SciQuest to Revamp Sunoco's Spend Management
MORRISVILLE, NC: A greater concern to spend management made Sunoco to deploy SciQuest in order to make the procurement related process smooth. Sunoco operates around 850 convenience retail stores, fuel distribution company, independent dealers, commercial customers and distributors. The cloud based spend management business solution provider, SciQuest has inked an agreement with Sunoco in order to rearmament the procurement tools and sourcing process by unleashing source-to-settle suite.
A procurement process includes vendor selection, availability and reliability of both the vendor and the product, unlike maintenance and upgradation is the key for greater efficiency throughout the organization, rearmament of tools and the processes became the primary requirement. Acquisitions conducted by Sunoco compelled to examine the source-to-settle suite in decreasing expenditure and improving the efficiency. Evaluation of the suite displayed some of the opportunities to standardize onboard buy, pay and source functions letting them converge into a single platform proving better efficiency of the user by reducing the multitasking involved in the process of procurement. With SciQuest’s suite evaluation, Sunoco deploys suite with features including:
Spend Radar: The radar is a customer-driven data model; processing any kind of data to provide analysis across all spend data sources anytime anywhere and any device.
Sourcing Director: This Sourcing feature provides automated process of creating, managing and awarding a sourcing event eventually decreasing the time required to conduct daily bidding activities.
Total Supplier Manager: Managing all the suppliers this feature acts as a web based repository with an integrated ERP.
Total Contract Manager: Enabling Contract Lifecycle Management, the feature warehouses the contract history from initiation to the execution and also evaluates the performance of contract, reducing the paper work included in the whole process.
Spend Director: Empowering an e-Procurement platform, Spend Director makes contract compliance easy and reliable.
Accounts Payable Director: Featuring a fully automated accounts payable process this director also reduces manual errors and reduces the time to match and take out invoices.
To the integration with Sunoco, Stephen Wiehe, President and CEO of SciQuest says, “Sunoco is at the cutting-edge of many companies today because it views procurement as a strategic imperative that will help the organization grow in the coming years. The company will not only gain greater insight into the impact of its current spend, but it will also be able to use this detailed information to help make strategic decisions about how to grow and expand”.