SciQuest Enables Better, Faster Collaboration for Customers and Suppliers with New Version of Spend
Jul 23rd 2013 8:40AM
Updated Jul 23rd 2013 8:42AM
SciQuest Enables Better, Faster Collaboration for Customers and Suppliers with New Version of Spend Management Suite
Enhancements to SciQuest Supplier Network and improved invoice management help customers cut costs, improve efficiency and increase ROI
CARY, N.C.--(BUSINESS WIRE)-- SciQuest (NAS: SQI) , a leading provider of cloud-based business automation solutions for spend management, today announced the availability of the next major version of its spend management suite. Building on the company's commitment to ease-of-use, the new release includes enhancements to the SciQuest Supplier Network that bring the user experience and speed to new heights for suppliers and customers to do business. SciQuest customers will now have one centralized place to collaborate with all of their suppliers, providing faster, more efficient supplier enablement. The new version of SciQuest's business automation suite also delivers improved invoice management capabilities.
"We understand that consumer-oriented technologies and services have changed our customers' and suppliers' expectations for both user experience and the speed at which technology should help them get their jobs done," said Mark Digman, Vice President, Product Marketing and Strategy for SciQuest. "Our commitment is to meet these expectations through our solutions. By extending the user interface enhancements to our supplier network, SciQuest is helping to bridge the gap between customers and suppliers, leading to better, faster collaboration. We will continue to listen to our customers and deliver enhancements that exceed their expectations by delivering products with the depth and breadth for sustained contributions to their bottom line."
"SciQuest's spend management solutions have played a critical role in helping our university turn spending into a source of savings and innovation," said Sandy Hicks, Chief Procurement Officer at the University of Colorado, a SciQuest customer since 2010. "SciQuest has done an excellent job of taking customer feedback and incorporating it into their solutions, making them easy to implement and use. We look forward to seeing the newest enhancements in action."
Enhanced SciQuest Supplier Network
The new version of the SciQuest business automation suite features a refreshed user interface for suppliers, including consumer-like features and experiences similar to sites like Facebook, Amazon and LinkedIn. Additional enhancements to the SciQuest Supplier Network include:
- A single "self-service" portal for suppliers to access all their SciQuest customers and perform key tasks/activities such as onboarding without going through a specific customer;
- A single, centralized place for suppliers to interact with customers, resulting in less time spent on supplier inquiries and improved ability to quickly search and locate suppliers;
- Free access for suppliers to the SciQuest Supplier Network, allowing them to access all SciQuest customers and perform key self-service tasks and activities such as managing customer profile information, sending messages to customers on invoices and flip POs to invoices.
Enhancements to the Supplier Network will allow for faster, more efficient supplier enablement:
- Suppliers can now check the status of invoices submitted for payment and upload invoices in a batch manner, saving time and money.
- The enhanced network enables self-service punch-out catalog testing.
- Suppliers can upload and update catalogs more easily with improved workflows.
- SciQuest customers can now offer a unique, branded portal to each of their suppliers for 24/7 access, resulting in increased transparency for both suppliers and customers while reducing supplier call volume to customers.
Improved Invoice Management
The new version will include significant enhancements to invoice management capabilities, including:
- An enhanced dashboard for Settlement Manager and AP Director customers with a centralized location for functionality including search, invoice creation, and identification of invoices with expiring discounts or approaching due dates;
- The ability to flip a PO to an invoice through the supplier portal.
As a result, SciQuest customers will:
- Experience faster, more efficient invoice processing and lower call volume relating to supplier issues;
- More accurately capture early payment incentives and avoid late payment penalties, resulting in increased revenue;
- Automate e-invoice creation to increase capture accuracy.
"Organizations are under pressure to control costs while improving efficiencies and collaboration. If brand owners do not have portals in place, they are missing an opportunity to maximize efficiency and collaboration through portals," noted Jane Feitler and Richard Adams in the Gartner report, "Use Portals to Drive Visibility and Improve Supplier Collaboration," May 31, 2013. "Without portals, communication is slow and not transparent. This increases procurement costs, reduces productivity and hinders optimal decision making. "
With a reputation for deep domain knowledge, a solid customer-driven portfolio, and industry-leading customer satisfaction, SciQuest (NAS: SQI) is the largest public provider of cloud-based business automation solutions for spend management that turn spending into savings. SciQuest solutions enable greater visibility and compliance organization-wide to help you gain control, optimize efficiencies, and reduce spend. These cloud-based solutions are easier to implement and proven to deliver measurable, sustainable value with SciQuest's high-touch support, analysis and automation.
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Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of our most recent Annual Report on Form 10-K and other required reports, as filed with the SEC, which are available free of charge on the SEC's website at http://www.sec.gov or on our website at www.sciquest.com. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements speak only as of the date hereof, and we undertake no obligation to update, amend or clarify any forward-looking statement for any reason.
SciQuest Media contact:
Michelle Perkins, 919-659-2228
fama PR for SciQuest
Dan Gaffney, 617-986-5036
SciQuest Investor contact:
Jamie Andelman, 919-659-2322
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