SciQuest and University of Pennsylvania Recognized by Aberdeen Group for Best Practices in eProcurement.RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C. -- UPenn's integration of SciQuest's Spend Director with Oracle iProcurement and Oracle Financials produced more than $77.5 million in cost savings SciQuest, Inc. today announced that Aberdeen has honored its implementation of SciQuest's Spend Director procurement automation solution into the University of Pennsylvania's private electronic exchange, Penn Marketplace, as an industry best practice in eProcurement. The University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli. http://upenn.edu/. Address: Philadelphia, PA, USA. was recognized by Aberdeen for its overall cost savings including 484% improvement in contract compliance, average cycle time reduction from 18 days to less than one, and various improvements in process efficiency. "By integrating Spend Director with Oracle iProcurement and Oracle Financials, UPenn was able to quickly enable and provide end-users with easy access to preferred suppliers," said Tim Minahan, chief services officer at Aberdeen Group Aberdeen Group is a provider of business-related research services. It has its headquarters in Boston, Massachusetts and belongs to the Harte-Hanks group. Founded in 1988, Aberdeen's research is used by over 2. , Inc. "This is a great example of how organizations can take a highly decentralized de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. purchasing environment and turn it around to achieve significant savings." The University of Pennsylvania went live with SciQuest's Spend Director solution in January 2004 leveraging SciQuest's Managed Services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality and the SciQuest Supplier Network (SQSN) to enable and manage 73 preferred providers, representing 67% of all purchase order transactions, all within 120 days. The University has since enabled a total of 136 suppliers with hosted content and plans to continue adding new vendors. "We are honored to be recognized by Aberdeen for our eProcurement efforts," said Ralph Maier, director of purchasing services at the University of Pennsylvania. "SciQuest's Spend Director solution and their robust supplier network have played a significant role in this success, helping generate over $77.5 million in cost savings. There is no doubt SciQuest will continue to help us meet and exceed our goal of enabling up to 200 suppliers in the Penn Marketplace." Spend Director is an on-demand, multi-commodity supplier enablement Supplier Enablement is the process of electronically connecting suppliers (or other trading partners) to a company's supply chain. Supplier enablement is achieved when suppliers of goods and services are connected to a company's back-office systems to exchange critical business , supplier management and supplier integration solution designed to enhance existing procurement systems to increase on-contract spending and improve enterprise productivity and spend management. Spend Director delivers a compelling return on investment by enabling organizations to influence buying decisions while offering a better purchasing experience. Benefits include: --Promoting preferred suppliers to increase contract compliance --Improving usability of e-procurement systems --Reducing off-catalog requisitions --Identifying new savings opportunities "SciQuest considers it the highest honor to be recognized through one of our customers as a best practice solution for e-procurement," said Steve Wiehe, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of SciQuest. "Not only has Aberdeen recognized the University of Pennsylvania for its outstanding achievement in eProcurement, we are pleased that our customers are receiving such benefits through our solutions." About SciQuest, Inc. SciQuest provides on-demand supplier enablement and procurement automation solutions that reduce operating costs operating costs npl → gastos mpl operacionales , drive end-user adoption, bring more spend under management and increase visibility into organization-wide spending. Through SciQuest solutions, organizations gain immediate cost savings and rapid ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). . Organizations can quickly enable a critical mass of suppliers through the SciQuest Supplier Network (SQSN) and leverage SciQuest Managed Services to fully manage catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. data and order delivery on an ongoing basis, significantly reducing the need for in-house IT and support resources. With an integrated supplier base, organizations can maximize on-contract spending and gain real-time visibility and reporting capabilities throughout the entire order process. In addition to a source-to-settle suite of e-procurement applications, SciQuest also offers supplier and order management modules that seamlessly integrate with existing ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. and enterprise financial systems, driving greater return from existing investments. For more information about SciQuest, please visit www.sciquest.com, or call 919.659.2100. |
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