iQuantum’s end-to-end Procurement solution provides organizations with an innovative way to achieve compliance to preferred buying. Through its artificial intelligence and machine learning-driven technology, the iQuantum solution helps businesses by offering exceptional visibility and transparency with accurate and real-time data across all transactions.
The iQuantum platform effortlessly integrates Purchase Order Management, Approval Workflow, and Catalog Management with your enterprise’s other procurement functions, delivering distinguished performance across the entire source-to-settle expanse. Our integrated diversity spend and substantiality reporting enables procurement teams to meet their government and regulatory goals.
iQuantum Procurement Solutions
Supplier Profile AI
Enriched Supplier profile is the secret and most effective weapon for savvy strategic sourcing teams when selecting suppliers for new opportunities. iQuantum’s AI-enabled platform helps suppliers build a better profile. iQuantum’s enrichment and normalization process brings full visibility on supplier profile. It provides historic performance and compliance scores for active suppliers. This allows sourcing teams and buyers to make smart decisions when selecting suppliers for a new RFP or Bid opportunity, thereby minimizing risk.
RFx describes multiple types of requests. Now, choosing the right requests for your enterprise depends on what your end goal is. Regardless of what your end goal is, iQuantum will help you with seamless Buyer-to-Supplier communication. iQuantum RFx (RFP, RFI, RFQ), a cloud-based solution, transforms communication and negotiation between buyers and suppliers. Now, easily invite vetted suppliers to award bids, start chats, and communicate with your procurement team. All in one place.
Select the best bid from your RFx process and send contracts to selected suppliers through iQuantum’s Contracts—from initiation through contract renewal. Powered by AI/ML and OCR technology, iQuantum’s CLM helps customers identify high-risk contracts.
By storing bids, vetted supplier data, negotiated prices, and contracts terms in a central repository, enterprises can sign contracts much quicker, gain suppliers’ trust, and maintain 100% visibility into how contracts affect the bottom line.
Corporate Diversity Spend Goals
Identify diverse suppliers and achieve Tier 1 and Tier 2 diversity goals to increase savings and achieve compliance. Get integrated economic impact reports to measure trends. Use the iQuantum Diversity spend reporting feature to track and analyze your spend with small and diverse suppliers. You will be able to instantly see reports breaking down your spend with businesses that are small, minority-owned, women-owned, veteran-owned, LGBT-owned, Hubzone, and more.
Performance and Sustainability Management
Manage sustainability and other compliance requirements with a robust and comprehensive management solution to manage suppliers’ sustainability and other compliance needs. iQuantum’s integration with the Carbon Data Project (CDP) improves compliance factor and brings visibility on suppliers over compliance management.
Approved Supplier Order Management
iQuantum’s Order-Management with integrated PO and Invoicing eliminates every chance of manual inefficiency in order processing. It is PuchOut2Go enabled and allows buyers to access suppliers from a centralized database. It brings full visibility to buyers on negotiated rates and performance scores on approved suppliers to help make SMART buying decisions . This further helps control indirect and maverick spends across all divisions.
Spendpower To Gain Full Visibility And Control On All Spend
Normalize, categorize, and consolidate your spend data in one single place. iQuantum’s custom Leadership Dashboard for full visibility into spend types—Direct, Indirect, Maverick, & MRO. Also, set limits on indirect and Maverick spend for better control. Get integrated GAP analysis and forecasting to achieve the desired level of performance.
The iQuantum Difference
iQuantum offers enterprise agencies an integrated Procurement solution that digitally transforms procurement and supplier relationships, from the RFx process supplier engagement and performance management, diversity reporting, and payment. iQuantum Procurement solution includes Q Spend Management, iQuantum Supplier Relationship (SRM), iQuantum Contracts, and iQuantum Diversity. You can choose to implement one or more of these solutions, which can easily integrate with your existing procurement applications, or one integrated solution that streamlines your procurement process, reduces costs, improves supplier relations, and helps your organization realize additional savings.
Why is Digitization and Centralization of the Procurement Process Important for Cost Savings?
A solution that empowers enterprises with the digital transformation of the end-to-end procurement process.
Technology has completely changed how enterprises collect and act on real-world information. Businesses across industries and verticals are realizing that manual processes, which once sufficed to meet an enterprise’s objectives and goals are no longer applicable in today’s modern world. And procurement is no exception.
The idea is to de-materialize all source-to-pay activities and processes, and all resulting interfaces with in-house stakeholders and suppliers. The potential gains in efficiency are massive and would liberate resources to be reallocated to higher-value tasks. The digitization of procurement processes also enables the generation of new data, which can be used in turn to perform more detailed analyses of procurement practices, consumption models, and supplier transactions.
iQuantum Procurement Solution Brings the Much-needed Digital Transformation for the Procurement Process and Increases Savings.
iQuantum Procurement spend management solution automates accurate allocation of Direct and Indirect spend and simplifies processes to control and reduce indirect, maverick, tail, and MRO spend. iQuantum’s spend management and spend analytics solution is highly customizable and capable of the following.
- Normalizes, categorizes, and consolidates your spend data in one single place.
- Makes a list of approved vendors for different categories with accurate data normalization as per your business needs.
- Incorporates and tracks complete vetting and compliance processes and identifies non-vetted and/or non-approved vendors.
- Gives you complete spend reports with a breakup of direct, indirect, maverick, and tail spend by category.
- Leadership Dashboards help you easily identify the spend for the top 10 categories with identified maverick spend analysis reports. For each category, lists the total spend and % of the maverick spend on 12 months of data.
- Allows forecasting lost cost savings over the next few years for those categories with identified maverick spend. iQuantum’s forecasting feature allows to project out spend for a 2-3 year time-frame.
- Identifies vendors and stakeholders who are primary drivers of maverick spend.
- Calculates the cost savings leakage for various categories.
- Automates the purchase order approval process by ensuring that all purchase orders go through the required approvals.
- Punchout2Go ready with catalogs to give buyers more visibility in finding products and services they are looking for thereby minimizing the need for using outside vendors.
- iQuantum’s robust diversity solution allows for adding net new vetted diverse suppliers in their supply chain and increased savings. iQuantum works with customers to get their qualified small and diverse suppliers to get punch2go ready to give additional buying powers to buyers and increased cost savings
- iQuantum’s Integrated contracts module gives buyers details on negotiated rates when deciding on using a supplier.
- iQuantum’s integrated SRM solution gives complete performance and sustainability/compliance scores. This enables buyers to reduce maverick spend by choosing approved vendors for required goods and services with better performance and sustainability/compliance scores to help make better buying decisions.
Achieving Sustainable SRM Through iQuantum
iQuantum SRM drives collaboration with your suppliers to reap improved value, minimize your organization’s procurement costs, optimize procurement savings, improve the supplier experience, and achieve continuous improvement across the entire Procurement cycle. With iQuantum SRM, your business users can easily manage the procurement process and engage with and manage suppliers, from global supplier onboarding, through risk and compliance management, integrated Rfx management, and spend analysis reporting. iQuantum SRM includes Supplier Performance Management (SPM) and enables two-way digital communication between your organization and your suppliers.
- Easily engage and communicate with suppliers from the point of RFx submission through supplier onboarding, profiling, and compliance.
- Helps you build a sustainable compliance diverse workforce.
- Rate supplier performance individually and comparatively with other suppliers via scorecards and ratings that make sense for your business.
- Continuously build improved relationships and performance with suppliers by offering relevant news and training.
- Enable suppliers to easily bid on opportunities under a certain value.
- Engage with suppliers with iQuantum’s News and Events feature.
- Let suppliers access and bid on select opportunities that do not require an RFx.
iQuantum Contracts Streamlines Procurement Workflows and Ensures Procurement Continuity
iQuantum Contracts allows business users to easily manage contract requests, development, review, approval, execution, renewal, and disposition. With records management features, users have version control and redlining capabilities and can store, search, retrieve, and analyze contracts. Your suppliers can also use the solution to create profiles, submit contracts, invoices, and payments and view status, redline contracts, upload compliance documents as required, and track rebates.
iQuantum Contracts provides five key features that allow your organization to:
- Digitally manage the contract lifecycle
- Create and manage a document vault
- Track and analyze savings
- Track rebates
- Forecast future spending
iQuantum Diversity Provides Tier 1 and Tier 2 Spend Management
iQuantum Diversity is a one-of-a-kind solution that manages and tracks Tier 1 and Tier 2 diversity spend and supplier certification management. Users can set goals at Tier 1 and Tier 2 levels and monitor the progress to the target. The Tier 1 process manages direct and indirect spending, tying supplier diversity spending to your overall procurement process. The solution also manages and reports tier 2 spend, providing automated customer reporting with accurate direct/indirect spend and allocation factor calculation.
In addition to Tier 1 and Tier 2 diversity spend management, analytics, and reporting, iQuantum Diversity also provides:
- Certification management and automatic renewal processing
- Access to Qleads, a iQuantum-developed database of suppliers
- Economic Impact Analysis report
With the iQuantum Procurement solution, your organization can:
- Drive collaboration with your suppliers to improve the supplier experience and reap improved value
- Achieve continuous improvement across the entire Procurement cycle
- Reduce your organization’s procurement cost and optimize procurement savings
- Streamline procurement workflows to improve productivity
- Eliminate discontinuity between contract agreements and performance tracking from various procurement sourcing
- Improve your negotiating stance with suppliers
- Improve your suppliers experience
- Easily execute your corporate minority supplier development plan
- Identify new opportunities by introducing new products and services
- Open multiple channels for goods and services
- Drive more competition in regards to pricing, sourcing, and services
- Improve your organization’s margins and profitability
iQuantum offers enterprise agencies an integrated Procurement solution that digitally transforms procurement and supplier relationships, from the RFx process supplier engagement and performance management, diversity reporting, and payment. iQuantum Procurement solution includes Q Spend Management, iQuantum Supplier Relationship (SRM), iQuantum Contracts, and iQuantum Diversity.
As a iQuantum customer, you can choose to implement one or more of these solutions, which can easily integrate with your existing procurement applications, or one integrated solution that streamlines your procurement process, reduces costs, improves supplier relations, and helps your organization realize additional savings. With either approach, iQuantum’s solutions are highly customizable to fit any organization’s procurement process.
Founded in 2014, iQuantum serves customers around the world from its headquarters in Palo Alto, CA.