Business Made Better through SciQuest Integrated Procurement Solutions
MORRISVILLE, N.C: A leading national defense contractor streamlined its spend management by deploying SciQuest Inc (NASDAQ: SQI), integrated procurement solutions. Many business establishments are facing competition from their rival’s in terms of product quality or service. Therefore, it becomes pertinent for the businesses to equip themselves with a thorough and progressive procurement process or plan that will allow them to seek out innovative procurement products. In an attempt to establish the same, the national defense contractor is partnering with SciQuest, a provider of cloud based business automation solutions for spend management, to gain optimum visibility and exert control into its global spend.
SciQuest holds expertise in continued release of key innovative technology with a drive towards improving business productivity and profitability in spend management. SciQuest provides a comprehensive procurement suite that is modeled like an ecommerce platform offering many options for procurement, supplier management, spend analytics, supplier network, sourcing, inventory management, supplier performance management lifecycle and accounts payable. “Today procurement must be equipped with the ability to manage the entire process, up-front in ways that allow proactive monitoring and strategic sourcing, enabling the procurement practice to be true partners with business,” states Stephen Wiehe, president and CEO of SciQuest. Along with the features the integrated suite delivers, seamless process for visualizing spend across the organization. “Companies across all industries need to understand where money is being spent, along while adhering to industry compliance requirements,” remarks Wiehe. “Defense organizations in particular must completely understand spend management and the impact it has on the business while remaining compliant at all times,” adds Wiehe.
Throughout the agreement these are the following procedures, the contractor is going to implement with SciQuest
Spend Radar: To conduct thorough analysis to understand and measure savings.
Sourcing Director: To expand control and management of the sourcing process.
Total Contract Manager: To enable optimization by using a single repository.
Total Supplier Manager: To achieve lesser reduction in risk exposure brought by suppliers.
Spend Director: To transform the procurement function by driving organizational spends to preferred suppliers.
Accounts Payable Director: To transform the procurement function by driving organizational spend to preferred suppliers, bringing more spend into compliance.
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