Novation Selects Inquera to Automate Supplier Product Data Quality; Inquera Helps Novation Lower Cost and Increase Data Accuracy by Automating Supplier Product Data
Novation, the leading health care supply contracting company for the members of VHA Inc., UHC, Children´s Hospital Association and Provista, LLC, has selected Inquera´s Elevate Suite to automate product data acquisition from supplier catalogues. Novation represents the largest purchasing volume in their industry with more than $42 billion in annual purchases. Inquera´s Elevate Suite is enabling Novation to automatically incorporate and manage product data that is in different languages, dialects, synonyms, abbreviations and unit-of-measure.
Tefen, Israel (PRWEB) July 28, 2012
Inquera is pleased to announce that Novation, the leading health care supply contracting company for the members of VHA Inc., UHC, Children´s Hospital Association and Provista, LLC, has selected Inquera´s Elevate Suite to automate product data acquisition from supplier catalogues. Novation manages product data from its network of suppliers to meet the purchasing needs of more than 65,000 member organizations and their affiliates. Novation represents the largest purchasing volume in their industry with more than $42 billion in annual purchases. Inquera´s Elevate Suite is enabling Novation to automatically incorporate and manage product data that is in different languages, dialects, synonyms, abbreviations and unit-of-measure.
Novation develops the industry´s most sophisticated data and analytics capabilities to help member organizations empower their purchasing decisions, drive down their costs and identify significant savings opportunities. And the success of these analytics and tools begins with Novation´s data warehouse — the largest and most advanced in the industry. The data warehouse includes more than $65 Billion in spend from 1,600+ hospitals, and this information powers solutions that deliver the highest-quality sourcing capabilities that meet members´ current and future business needs.
Novation has selected Inquera´s industry leading product data quality technology for its:
- User-friendly and scalable capabilities;
- Automated extraction of accurate product data from unstructured supplier product descriptions; and
- Automated generation of standardized, categorized product data for member use.
“The Inquera data quality technology allows us to enrich our data even further,” said Melinda Gardner, Vice President, Information and Data Services, Strategic Information for Novation. “Using this tool, we can build cross-references, attributes and standardized descriptions into our data. These enhancements allow end users — specifically the member healthcare providers we serve — to identify accurate products at the line item level while also identifying cost savings opportunities. Our agreement with Inquera is one more step in our investment in leading technology.”
“We are excited to be part of Novation´s world class supplier management solution,” said Yossi Rissin, CEO of Inquera. “With Novation we have shown that Inquera´s automated product data quality technology can save money while increasing product data accuracy and quality.”
Founded in 1998, Novation is the leading health care supply chain expertise and contracting company for the more than 65,000 members of VHA Inc. and UHC, two national health care alliances, Children´s Hospital Association, an alliance of the nation´s leading pediatric facilities, and Provista, LLC. Novation provides alliance members with sourcing services, as well as information and data services. Based in Irving, Texas, Novation develops and manages competitive contracts with more than 600 suppliers. VHA, UHC, and Provista members used Novation contracts to purchase more than $40 billion in 2011. Novation recently earned the coveted Ethics Inside® Certification from Ethisphere Institute, a leading international think tank dedicated to the research and promotion of best practices in corporate ethics and compliance. Novation was also named on Ethisphere´s World´s Most Ethical Companies list, and is the only company in the health care industry to earn both distinctions. To learn more about Novation, please visit http://www.novationco.com and follow @NovationNews.
Inquera is the industry leader in product data quality technology. Inquera´s proprietary AI based tools ensure that product data will remain clean and duplicate free throughout its lifecycle.
Inquera uses a proprietary, example based, machine learning approach which is completely indifferent to language, dialect, abbreviations and structure. Inquera´s team of subject domain experts have spent hundreds of man-years teaching Inquera´s systems to recognize and understand product data.
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