysts. Learn more at www.ivalua.com. Follow us on LinkedIn and X.

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SOURCE Ivalua