Accounting & Finance

Liberty U Automates Procurement Processes

Liberty University, in Lynchburg, VA, is moving from a collection of manual procurement processes to a new portfolio of spend management software programs.

SciQuest, which provides cloud-based spend management systems for higher education and companies, will implement its source-to-settle suite of procurement software for the private, Christian university.

SciQuest's spend management system is a collection of cloud-based business automation programs for managing spending, suppliers, contracts, sourcing, inventory and accounts payable, all intended to give Liberty financial representatives a way to identify potential savings opportunities and to work more efficiently with suppliers.

The source-to-settle suite has four elements.

Spend Director will automate what is typically a manual and labor-intensive procurement process. Accounts Payable Director will provide services designed to have an impact on the university's bottom line. Sourcing Director, an on-demand e-sourcing and bid management tool, will allow the university to assign weights to the quality and price of products and services to help them compare options. Finally, a Spend Radar component will allow the university to easily analyze spending patterns and find ways to measure cost savings.

"SciQuest's experience serving the higher education sector allows us to deliver significant cost savings to universities like Liberty, which had previously used manual processes but wanted to automate and digitize its spend," said SciQuest President and CEO Stephen Wiehe. "We are certain that SciQuest's cloud-based, automated suite will transform what was previously a manual, time-intensive challenge into an efficient and valuable opportunity for greater insight and increased efficiencies."

About the Author

Michael Hart is a Los Angeles-based freelance writer and the former executive editor of THE Journal.

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