Loyola University Maryland Implements SciQuest to Transform Procurement Processes
MORRISVILLE, NC: SciQuest has revealed that Loyola University Maryland will apply the SciQuest’s source-to-settle suite to allow the university’s procurement process transformation. This suite will help Loyola to aggregate, analyze, manage and streamline the process to save money through a single interface. It provides strategies to help employees to be more time focused on their initiatives and plannings.
Partnership with SciQuest delivers Loyola with automated, university-wide processes for the procurement function administered by each department. Loyola selected SciQuest as its first-ever system to manage and monitor the expenses to enhance its spend management process.
“Until recently, procurement was a department-level responsibility that limited our cross-organization visibility into overall spend, which left us missing out on cost savings, efficiencies and a deeper understanding of how we were spending funds,” says Randall Gentzler, Finance and Treasurer, Vice President, Loyola. “We are confident that having access to so much in-depth procurement activity data on one platform will not only make us more efficient and drive cost savings but also more strategic about how we use our resources.”
Loyola has also started deploying other solutions of SciQuest such as sourcing director, total contract manager, spend director, and accounts payable director. Sourcing director helps in developing the control and management of sourcing process, total contract manager is used to enable optimization of the entire contract lifecycle through a single repository for all vendor contracts.Spend director transforms manual and labor intensive procurement function and manage the spendfor preferred suppliers; bringing more spend into compliance, delivering significant cost savings and gaining efficiencies through automation.In addition, the accounts payable director eliminates the tedious and error-prone manual data entry, by freeing up valuable resources and giving a significant effect.
“With any institution or organization there are always ways to further refine processes so that cost savings are realized without sacrificing quality and Loyola is truly embracing that idea,” says Stephen Wiehe, President and CEO, SciQuest.