SciQuest, Inc., (NASDAQ: SQI) a provider of cloud-based spend management solutions, today announced that the Tennessee Board of Regents (TBR) has selected its spend management solution to automate and streamline supplier contracts and improve operational efficiencies. By creating a centralized point of management across 19 colleges and universities, SciQuest is empowering TBR to more efficiently and effectively negotiate contracts that reduce costs, while enabling the System to provide procurement excellence.
The Tennessee Board of Regents is the nation’s sixth largest system of public higher education, consisting of 46 institutions with a combined annual enrollment of more than 200,000 students. The TBR's six state universities, 13 community colleges and 27 technology centers offer classes across the state. The TBR system is a $2.2 billion per year enterprise.
“Many of the institutions within the TBR network were individually managing their own supplier relationships, creating a myriad of inefficiencies and resulting in contracts that were not taking advantage of the system’s significant buying power,” said Dale Sims, TBR vice chancellor for Business and Finance. “With SciQuest, TBR and its higher education institutions will be able to standardize basic supplier processes and centrally manage the network’s supplier relationships, driving efficiency improvements that will enable us to focus our resources on our primary mission of educating our students.”
SciQuest’s spend management solutions will enable the TBR to centralize and automate previously manual and labor-intensive tasks such as registering suppliers and uploading this information to the network’s existing Enterprise Resource Planning (ERP) system. In addition, suppliers will now have the responsibility and ability to keep their information up-to-date, enabling TBR staff to focus on more strategic purchasing initiatives. By helping standardize supplier management processes across schools, SciQuest will help create operational efficiency improvements that free up existing resources and save money.“Higher education institutions and systems such as TBR are all facing increasing pressures to cut costs while providing a quality education to more students,” said John Fabris, vice president of higher education sales, SciQuest. “SciQuest provides the tools for automating backend processes while arming these institutions with more control and visibility into their supplier relationships and overall purchasing practices. With cloud-based solutions for e-procurement, spend analysis and accounts payable, SciQuest is empowering customers like TBR with a more holistic and strategic approach to spend management that results in streamlined operations and reduced purchasing costs.”