New Version Of SciQuest Advanced Sourcing Optimizer Delivers Improved Bid Analysis Flexibility

SciQuest (NASDAQ: SQI), a leading provider of cloud-based business automation solutions for spend management, today announced the newest version of the company’s Advanced Sourcing Optimizer. This is the first upgrade to the company’s advanced sourcing solution since SciQuest acquired CombineNet in September 2013. Designed in response to customer feedback, the new version provides several new and innovative ways to conduct bid analysis and scenario optimization, delivering greater analytical power and flexibility to end-users.

Available immediately, the new version of Advanced Sourcing Optimizer includes more flexible ways for customers to evaluate sourcing data. As a result, users are able to gain a more sophisticated and nuanced understanding of sourcing activities. New capabilities include:
  • Cost Model Analysis Flexibility – Allows users to create multiple cost models, including historic cost models, in a single sourcing event while electing which cost model to apply in “what if” scenarios for bid analysis and optimization. As a result, buyers can now look at multiple pricing models and compare total costs or specific portions of total cost to historic prices, benchmark data or market rates.
  • New Ratio Balancing Rule – A brand new optimization scenario rule that enables buyers to ensure that, when suppliers are awarded certain items, they are also awarded other items based on a ratio determined by the buyer. This results in more efficient transportation and supply chain execution, improves support for corporate sustainability and helps buyers balance the award of different items to suppliers.
  • Pre-defined Scenarios – Sourcing events in ASO now include three pre-defined scenarios (Single Supplier, Lowest Bid and Lowest Bid Considering Capacity) to support faster analysis of simple award strategies and support novice users as they begin to use optimized scenario analysis.
  • Event Editing – New functionality allowing buyers to change certain event features that would have previously been “locked in” once the event was opened to suppliers, allowing buyers to easily make changes to sourcing strategy at any time.

“This release underscores SciQuest’s continued commitment to pushing the boundaries of sourcing innovation,” said Greg Holt, product marketing director at SciQuest. “SciQuest has a long track record of listening to our customers’ needs and developing innovative solutions to meet those needs, helping users turn spending into a strategic source of savings. The Advanced Sourcing Optimizer enables better, faster decision-making while providing the flexibility required to conduct advanced sourcing events.“

About SciQuest

SciQuest (NASDAQ:SQI) is the largest publicly held pure-play provider of cloud-based business automation solutions for spend management – offering deep domain knowledge and a leading, customer-driven portfolio. 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. Learn more about our solutions and how we can help your organization turn spending into savings at www.sciquest.com.

To join the conversation, please visit our blog, The Open Kitchen at http://www.sciquest.com/blog – or follow us on Twitter @SciQuest.

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 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 are discussed in “Part I, Item 1A, Risk Factors” and elsewhere in SciQuest’s most recent Annual Report on Form 10-K and other reports, as filed with the United States Securities and Exchange Commission (“SEC”). The company’s SEC reports are available free of charge on the SEC's website at http://www.sec.gov or on the company’s website at www.sciquest.com. These forward-looking statements speak only as of the date hereof, and SciQuest undertakes no obligation to update, amend or clarify any forward-looking statement for any reason. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Copyright Business Wire 2010

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