May 10, 2016 – Lavante SIM 6.0 Revolutionizes Supplier Scorecarding
Lavante delivers industry’s first real-time, configurable supplier scorecarding and due diligence engine
SAN JOSE, CA – May 10, 2016 – Lavante Inc., the leading provider of cloud-based Supplier Information Management (SIM) for Fortune 1000 companies, announced today the release of Lavante SIM 6.0. This latest product release, which is already supporting major corporations with their global business decision-making, includes the first scorecarding module of its kind to incorporate real-time access to data and configurable controls. The product is immediately available for global deployment and will equip corporations with out-of-the-box tools to evaluate current and potential suppliers.
Lavante Scorecard provides an in-depth assessment for every supplier across all business units and countries. The new module includes a configuration engine for clients to assign weighted scoring to an extensive number of client-defined supplier attributes. The custom scorecard provides comprehensive detail to help buyers assess the fraud and risk potential of potential suppliers while at the same time measuring the service-level performance of existing suppliers. Lavante Scorecard delivers suppliers unprecedented visibility into health metrics, financial stability, delivery trends, buyer feedback and much more.
“Clients can choose to include supplier’s attributes from any number of data feeds, supplier surveys or buyer surveys to provide the most complete view and scoring of suppliers for their organization,” says product visionary and Lavante Founder Joe Flynn, “The new functionality will enable buyers to make better-informed purchasing decisions.” Buyers will also have the ability through the Natural Disasters and Economic Freedom tab to track the impact of naturally-occurring disasters around the world or geo-political issues in their supplier base.
“Assessing the health, performance and risk potential of suppliers individually and in context is among the most vital elements of supplier management,” offers Taulia co-founder and supply chain thought leader, Markus Ament. “Real-time, configurable scorecarding presents a unique and powerful method for enterprises to better evaluate suppliers while maximizing investment in P2P software and tools.”
Suppliers in the Lavante Network can take advantage of insights and assessments delivered through Lavante Scorecard to better understand their standing with their customer and take appropriate steps to remedy any perceived deficiencies.
Additional features/functionality in the Lavante 6.0 product release include:
- An expansion of Lavante’s Contract Management module granting customers the ability to allocate invoices against multiple contract line item deliverables
- Substitute W-9 functionality to allow customers to collect an electronic W-9 in place of an uploaded paper form W-9. Customers use the tool to ensure the most up-to-date W-9 is on file, validate TIN’s with the IRS and collect new documents past expiration.
- Having teamed up with Experian in Q4 2015, Lavante is offering customers more integrated access to Experian’s Financial Stability Risk scores and one-click access to purchase reports from the Experian reporting suite.
- Batch payment processing through the Lavante e-Invoicing module will allow customers to review a “batch” of approved invoices and submit them for payment directly through various approved banks.
Lavante is the leading provider of cloud-based supplier management solutions for Fortune 1000 companies. Our mission is to connect businesses with their suppliers and provide value to both by automating and improving the quality, accuracy and cost effectiveness of business interactions. For businesses our software and services help drive dollars to the bottom-line by ensuring quality of supplier data and automation of supplier onboarding and management, including burdensome tax and compliance requirements. For suppliers, we simplify the process of delivering value to clients and improve customer satisfaction, the ability to win new accounts, and profit.