Procurement
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Labviva is on a mission to accelerate the pace of life science research. We connect researchers with suppliers of reagents, chemicals and...
Labviva is a specialized application that is designed for the life sciences. We work with pharmaceutical companies, ...
Labviva is a specialized application that is designed for the life sciences. We work with pharmaceutical companies, biotech firms, and research institutions to ensure these organizations have access to the critical supplies they need to perform their research.
That means that part of what we do is bridge the gap between scientists and procurement teams. Scientists get an easy way to search for and order the supplies they need, and purchasing departments can offer a wider variety of products while keeping within budget parameters.
How Does It Work for Scientists?
Labiva is a new class of application called a Enterprise Gateway Marketplace (EGM). In the case of Labviva, this means the application provides a private marketplace that users log into in order search for what they need. Because Labviva is tailored to life sciences, these are items like antibodies, bioreagents, chemicals, proteins, laboratory equipment and devices, and much more.
Users can also search for a specific supplier. In either case, the scientific information related to an individual product is provided alongside. So, for example, if a particular type of biological kit was used in a research paper, the Labviva AI will surface those citations, which are pulled from both public and subscription sources.
How Does It Work for Procurement Professionals?
Procurement professionals can take advantage of EGM capabilities in multiple ways. In the life sciences, Labviva allows better management of third party spend by allowing direct access to a virtually unlimited number of supplier catalogs, without having to onboard each individual supplier. This is different than the legacy model, where purchasing departments will typically work most closely with just on to two large suppliers because of the difficulties of onboarding and the challenges around managing multiple catalogs.
Labviva solves this issue by providing a single interface.
In addition, procurement users have access to deep analytics. Data can be charted into spend by category, vendor, user, timeframe, and even by project. This function is native to the platform and does not require interaction with the supplier from a data-gathering standpoint.
Procurement leaders who are concerned about supply chain resiliency should take in to consideration the ability of EGMs like Labviva to remove the risk of single points of failure—like when a legacy supplier is sold out of pipette tips.
How Does It Work With Existing Systems?
Labviva and other Enterprise Gateway Marketplaces sit on top of existing procurement applications like SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa. Labviva integrates fully into these procurement solutions. This allows organizations to keep the processes they’ve already built and avoid costly software replacements while still getting better visibility and control of the life sciences procurement environment.