The winner of the Innovations in Digitization award is Fannie Mae and Ivalua.
As a key player in the U.S. housing market, Fannie Mae demonstrates transparent procurement activities through the Housing and Economic Recovery Act (HERA) reporting regulations. With disparate systems and offline processes throughout the Source to Pay cycle, reporting used to take months. Fannie Mae consolidated these activities in one system they appropriately call ”ProcureOne” and now enjoy one-click reporting due to 100% digitization of their contracting and ordering processes. Implementing one system has forced re-thinking of processes and organization, laying a foundation for increased efficiencies as new artificial intelligence tools (RPA/NLP/etc.) come on-line.
Other finalists included: