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SciQuest Rolls out Portfolio Savings Manager

By CIOReview | Friday, May 20, 2016

SciQuest, public provider of cloud based business automation solutions for spend managementMORRISVILLE, NC: SciQuest, public provider of cloud based business automation solutions for spend management, has rolled out Portfolio Savings Manager (PSM), their new savings management software. PSM will allow CEOs, finance departments and procurement buyers to gain visibility into their savings initiatives by fully integrating with the SciQuest Source-to-Settle Suite.

“Until now organizations have not been able to seamlessly manage, monitor and quantify the value of a project in one easy-to-use dashboard, which meant they would spend hours gathering and analyzing data,” said Stephen Wiehe, President and CEO, SciQuest. “With PSM, we have connected project management, savings tracking and workflow management tools onto one unified interface that it can also work in perfect harmony with our existing Source-to-Settle Suite. We are certain this new tool will not only enable teams to quantify results, but will also enable cross-organization collaboration to find the most productive and beneficial solution possible.”

“Today, procurement must be equipped with the ability to manage the entire process, up-front in ways that proactive monitoring and strategic sourcing, enabling the procurement practice to be true partners with the business,” added Wiehe. With procurement turning a significant influencer of strategic business decisions, the approach from SciQuest’s PSM will deliver a seamless process where any department in the organization can collaborate and identify potential savings projects, and enable real-time savings tracking. PSM enables team members across within the organization to prioritize, standardize, measure and monitor savings initiative projects.

In addition to this, new PSM assists in forecasting for the future reporting periods by calculating savings from inception to realization, providing capabilities of a workflow app and dashboard through single interface.