The global procurement platform Ivalua announced November 28 that it had launched a new generative artificial intelligence offering to its platform dubbed Intelligent Virtual Assistant (IVA).

IVA offers supplier research capabilities, market insights, legal assistance, RFP assistance and improvement plans that summarize supplier actions and suggest appropriate responses.

Ivalua said that the new tool will help consumers improve their efficiency while enabling better decision-making regarding suppliers.

“We’re incredibly excited to unveil IVA powered by Gen AI,” said Pascal Bensoussan, the chief product officer at Ivalua. “Procurement teams are inundated with a growing set of responsibilities, but without the additional resources to support. Gen AI has the potential to significantly impact procurement and accelerate various activities within the Source-to-Pay process, freeing up time for more strategic focus. We strongly believe that by putting this technology in the hands of our customers and partners to build their own Gen AI-powered use cases, we will co-innovate faster and better.”