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.
