CARY, N.C., Aug. 5 /PRNewswire/ -- SciQuest, Inc., the global leader empowering enterprises to realize the potential of strategic procurement, today announced the availability of the first article in the company's Procurement Insight Series for the healthcare industry. The article, "Are Specials Draining Your Budgets? Learn how to Plug the Leaks," details how special orders can harm productivity and profitability while offering solutions to help organizations get to the source of the problem and remove costs throughout the purchasing process.
"In this economic environment, finance and supply chain professionals in healthcare organizations are under increased pressure to cut costs and drive on-contract spending," said Krista Fuller, director of Product Marketing for Healthcare at SciQuest. "One critical component of supply costs includes special orders, which are manual workarounds when staff cannot find the right product in the ERP item master file. Special orders are typically purchased at retail or non-contracted prices and, therefore, are a leading contributor to the erosion of hospital profits. With the right solutions in place, healthcare organizations can save an average of 8 percent through the reduction of special orders."
Content, or lack of it, in the ERP item master file is at the heart of why most special orders are placed. "Are Specials Draining Your Budgets?" details the productivity and profitability losses generated by special orders, such as overpayments and invoicing errors, and provides best practice guidance from the results one organization found with a content management solution, including a 33 percent reduction in the number of special items purchased and 20 percent savings on each new dollar of spend managed under contract.
Fuller added, "A robust content management solution can dramatically reduce specials, but it must provide the features and functionality to make certain that information is accurate and up-to-date, and that organizations can apply their own business rules and contract preferences to promote on-contract spend to ensure rapid return on investment."
Are specials draining your budgets? Learn how you can reduce supply costs, improve workflow, increase productivity and enhance visibility into organization-wide spending. Download a complimentary copy of "Are Specials Draining Your Budgets?" at www.sciQuest.com.
SciQuest's procurement automation and supplier enablement solutions empower leading organizations to realize the potential of strategic procurement. The company's specialized knowledge, on-demand software, and service-first approach enable public and private enterprises across the globe to manage spend, drive ROI, and advance their critical missions.
SciQuest's deep understanding of its served vertical markets combined with a broad supplier network and intuitive, online shopping experience increase user and contract adoption while improving operational efficiencies. Through software-as-a-service (SaaS) deployment, organizations can quickly implement the right eprocurement solution to augment existing ERP investments or fully enable all aspects of purchasing from sourcing to settlement.
For more information about SciQuest, please visit www.sciQuest.com or call 877-710-0413 in the U.S. or +44 1794 341182 in Europe.
SciQuest is a registered trademark of SciQuest, Inc. Other trademarks contained herein remain the property of their respective owners.
SciQuest media contact: Adrienne Turner 919-659-2165 aturner@sciQuest.com
|SOURCE SciQuest, Inc.|
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