SAN JOSE, Calif.--(BUSINESS WIRE)--Lavante Inc., the leading provider of cloud-based supplier management and profit recovery solutions for Fortune 1000 companies, announced today the awarding of its most recent technology patent which focuses on Lavante’s unique use of optical character recognition in the management of supplier data. The company has also released newly expanded communication and security functionality while earning a SOC 2 Type II compliance certification for Service Organization Controls (SOC) - a series of trust service principles for the operating effectiveness of a service organization. The combination of these accomplishments further reinforces the Lavante product suite as the industry standard for service, security and innovation.
Lavante's patented technology stands apart in the marketplace as the only method for identifying, categorizing and analyzing suppliers based on OCR interpretations of raw data and/or documentation residing in a database. Through this patented process, companies using Lavante can gain access to newly expanded data sets that can be used to identify and correct previously unseen transactional errors, reduce the costs associated with sourcing (and purchasing) and perform more in-depth analysis of suppliers.
In addition to earning the patent, Lavante also announced major enhancements in its recent 5.10 release which include the addition of six more languages, single sign-on support, enhanced customer-supplier communication support and expanded dashboard driven analysis of compliance and validations.
Lavante's technology milestones come during a period of strong growth for the company, as evidenced by a 3X increase in client acquisition in Q1 2015 versus the prior quarter. This significant growth is best explained by Bill Parker, Project Delivery and Process Improvement Professional at GP Strategies, "Lavante works collaboratively with us to build useful solutions and workflows to better manage our global supplier population."
Lavante's compliance to SOC 2 Type II asserts that an independent party has evaluated the design effectiveness of Lavante's controls and has performed extensive testing of the company's operating effectiveness and controls over time. Lavante's compliance establishes its controls as being upheld to the most elite industry standards. Companies working with SOC 2 Type II compliant firms such as Lavante benefit from pass-through controls, elevated security, and the ability to simplify control audits when they engage Lavante.
"Client data security and strong repeatable controls are among the key concerns in our product design as well as our company procedures," asserts Vinay Ambekar, SVP Engineering at Lavante. "Every Enterprise company should ask from their SaaS providers, the level of process maturity and sophistication that SOC 2 Type II assures."
Lavante is the leading provider of cloud-based supplier management solutions for Fortune 1000 Companies. Our mission is to connect businesses with their suppliers while adding value to both by automating and improving the quality, accuracy and cost effectiveness of business interactions. For businesses our software and services help drive dollars to the bottom-line by ensuring quality of supplier data and automation of supplier on-boarding and management, including burdensome tax and compliance requirements. For suppliers, we simplify the process of delivering value to clients and improve customer satisfaction, the ability to win new accounts, and profit.