Ivalua, a global leader in spend management, and its partner Stretch, today announced that SKF, a world-leading provider of technology solutions that enable rotation, is embarking on a digital transformation journey to enhance its supplier management processes with Ivalua.

SKF is a manufacturer of rolling bearings and technologies that enable rotation through sealing solutions, lubrication systems, and services. Founded in 1907 and headquartered in Gothenburg, Sweden, SKF is represented in approximately 129 countries with around 17,000 distributors worldwide. With over 42,000 employees, SKF’s annual sales in 2023 were SEK 103,881 million.

SKF identified an opportunity to streamline supplier management operations by digitalizing and consolidating multiple systems into one platform. After a comprehensive selection process, SKF selected Ivalua for its intuitive user experience, robust Supplier Relationship and Performance Management (SRPM) capabilities, and unmatched flexibility.

Before iplementing Ivalua, managing a large and diverse supplier base through a fragmented approach presented several challenges. These included limited visibility across the supply chain which affected SKF’s ability to effectively monitor its suppliers’ performance and to collaborate with them.

By partnering with Ivalua, SKF aims to automate procurement processes, reduce manual efforts, and enhance operational workflows. This is expected to increase operational efficiency and drive cost savings. By centralizing its supplier management operations, SKF can streamline communications with suppliers, improve relationships, and enable better collaboration. Furthermore, SKF will now be able to monitor and evaluate supplier performance in a consistent and structured manner through scorecards, key performance indicators (KPIs), and regular assessments.

“Ivalua enables unmatched visibility into and collaboration with our suppliers, which enables us to improve decision-making and foster stronger relationships with our suppliers. This is a critical step to ensure resiliency in our supply chain and continue to co-innovate,” said Loic Abgrall, Purchasing Transformation Specialist at SKF.

“Ivalua enables companies like SKF to unlock value from its supplier base by fostering collaborative processes that improve business performance, drive efficiency, and promote innovation. We are delighted to partner with SKF as it begins this digitalization journey and look forward to supporting its future needs,” said Dan Amzallag, Chief Operating Officer (COO) at Ivalua.

SKF selected Stretch Procurement as the partner to implement Ivalua. Sara Bråtegren, COO at Stretch, added: “We are excited to collaborate with SKF and Ivalua on this strategic initiative, providing the necessary expertise and support to ensure a successful digital transformation.”

About SKF

SKF is a world-leading provider of innovative solutions that help industries become more competitive and sustainable. By making products lighter, more efficient, longer lasting, and repairable, we help our customers improve their rotating equipment performance and reduce their environmental impact. Our offering around the rotating shaft includes bearings, seals, lubrication management, condition monitoring, and services. Founded in 1907, SKF is represented in approximately 129 countries and has around 17,000 distributor locations worldwide. Annual sales in 2023 were SEK 103,881 million and the number of employees was 40,396. www.skf.com