What is Pivot?

This platform offers a comprehensive suite of tools to streamline procurement operations for modern businesses. It facilitates efficient vendor management, from sourcing and risk assessment to contract lifecycle tracking and renewal management. The system integrates seamlessly with existing tools to provide a unified approach to procurement, enhancing collaboration across departments.

Empowering teams with AI-driven capabilities, the solution automates critical processes such as invoice processing and provides real-time visibility into spending through advanced analytics and budget tracking. This enables organizations to make informed financial decisions, ensure compliance, and optimize overall procurement performance, ultimately saving time and reducing administrative burdens.

Features

PivotAI: AI-powered procurement to enhance operational efficiency and insights.
Intake Management: Streamline request submissions for a smoother procurement start.
Orchestration: Natively connect Pivot to your existing tool stack for unified operations.
Approval Workflow: Expedite approvals efficiently with customizable workflows.
Vendor Risk Assessment: Control and assess vendor risk instantly to ensure compliance.
Renewal Management: Keep track of contract renewals efficiently to avoid lapses or unwanted auto-renewals.
Contract Repository: Centralize and track contracts and key information efficiently for better visibility.
RFX Management: Source and select top vendors easily using a structured Request for X (RFX) process.
Real-time Budgets: Empower decisions with live budget insights and expenditure tracking against committed spending.
AI-Powered Analytics: Transform procurement data into actionable insights instantly for strategic decision-making.
Invoice Automation: Process invoices rapidly with AI-driven Optical Character Recognition (OCR) and automation features.
3-Way Match: Receive alerts for any financial discrepancies between purchase orders, goods receipts, and invoices in AP processes.

Use Cases

Optimizing the vendor sourcing and selection process for procurement departments.
Centralizing and streamlining spend requests and approval workflows across an organization.
Managing the complete lifecycle of vendor contracts, including renewals and risk assessments.
Automating accounts payable operations, including invoice processing and 3-way matching.
Providing real-time visibility into company budgets and spend analytics for financial planning teams.
Centralizing contract management to streamline legal review and ensure compliance.
Assisting IT and Security teams with vendor information gathering and managing technology-related procurement.

FAQs

What types of teams can benefit from using Pivot?

Pivot is designed to enhance the efficiency of procurement, accounting, legal, FP&A (Financial Planning & Analysis), and IT & Security teams by streamlining their respective processes and fostering better collaboration.
Does Pivot integrate with existing business software?

Yes, Pivot offers native integrations with a variety of your existing tools, including ERP systems, HR-IS platforms, productivity applications, and legal software, ensuring a connected workflow.
Is it possible to use only specific features of Pivot, or is the full suite mandatory?

Pivot offers flexibility; you can opt for the full Source-to-Pay suite or choose specific modules that cater to your immediate needs, such as Intake, Approval Workflow, 3-Way Match, or Real-time Budgets.
How does Pivot assist with vendor management?

Pivot facilitates vendor management by helping identify suitable partners, streamlining their onboarding process according to your requirements, conducting vendor risk assessments, managing contract renewals, and providing a vendor portal for seamless interactions.
What AI-driven capabilities does Pivot provide?

Pivot leverages AI to power various procurement functions, including AI-powered analytics that transform data into actionable insights, and automation of tasks such as up to 95% of invoice data entry.