Automating supplier management across 19 colleges and universities drives efficiency improvements and cost savings
CARY, N.C., November 28, 2012 – SciQuest, Inc., (NASDAQ: SQI) a provider of cloud-based spend management solutions, today announced that the Tennessee Board of Regents (TBR) has selected its spend management solution to automate and streamline supplier contracts and improve operational efficiencies. By creating a centralized point of management across 19 colleges and universities, SciQuest is empowering TBR to more efficiently and effectively negotiate contracts that reduce costs, while enabling the System to provide procurement excellence.
The Tennessee Board of Regents is the nation’s sixth largest system of public higher education, consisting of 46 institutions with a combined annual enrollment of more than 200,000 students. The TBR’s six state universities, 13 community colleges and 27 technology centers offer classes across the state. The TBR system is a $2.2 billion per year enterprise.
“Many of the institutions within the TBR network were individually managing their own supplier relationships, creating a myriad of inefficiencies and resulting in contracts that were not taking advantage of the system’s significant buying power,” said Dale Sims, TBR vice chancellor for Business and Finance. “With SciQuest, TBR and its higher education institutions will be able to standardize basic supplier processes and centrally manage the network’s supplier relationships, driving efficiency improvements that will enable us to focus our resources on our primary mission of educating our students.”
SciQuest’s spend management solutions will enable the TBR to centralize and automate previously manual and labor-intensive tasks such as registering suppliers and uploading this information to the network’s existing Enterprise Resource Planning (ERP) system. In addition, suppliers will now have the responsibility and ability to keep their information up-to-date, enabling TBR staff to focus on more strategic purchasing initiatives. By helping standardize supplier management processes across schools, SciQuest will help create operational efficiency improvements that free up existing resources and save money.
“Higher education institutions and systems such as TBR are all facing increasing pressures to cut costs while providing a quality education to more students,” said John Fabris, vice president of higher education sales, SciQuest. “SciQuest provides the tools for automating backend processes while arming these institutions with more control and visibility into their supplier relationships and overall purchasing practices. With cloud-based solutions for e-procurement, spend analysis and accounts payable, SciQuest is empowering customers like TBR with a more holistic and strategic approach to spend management that results in streamlined operations and reduced purchasing costs.”
SciQuest’s (NASDAQ: SQI) easy to use solutions help contract management, procurement, and accounts payable professionals make daily operations efficient through smart automation, and turn the focus on more strategic decisions that impact the bottom line. With unmatched visibility into spending, combined with the Power of Q — the Company’s unique combination of products and support — SciQuest provides organizations with a strategic approach to spend management, improving bottom-line results.
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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 our 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 and uncertainties are described in the “Risk Factors” section of our Registration Statement on Form S-1 and other required reports, as filed with the SEC, which are available free of charge on the SEC’s website at http://www.sec.gov or on our website at www.sciquest.com. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements speak only as of the date hereof, and we undertake no obligation to update, amend or clarify any forward-looking statement for any reason.
SciQuest Media contacts:
Schwartz MSL for SciQuest
Keith Giannini, 1-781-684-0770