Accounting & Finance | News
Tennessee Board of Regents Selects Cloud Based Spend Management Solution
The Tennessee Board of Regents (TBR) has selected a cloud-based spend management solution to help automate and streamline business processes across the system's 19 colleges and universities.
Many of the educational institutions within the TBR had been managing their own relationships with suppliers and consequently the system wasn't able to take advantage of combined buying power opportunities to save money, according to a prepared statement from Dale Sims, vice chancellor for business and finance at TBR.
TBR selected a cloud-based spend management solution from SciQuest to provide a centralized point of management. "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," said Sims.
SciQuest spend management solutions will enable the TBR to centralize and automate supplier registration and automatically upload the information to the network's existing enterprise resource planning (ERP) system. Once registered, suppliers will be able to keep their own information up to date on the system, so information will remain current while freeing up staff time for other tasks.
SciQuest offers cloud-based solutions for e-procurement, spend analysis, and accounts payable. According to John Fabris, vice president of higher education sales for SciQuest, the company's solution offers "a more holistic and strategic approach to spend management that results in streamlined operations and reduced purchasing costs."
The Tennessee Board of Regents is one of two systems of public higher education in Tennessee, and it is the country's sixth largest system of public higher education. The system serves more than 200,000 students across 46 institutions, including six state universities, 13 community colleges, and 27 technology centers.
Further information about SciQuest's cloud-based spend management solutions is available at sciquest.com.
Leila Meyer is a technology writer based in British Columbia. She can be reached at email@example.com.