Labviva Introduces Real Time Inventory Management System for Life Sciences Purchasing

Enterprise procure-to-payment provider advances AI automation for inventory and purchase intelligence

BOSTON, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Labviva, the leading AI procurement platform for life sciences, today announced the general availability of its automated Inventory Management System (IMS), a core feature of Labviva’s software-as-a-service (SaaS) platform. The IMS enables laboratory scientists, researchers, and procurement professionals at the nation's top pharmaceutical companies and universities to work in real time by streamlining inventory management of external suppliers and internal supplies of a shared organizational inventory or stock room.

Labviva’s IMS offers customers extensive automation capabilities across the platform, in addition to a highly intuitive user interface (UI), customizable inventory workflows, and actionable access to stock data. Currently, several top global pharmaceutical companies already use Labviva’s IMS to drive efficiencies, accelerate research, and realize significant cost savings across the life sciences procurement process.

“Labviva is experiencing hypergrowth and reaching an inflection point as it cements its position as the trusted brand in life sciences,” said Kleida Martiro, Partner at Glasswing Ventures and Labviva investor and board observer. “Using its AI-first platform and automated approach to delivering supply chain transparency, the company is transforming the way laboratories manage supply chain tracking and replenishment.”

Labviva’s advanced IMS benefits the entire laboratory research organization. Scientists can locate and review stock items while simultaneously accessing their compliance and research data. Research teams can review and share content about environmental health and safety (EHS), chemical classification, and master data enrichment. Lab managers can track shipments, access AI-driven operational recommendations across 15 million SKUs and 8,000 manufacturers, and increase efficiencies using AI-driven replenishment. Procurement teams can use Labviva’s IMS technology to optimize forecasting, reporting, purchasing, and resource planning.

“At Labviva, our mission is to accelerate the pace of life science research by connecting suppliers, purchasing departments, and scientists through AI,” said Nicholas Rioux, founder and CTO, Labviva. “IMS is an AI-native application and an important part of our platform. It reinforces our commitment to providing customers with the most advanced technology and tools to automate life science purchasing enterprise-wide -- while empowering them to maintain absolute control over their own data.”

Key IMS enhancements include:

• AI purchase automation and forecasting to augment and enhance human decision-making.
• Convenient, actionable QR codes and barcodes for instant purchasing or repurchasing.
• Accelerated processes for managing stock items throughout the entire product lifecycle.
• Transparency into available buying options, including real-time product offers and automated replenishment.
• Customized inventory workflows that align compliance, regulatory, and safety rules and restrictions for each customer’s area of research.

“Labviva transforms the way we manage supply tracking and replenishment, improving our inventory and purchasing efficiency by limiting our excess inventory and slow-moving items,” said the head of R&D lab operations at a leading pharmaceutical company. “With real-time visibility into our inventory lifecycle, we can make purchasing decisions more quickly as our R&D needs evolve. With the ability to compare products and prices from different vendors enterprise-wide, Labviva helps us reduce costs while avoiding gaps in inventory replenishment.”

Labviva’s intuitive platform operates as a stand-alone solution or directly integrates into leading procurement systems, including SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa.

About Labviva
Labviva connects researchers with suppliers of reagents, chemicals, and instrumentation in an intuitive, user-friendly platform that supports the priorities of scientists while staying compliant with purchasing rules. Suppliers can easily manage the content of their products, and products are mapped into scientific applications, techniques and protocols. To learn more about how Labviva accelerates the science of life, visit us at www.labviva.com.

Media Contacts:
Jennifer Schenberg
PenVine for Labviva
917-445-4454
jennifer@penvine.com

Gabby Lescarbeau
PenVine for Labviva
413-896-1991
gabby@penvine.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/04ce5bac-1391-4edc-969a-ed5adca10f08