Consulting firm Aberdeen Group recently picked a collaborative effort by SciQuest and the University of Pennsylvania for a “best practice” in eProcurement services.
Aberdeen cited the university’s use of SciQuest’s Spend Director as part of its private electronic exchange known as Penn Marketplace. Working with SciQuest as well as Oracle, the university said its electronic exchange has produced more than $77.5 million in cost savings.
The Marketplace effort also improved contract compliance and cut cycle response times.
“By integrating Spend Director with Oracle iProcurement and Oracle Financials, UPenn was able to quickly enable and provide end-users with easy access to preferred suppliers,” said Tim Minahan, chief services officer at Aberdeen Group, Inc. “This is a great example of how organizations can take a highly decentralized purchasing environment and turn it around to achieve significant savings.”