MORRISVILLE, N.C.--(BUSINESS WIRE)--SciQuest, Inc. (Nasdaq: SQI), the leading public provider of spend management solutions delivering value beyond savings, today announced the latest upgrades to its spend automation suite, providing procurement professionals with increased productivity through expanded mobile capabilities, improved usability features and enhanced insights on overall spend. Through a fully integrated platform, SciQuest users can now automate and streamline the entire source-to-settle process to better control spend, manage contracts and enhance vendor relationships through greater data analysis.
Continuing to evolve its comprehensive and modular source-to-settle suite, SciQuest’s latest upgrade gives customers the power and control to manage the entire procurement process while also enhancing understanding of company spend through the following tools:
- Total Contract Manager enhancements that allow full authoring capabilities through Microsoft Word®. Authoring capabilities enables procurement professionals to quickly and easily update contracts with a set of pre-approved clauses or with templates, which streamlines the process and ensures compliance during contract lifecycle management for both parties.
- The integration of Spend Radar completes the procurement practitioner’s ability to control the full source-to-settle process on one platform. With integrated reporting and spend analysis, users can now access data from any point in the procurement process for analysis and review, which will enable better control and understanding of company spend.
- Make better supplier decisions with the introduction of Supplier 360°, an insightful view into key activities and usage metrics regarding supplier utilization and relationships from across the entire SciQuest suite.
- Through the SciQuest Mobile App, users can approve and review requests using Sourcing Director and Total Contract Manager plus accept or decline supplier profile changes in Total Supplier Manager. Notification alerts help the user tighten the approval process cycle.
“We manage hundreds of contracts with numerous vendors that are all in various stages of the contract lifecycle ranging from just being negotiated to mid-contract to renegotiation,” said William L. Traurig, senior vice president and general counsel with the Carolina Hurricanes. “Like any business today, we are moving quickly and contracts need to be updated, reviewed or analyzed on the go and we cannot wait for it to go through a lengthy review process. By enabling us to author our own contracts and make edits that we know are fully compliant, we are able to streamline our contracting process and improve our vendor relationships.”
Additional noteworthy enhancements include:
- New Supplier Performance Management module which incorporates scorecard and dashboard functionality to better understand and manage your supplier relationships.
- New reporting capabilities were added to Advanced Sourcing Optimizer (ASO), while new controls in Sourcing Director enhance evaluation scenarios with Best Value Analysis, offer more granular project access, and support better collaboration with attachment versioning.
- The expanded smart form capabilities in eProcurement simplify the requisition process for services and complex spend categories within the platform.
- A new user interface and web shopping experience drives ease of use and aligns Enterprise Reagent Manager with the other modules on the SciQuest platform.
“Procurement professionals face exponentially increasing responsibilities that impact the strategic goals of their businesses – and they need to be able to see all of their data on one platform and be able to analyze how the entire process is performing,” said Eric Zoetmulder, vice president of product management at SciQuest. “With our latest release, SciQuest’s customers now have access to a spend management solution that cuts across the entire spectrum of supplier management, sourcing, contracting and settlement. Our fully integrated platform and recent enhancements will enable our customers to simplify the source-to-settle process in a time-efficient way that delivers maximum savings.”
The new version of SciQuest’s spend automation suite is available now. For more information, please visit www.SciQuest.com.
About SciQuest
SciQuest (Nasdaq: SQI) is the leading public provider of spend management solutions delivering value beyond savings. Through the continued release of key innovative technology and a fanatical drive toward making our customers successful, we deliver exceptional value in user experience, productivity and operational efficiency. Our cloud-based, mobile-enabled, source-to-settle platform addresses all stages of procurement from the automation of core processes to enabling sophisticated, strategic and multifaceted sourcing solutions. We specialize in handling simple procurement needs to the most advanced supplier and supply chain requirements. SciQuest serves a wide range of industries and organizations including many of the Global Fortune 500. For more information visit http://www.sciquest.com.
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Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks are discussed in "Part I, Item 1A, Risk Factors" and elsewhere in SciQuest's most recent Annual Report on Form 10-K and other reports, as filed with the United States Securities and Exchange Commission ("SEC"). The company's SEC reports are available free of charge on the SEC's website at http://www.sec.gov or on the company's website at http://www.sciquest.com. These forward-looking statements speak only as of the date hereof, and SciQuest undertakes no obligation to update, amend or clarify any forward-looking statement for any reason. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
