Navy Federal Credit Union and Ivalua: Using AI to Power Smarter Procurement

Navy Federal Credit Union partnered with Ivalua to modernize its procurement operations through an AI-enabled Source-to-Contract solution. Facing strict cybersecurity requirements, legacy systems, and growing demand for agility, Navy Federal implemented Ivalua’s unified platform to centralize sourcing, contract management, and supplier relationships. By introducing intelligent automation and AI agents, the team now streamlines intake, reduces cycle times, enhances spend visibility, and focuses on higher-value strategic work. About Navy Federal Credit Union Navy Federal Credit Union is the world’s largest credit union, serving over 15 million members worldwide. With $192 billion in assets and 371 branches, including 27 on military installations overseas. Navy Federal provides financial services to members of the armed forces, veterans, and their families. Within the organization, the Procurement and Vendor Management team oversees all sourcing, contracting, and third-party risk management, ensuring that every partnership upholds the credit union’s commitment to security, compliance, and exceptional member service. Challenges Stringent cybersecurity requirements: Managing sensitive member and financial data required a robust framework across all third-party engagements Legacy systems and paper-based contract storage: Caused limited visibility and inconsistency in procurement processes Disjointed intake workflows: Difficulty tracking progress, causing workflow and transaction inefficiencies Growing demand for innovation and agility: To properly serve members, and give them access to third-party services, requiring top tier vendor management to support members’ needs Benefits Centralized procurement platform: To manage intake and triaging work, sourcing, contracts, and supplier management, replacing fragmented systems Single system of record: for contract and supplier information, improving accuracy and compliance Simplified regulatory reporting: Through unified data and improved visibility Enhanced spend analytics: Across ecosystem of suppliers, and contractors, which informs category management, allows for the consolidation of suppliers, and ensures the best deals Faster cycle times: Helps identify bottlenecks and get to market faster ========== Ivalua is a leading provider of cloud-based Spend Management software. Our complete, unified platform empowers businesses to effectively manage all categories of spend and all suppliers, increasing profitability, improving ESG performance, lowering risk, and improving employee productivity. We are trusted by hundreds of the world’s most admired brands and recognized as a leader by Gartner and other analysts. In today’s dynamic business landscape, the race for Procurement efficiency and a competitive edge is relentless. Introducing Ivalua’s Intelligent Virtual Assistant (IVA) – powered by cutting-edge Generative AI (Gen AI). Seamlessly integrated into your daily activities, IVA empowers your Procurement team to shift its focus towards strategic initiatives while enhancing overall productivity. Unleash the power of Generative AI in Procurement, a rapidly expanding technology with undiscovered potential. Concrete use cases for leveraging Large Language Models (LLM’s) within Source-to-Pay are emerging, but this is just the beginning. Procurement professionals must leverage the power of Gen AI to create their own use cases with no-code capabilities.