SAN JOSE, Calif.--(BUSINESS WIRE)--Lavante Inc., the leading provider of on-demand supplier management and profit recovery solutions, today announced the availability of enhanced compliance and risk management capabilities in Lavante SIM™, the industry’s most comprehensive application to collect and validate supplier data for onboarding and ongoing vendor management. Delivered in a SaaS model (software-as-a-service), Lavante SIM enables companies to dramatically reduce the cost and time of onboarding new suppliers, managing current suppliers, and driving compliance and control throughout the entire lifecycle of the supplier.
“This latest upgrade to Lavante SIM reflects our commitment to helping these professionals lower risk in their organizations through proper controls.”
Lavante SIM now includes a structured workflow approval process that ensures proper segregation of duties for each person or role in the supplier onboarding and payment process. This level of control minimizes the possibility of fraudulent activity and notifies internal participants when they have tasks to complete. The Lavante application now includes a complete audit trail of supplier information changes to be able to track what changes have been made, by whom and when they occurred. The system also now includes e-Signature capability to permit suppliers to legally acknowledge acceptance of contractual terms and conditions, and store the resulting documents in a secure, centralized repository within Lavante SIM.
“Many corporations are not fully protected against fraudulent activity in the procure-to-pay process,” said Mary Schaeffer, Editorial Director and Publisher of AP Now and Tomorrow and author of 101 Best Practices for AP. “Lavante’s new enhancements enforce the proper controls and segregation of duties to prevent fraud in supplier management as well as ensure organizations are in compliance with government regulations.”
“Fraud prevention and regulatory compliance are two of the top concerns of AP and Procurement professionals who manage vendor files,” said Sam Klepper, CEO and President of Lavante Inc. “This latest upgrade to Lavante SIM reflects our commitment to helping these professionals lower risk in their organizations through proper controls.”
Lavante is the leader in SaaS (software-as a-service) supplier management solutions, including supplier information management and recovery audit applications. Fortune 1000 companies rely on Lavante to reduce the time and cost spent managing suppliers, drive ongoing compliance with regulations and automatically create an enterprise-wide single source-of-truth for supplier data that is constantly updated. Headquartered in San Jose, California, Lavante is privately held and was founded in 2001. For more information, please visit http://www.lavante.com/.