SciQuest Unifies P2P and Sourcing in Latest Spend Management Offering
Stephanie Dula 4 Dec 2015SciQuest, one of our valued partners and a provider of eProcurement automation solutions, this week announced the release of the latest version of its spend management suite. This upgrade effectively integrates deep functional contract management, supplier management and sourcing capability with its robust purchase-to-pay (P2P) capability, creating a single platform that provides enhanced visibility into the entire source-to-settle process. This announcement coincides with the company’s 20th anniversary a total brand refresh.
A brief demo of the new spend management suite revealed a holistic process with visibility into each stage by users across departments, and intuitive user dashboards on both the supplier and buyer side. According to SciQuest, the new version includes 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 approval process cycle.
The new mobile capability and integration of P2P with a highly configurable sourcing capabilities has obvious advantages to organizations that are seeking productivity improvement. “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.”
You can read the full press release here.
