August 10, 2010 – Lavante Delivers Revolutionary New SaaS Supplier Information Management Application
Lavante SIM™ connects companies and suppliers, driving the highest supplier engagement in the industry
San Jose, CA – August 10, 2010 – Lavante, the leading provider of profit recovery and supplier management solutions, today announced the general availability of Lavante SIM™, the industry’s most advanced Supplier Information Management (SIM) application. Delivered in a SaaS model, Lavante SIM enables companies to drive unparalleled supplier engagement and compliance and provides real-time visibility into supplier data and relationships.
Accurate supplier information is integral to optimizing supplier relationships and ERP system effectiveness. Well maintained supplier data drives time and resource savings, as well as dollars to the bottom line. However, effectively managing supplier information is costly to an organization. Mickey North Rizza from AMR Research (recently acquired by Gartner, Inc.) states, “According to our research, companies are spending up to $1,000 per supplier annually to manage their supplier information across the enterprise. However, when information, enabled by technology, becomes visible across the organization, costs per supplier quickly dwindle to below $150 per supplier.”
Lavante SIM drives supplier compliance across the entire supplier lifecycle, from initial vendor master file cleansing, to on-boarding, to ongoing maintenance. Lavante SIM automates the collection, validation and management of a robust set of supplier data, including information about tax, diversity, risk, insurance certificates and more. With Lavante SIM, companies can create an enterprise-wide single-source-of truth for supplier data to: ensure integrity of supplier data, gain insight into supplier base, drive ongoing compliance with regulations and reduce the cost of managing suppliers.
Lavante has worked with several companies as design partners on Lavante SIM to drive product vision, priorities and usability. “We have enjoyed working with Lavante as a design partner,” said Timothy Fairwell, AP Supervisor at Gilead Sciences. “Their supplier information management services have helped cleanse our vendor master file, significantly aiding our ERP system upgrade.”
Collection and management of supplier data is more important now than ever with new 1099 tax legislation included in the funding provisions of the Patient Protection & Affordable Care Act which requires companies to collect valid Tax Identification Numbers (TINs) on a much larger scale. Lavante SIM automates the collection and validation of tax information, including TIN matching against the IRS, as well as collection of W-9s and W-8s. The combination of Lavante SIM and Lavante’s compliance services provides an immediate and cost effective solution for the new tax legislation.
“Lavante has been listening to the needs of the market and our clients around supplier data collection and management. We’ve leveraged our nine years of experience in engaging with large numbers of suppliers to deliver the next generation of supplier information management,” said Joe Flynn, CEO of Lavante. “Lavante has the opportunity to truly revolutionize the profit recovery and supplier information management industry.”
Lavante is the leading provider of recovery auditing and supplier information management (SIM) software and services, helping Fortune 1000 companies enhance cash flow, productivity and compliance. Lavante’s SIM software automates the collection and validation of supplier information and certifications, including a solution for Tax Identification Numbers (TINs) and W9s to facilitate compliance with new 1099 reporting changes. Lavante’s Profit Recovery solution leverages updated supplier information to maximize cash recoveries throughout the entire supplier population. Delivered on-demand, Lavante’s products present an immediate ROI while providing real-time visibility into supplier information and recovery analysis. For more information, visit www.lavante.com. Follow us on Twitter at www.twitter.com/lavanteinc.