|By Business Wire||
|August 27, 2014 08:30 AM EDT||
SciQuest, Inc. (NASDAQ: SQI), a leading provider of cloud-based business automation solutions for spend management, today announced that Danish State Railways (DSB) has gone live with SciQuest’s Contract Director solution to automate and standardize the management of more than 12,000 contracts. Carrying more than 195 million passengers each year, DSB is the largest train company in all of Scandinavia and will use SciQuest to improve the contracting process and set a new company-wide best practices for enterprise contract management.
Over the past decade, DSB has undergone a massive transformation from a government department to an independent, public state-owned company. During that transition, emphasis has been placed on efficiency and cost reduction. As a part of the reorganization, officials realized that contracts were being managed by multiple business units across the organization, leading to waste and confusion. DSB chose SciQuest to automate the contract management process, creating a common approach for all contracts. As a result, DSB will be able to:
- Create a central contract repository
- Reduce time to create contracts through the use of templates and online collaboration
- Identify and prevent overcharges and off-contract spending
- Fulfill contractual commitments on time with alerts and reminders
- Enforce policies and reduce “maverick” contracts
- Ensure an audit trail and strong security
The implementation included conversion of thousands of existing procurement agreements from three old legacy systems into Contract Director as well as an interface to DSB's ERP system to manage master data for more than 2,000 suppliers and customers.
“The absence of good tools for contract management can create issues at every step in the contract lifecycle, from authoring and negotiation to management and end-of-life,” said Mark Digman, Senior Vice President of Marketing, SciQuest. “DSB recognized the need to standardize and automate contract lifecycle management across the organization with a best-in-class solution. We look forward to working with DSB to help them turn spending into a strategic source of savings.”
SciQuest (NASDAQ:SQI) is the largest publicly held pure-play provider of cloud-based business automation solutions for spend management – offering deep domain knowledge and a leading, customer-driven portfolio. SciQuest solutions enable greater visibility and compliance organization-wide to help you gain control, optimize efficiencies and reduce spend. These cloud-based solutions are easier to implement and proven to deliver measurable, sustainable value with SciQuest’s high-touch support, analysis and automation. Learn more about our solutions and how we can help your organization turn spending into savings at www.sciquest.com.
Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks are discussed in “Part I, Item 1A, Risk Factors” and elsewhere in SciQuest’s most recent Annual Report on Form 10-K and other reports, as filed with the United States Securities and Exchange Commission (“SEC”). The company’s SEC reports are available free of charge on the SEC's website at http://www.sec.gov or on the company’s website at www.sciquest.com. These forward-looking statements speak only as of the date hereof, and SciQuest undertakes no obligation to update, amend or clarify any forward-looking statement for any reason. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
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