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SciQuest Enables Better, Faster Collaboration For Customers And Suppliers With New Version Of Spend Management Suite

Stocks in this article: SQI

SciQuest (NASDAQ: 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. “

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