MORRISVILLE, N.C.--(BUSINESS WIRE)--SciQuest Inc. (Nasdaq: SQI), a leading provider of cloud-based solutions for spend management, today announced the availability of a new benchmark report with data from SciQuest customers that will help organizations of different sizes compare their performance in critical components of spend management against a new industry standard. The first annual “Making P2P Technology Work for You: A SciQuest Network Benchmark Report” reviews key eProcurement and invoicing performance data resulting from the use of SciQuest solutions by its customer base.
The report, which is based on comparisons to anonymous data pulled from SciQuest eProcurement and AP customers, also includes benchmark and best practice results from leading industry analysts for comparison. It measures eight different performance categories for small, mid-size and large organizations, and includes suggestions for improvements that all users can implement to meet or exceed the results presented in the benchmark report.
Categories measured include: on-catalog spend percentage; the number of punchout sites available; requisition-to-order cycle time; percentage of invoices passed through AP for payment in one day or less; electronic document transfer usage; number of web forms deployed; invoice/PO matching; and total supplier number.
“Procurement professionals are seeking reference points in terms of how they are doing relative to others in improving and automating key source-to-settle processes,” said Eric Zoetmulder, Vice President of Product Management at SciQuest. “They are also looking for insights, suggestions and information to continuously improve. We hope this report helps articulate the value of technology while providing practical, informative tips for both our existing customers as well as future customers as they seek to upgrade from legacy procurement tools or move from manual processes and spreadsheets.”
For more information or to download a copy of the report, please visit here.
SciQuest (Nasdaq: SQI) spend management solutions enable procurement, sourcing and financial professionals to focus on strategic decisions that transform business processes. Our feature-rich products and expert services help hundreds of organizations, including leading global companies, drive bottom line results by improving, automating and optimizing their source-to-settle processes.
Learn more about our solutions and how we can help your organization turn spending into savings at www.sciquest.com.
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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.