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The University of Wisconsin-Madison Selects SciQuest
By: Business Wire
Jan. 15, 2013 09:38 AM
SciQuest, Inc., (NASDAQ: SQI) a provider of cloud-based spend management solutions, today announced that the University of Wisconsin-Madison (UW-Madison) has selected SciQuest to automate critical business functions and further streamline purchasing processes, gaining deeper insights into spending and increasing overall efficiencies.
The University of Wisconsin–Madison is a leading public research university located in Madison, Wisconsin. UW-Madison is organized into 20 schools with 29,153 undergraduate students, 8,710 graduate students and 2,570 professional students. The University wanted to increase the number of vendors featured in its purchasing platform, driving spend towards approved vendors to ensure maximum savings. There are currently seven vendors on the existing platform and the University plans to increase that number to 40 vendors by the end of the year.
“Adding vendors to our existing purchasing system is a time-consuming and inefficient process. With SciQuest, we can streamline this process, while providing our faculty and employees with an easy-to-use shopping experience that increases overall engagement as well as contract compliance,” said Mike Hardiman, director of procurement, University of Wisconsin-Madison. “SciQuest enables us to direct more spending through the University’s purchasing platform. By capturing more in-depth data on spending, we can also negotiate more strategic contracts, achieve greater savings and gain greater visibility into the entire source-to-settle process.”
As a Wisconsin State Agency, the Department of Administration approved access to SciQuest through its contract with the Western States Contracting Alliance, a multi-state purchasing consortium dedicated to increasing collaboration between states, improving strategic purchasing and expanding overall visibility into spending. Using SciQuest, WSCA and the National Association of State Procurement Officials are able to provide public sector employees and suppliers with an online resource that streamlines the entire purchasing process. SciQuest’s spend management solutions enable colleges and universities of all sizes to automate and manage every aspect of the procure-to-pay process, including sourcing, shopping, requisitioning and accounts payable.
“In order to gain the maximum value from their supplier relationships and existing contracts, it’s critical for organizations to empower employees with the ability to easily find and purchase goods and services from preferred vendors,” said John Fabris, vice president of higher education sales at SciQuest. “By providing its employees with even more flexibility and a wider range of choices, the University of Wisconsin-Madison is turning spending into a source of savings, which helps the higher learning institution more efficiently and effectively meet its educational goals.”
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.
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