New Search Capabilities Designed to Help Procurement Departments Increase Compliance and Drive Additional Savings are Among the Enhancements to SciQuest's On-Demand Solutions
CARY, N.C., March 31 / / - SciQuest, Inc., the global leader empowering enterprises to realize the potential of strategic procurement, today announced the latest release of the company's procurement automation and supplier enablement solutions. SciQuest's first of three product releases for 2009 features enhancements that significantly increase the ability of procurement organizations to ensure compliance with contracts, drive savings and further streamline the user experience.
"At their core, our solutions enable users to search for, find and purchase the goods and services they need quickly and easily, whether it's via hosted electronic catalogs or "punch-outs" to suppliers' Web sites," said Jamie Duke, chief operating officer of SciQuest. "Our SmartFind technology is one of many enhancements in this release. With SmartFind, users can search both hosted and punch-out environments simultaneously from one window--a significant development that enables procurement organizations to effectively promote products from both environments and better ensure compliance with contracts."
The SmartFind search capabilities are designed to address one of the most common causes of non-compliance-the inability of procurement organizations to control what users buy or how much they ultimately pay when shopping from suppliers' Web sites. SmartFind builds on other industry-leading compliance tools already available in SciQuest's solutions, which are deployed via software-as-a-service (SaaS) and accessible from any computer with an Internet connection.
"In addition to making it easier for users to find what they need with one click of the mouse, SmartFind complements the functionality SciQuest offers that enables procurement organizations to ensure that contracts and the legal terms and conditions they contain are adhered to during the entire purchasing process," adds Duke. "In our previous release (November 2008), we unveiled new technology that alerts organizations when the price of a purchase made on a supplier's punch-out site deviates from the contracted rate. One only has to peruse newspaper headlines to know that happens far too often."
Non-compliance with contracted rates, whether it's intentional or simply a failure to align prices on numerous products and services with contract terms, is a common source of significant financial losses in a wide range of industries, particularly the public sector, where such inaccuracies can be deemed a misappropriation of funds. Compliance is also directly impacted by users' adoption of eprocurement systems, a point that is reflected in SciQuest's continual efforts to make the purchasing process as easy as possible.
SciQuest's latest product release also includes significant new functionality for Group Purchasing Organizations (GPOs) and buying consortia. Specifically, enhancements improve the ability of GPOs to promote contracts and allow member organizations to electronically inherit and incorporate contracts into their procurement environment. In addition, they enable GPO's to gain visibility over how much is spent through the contracts they put in place by consortia members. As a result, GPOs can negotiate agreements with suppliers that reflect the full extent of members' collective buying power.
SaaS Excellence Demands a Unique Approach to Product Development
SciQuest's unique approach to its product development roadmap is marked by a continual effort to identify innovations that directly address the evolving needs of procurement organizations, enable them to work more efficiently and address the unique needs of the markets the company serves. With every release, development resources are also dedicated to enhancements recommended by customers and voted on by their peers in the SciQuest Customer Forum, an online community where procurement professionals can share ideas and take part in a dialogue with fellow SciQuest users.
"A lot of software companies fall into the trap of developing new features and functionality in a vacuum where it's unknown if enhancements will help existing customers work more efficiently or gain more from their investment," said Daryl Broddle, vice president of product development at SciQuest. "We've taken great steps to ensure that our solutions always offer a mix of enhancements that address the specific needs of individual customers and the aggressive innovation required to constantly increase the effectiveness of procurement organizations."
Webinars and question and answer periods precede the availability of each new product release in a test environment where each customer is able to try enhancements in a parallel system that mirrors their live use of SciQuest. Upon general availability, all new enhancements are delivered in the off position, so customers can choose when to begin using the new capabilities they offer.
SciQuest credits its exceptional customer satisfaction levels in part to its product development process and its continual commitment to the second "S" in SaaS--Service. The company's continual efforts to enhance its solutions ensure that customers receive more than the capabilities included in the subscriptions they initially invested in. Support from employees in Cary, North Carolina, is also available 24/7/365. In 2008, the renewal rate for the company's solutions was 98 percent.
SciQuest's procurement automation and supplier enablement solutions empower leading organizations to realize the potential of strategic procurement. The company's specialized knowledge, on-demand software, and service-first approach enable public and private enterprises across the globe to manage spend, drive ROI, and advance their critical missions.
SciQuest's deep understanding of its served vertical markets combined with a broad supplier network and intuitive, online shopping experience increase user and contract adoption while improving operational efficiencies. Through software-as-a-service (SaaS) deployment, organizations can quickly implement the right eprocurement solution to augment existing ERP investments or fully enable all aspects of purchasing from sourcing to settlement.
For more information about SciQuest, please visit www.sciQuest.com or call 877-710-0413 in the U.S. or +44 1794 341182 in Europe.
SciQuest is a registered trademark of SciQuest, Inc. Other trademarks contained herein remain the property of their respective owners.
Source: SciQuest, Inc.
Web Site: http://www.sciquest.com/