Not-for-Profit Company Seeks to Identify New Cost Reduction Initiatives by Analyzing Consolidated Spending Data for 18 Member Universities.
Cary, N.C., – March 6, 2013 – SciQuest, Inc. (NASDAQ: SQI), a provider of cloud-based spend management solutions, today announced that Interuniversity Services Inc. has chosen the SciQuest Spend Radar spend analysis solution to provide member institutions with ongoing access to consolidated post-secondary spending data to identify and implement new cost reduction initiatives in the procurement of goods and services.
“We were looking for a solution that would easily collect and consolidate data from a lot of different systems, from all of our member universities,” said David Davidson, CEO at Interuniversity Services, Inc. “We didn’t want to have to support the solution, so Software-as-a-Service was key, and Spend Radar fit our requirements.”
Interuniversity Services Inc has signed a three-year contract with SciQuest and includes four working groups to implement. The first working group will be in charge of establishing an effective and efficient semi-annual transfer of the university spend data to SciQuest. The success of this working group will ensure timely access to quality consolidated spending data. Two additional working groups, with representation from all 18 members of ISI, will analyze the spend data with the goal to identify and implement collaborative contracting. A fourth working group, focused on information technology and telecommunication spend, will be implemented at a later date.
Interuniversity Services Inc. also expects to identify and implement collaborative contracting initiatives in the area of facilities and general procurement to further identify savings.
“We’re pleased to assist Interuniversity Services with their spend analysis initiative,” said Brian Daniels, VP of Spend Analysis at SciQuest. “We were able to demonstrate to them that we easily and accurately collect and consolidate data from multiple systems, which met one of their core requirements.”
About Interuniversity Services Inc.
Interuniversity Services Inc. (ISI) is a not-for-profit company incorporated in 1984 by four independent universities. ISI currently provides select central administrative services to eighteen member institutions in Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador, thus reducing their overall operating costs, improving services, and providing a framework for cooperation among the universities, while maintaining their independence. ISI manages a diversified suite of collaborative contracts with an annual value in excess of $66.6 Million (2011-2012).
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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