Lavante Inc. recently announced the launch of Lavante SIM, considered one of the most extensive application suite for collecting and validating data for comprehensive vendor management. Lavante SIM, available in SaaS (News - Alert) (software-as a-service) model, features increased risk management and compliance capabilities while enabling organizations to cut down on time and cost incurred on supplier onboarding, management of existing suppliers and ensuring control across the vendor management lifecycle.
In a release, Sam Klepper, Chief Executive Officer and President of Lavante, said, “Fraud prevention and regulatory compliance are two of the top concerns of AP and Procurement professionals who manage vendor files. This latest upgrade to Lavante SIM reflects our commitment to helping these professionals lower risk in their organizations through proper controls.”
The new features embedded in the Lavante SIM enable proper segregation of roles and responsibilities to eliminate the chances of fraud in vendor management while also ensuring compliance with the law of the land. The newly enhanced version features a controlled workflow approval chain to clearly demarcate the roles of every staff in the vendor onboarding and payment process. The solution also sends automatic triggers to the relevant people when they have tasks to complete and captures the complete audit trail of every activity in the vendor management process. The e-Signature feature will now allow vendors to legally acknowledge the terms and conditions of the agreement and enable data storage in the centralized server for easy retrieval and reference purposes.
Speaking of the enhanced features in the Lavante SIM, Mary Schaeffer, Editorial Director and Publisher of AP Now and Tomorrow and author of 101 Best Practices for AP, said, “Many corporations are not fully protected against fraudulent activity in the procure-to-pay process. 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.”
Lavante is engaged in the development of various vendor management solutions in the SaaS model. The vendor information management and audit recovery applications from Lavante are quite popular with the company’s esteemed clientele that includes Fortune 1000 companies.
Edited by Ryan Sartor