MORRISVILLE, N.C.--(BUSINESS WIRE)--SciQuest (Nasdaq: SQI), the leading public provider of spend management solutions delivering value beyond savings, today announced the latest upgrades to its cloud-based spend management solutions including the industry’s first complete contract lifecycle management solution within a source-to-settle suite. Every feature built into this release helps procurement practitioners improve productivity by expanding mobile capabilities, streamlining bidding processes and enhancing workflow with more cross-platform integration.
With the last update to the suite, Total Contract Manager becomes the industry’s first and only suite-based contract lifecycle management solution to include individual obligations authoring and management. The new version allows practitioners to easily craft and edit compliance milestones on contracts, which enables greater control, visibility and understanding of the full contract lifecycle. Additionally, the new Total Contract Manager includes tracking of single or repetitive contract deliverables, notifications and action items, collaboration with internal and external stakeholders, and a dashboard view for management, all in a single repository.
“It takes a proverbial village to manage a contract effectively. As more individuals become involved in day-to-day contract management, they require visibility into granular contract details including obligations,” said Jason Busch, founder and head of strategy at Spend Matters. “The expansion of contract management beyond legal and sourcing departments into all stakeholders requires an intuitive and integrated user experience – as well as seamless integration into other systems.”
In addition to the Total Contract Manager updates, the latest version of SciQuest’s platform builds upon its fully integrated source-to-settle product suite and includes the following features:
- Streamlined Supplier Management workflows that span sourcing, procurement and supplier performance management solutions. Now more suppliers can participate in sourcing events, while significantly reducing the time required for new supplier requisition and check requests, all with full approval workflow across the process.
- New Global Touchless VAT™ helps increase tax compliance for global businesses. Powered by Thomson-Reuters OneSource®, Touchless VAT instantly validates federal value added tax on invoices and includes workflow for exception handling and issue management.
- An enhanced Mobile App, which improves the ordering process by allowing users to shop the mobile catalog anywhere, anytime. The app also includes a mobile budget check for on-the-go buyers that need confirmation of available funds. Using the app, clients can take advantage of mobile workflow management through approvals for eProcurement, accounts payable, sourcing, suppliers and contracts.
“Regardless of an organization’s size, spend management is growing more complex, requiring deeper visibility across the purchasing process for monitoring and management,” said Beth Hendriks, chief technology officer at SciQuest. “By sharing data and integrating workflows across the source-to-settle suite, SciQuest streamlines procurement processes and optimizes management capabilities, achieving its goal of delivering value beyond savings.”
Additional noteworthy enhancements include:
- Instant services forms in eProcurement to promote a self-service style environment that reduces time spent managing complex spend.
- System-wide enhanced supplier delete to streamline vendor exit activity while ensuring proper record usage and security.
- Item consolidation functionality in Advanced Sourcing Optimizer (ASO) to enhance the bid process for suppliers by allowing them to bid on the consolidated items, while creating detailed line level analysis and decision making on the buyer side.
- Inclusion of non-spend metrics inside Spend Radar to allow the Spend Analytics solution to correlate spend with key non-spend activities and combine spend with general business analytics.
- Addition of Danish language to the source-to-settle platform.
The new version of SciQuest’s source-to-settle spend automation suite is available now. For more information, please visit www.SciQuest.com.
SciQuest (Nasdaq: SQI) is the leading public provider of spend management solutions delivering value beyond savings. Through the continued release of key innovative technology and a fanatical drive toward making our customers successful, we deliver exceptional value in user experience, productivity and operational efficiency. Our cloud-based, mobile-enabled, source-to-settle platform addresses all stages of procurement from the automation of core processes to enabling sophisticated, strategic and multifaceted sourcing solutions. We specialize in handling simple procurement needs to the most advanced supplier and supply chain requirements. SciQuest serves a wide range of industries and organizations including many of the Global Fortune 500. For more information visit http://www.sciquest.com.
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 http://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.