SciQuest Advocates Minimizing Holiday Supply Chain Risk Through Technology Optimization

SciQuest, Inc., a leading provider of spend management solutions, warns that companies who are not optimizing their holiday supply chain and procurement processes are subject to risk.  Disruptions, unpredictable demand, increased expectations on customer service, and the necessity for visibility and faster communication between buyers and suppliers have made the need for maintaining a robust and efficient supply chain a mission critical necessity.

The National Retail Federation (NRF) has issued a forecast expecting 2016 holiday retail sales in November and December to rise 3.6 percent over last year to $655.8 billion. For many retailers, this is good news as they look to boost their bottom lines. But for those without an efficient supply chain and procurement process in place to manage demand, the heightened strain could spell disaster.

How can companies minimize holiday supply chain problems?

Real Time Analytics and Reporting

It’s time to leverage analytics-based decision making.  A spend analytics tool alerts you to maverick spend and provides actionable data. Reports can help you identify which suppliers, categories and commodities are receiving the majority of your dollars. These are the areas where investing time to achieve pricing reductions and enhance supplier value will be most lucrative.

Develop Relationships with your Strategic Suppliers

Supplier relationship management is critical for driving procurement value.  It’s no longer about just getting the lowest price, especially during the holiday season when delivery time and product quality are elevated as top priorities. If supplier relationships are strained and unmanaged, contracts can be neglected and drain a substantial amount of value over time.

Get a Handle on Transportation Sourcing

Moving raw materials and finished goods from one place to another has always challenged suppliers, manufacturers and retailers alike.  The holiday shuffle and inclement weather add additional challenges. By leveraging analytics and sourcing optimization technology, sourcing professionals can analyze price and non-price bid information to make best price and lowest risk decisions.

“The growing complexity of the supply chain has placed new burdens on the supporting technology infrastructure, and solutions must be selected to fit specific business issues. Make sure your solution provider is a partner who understands and will commit the time to work with you on your company’s unique challenges,” says Robert Bonavito, CEO, SciQuest.

About SciQuest Inc.

Some of the largest Commercial, Manufacturing and Life Sciences companies in the world trust SciQuest with billions of dollars of annual spend. SciQuest is the leading procure-to-pay provider in the Higher Education and Government sectors. Our eprocurement and strategic sourcing customers across the globe have gained access to the best suppliers, with the best terms, on our scalable, configurable, user-friendly platform. Our SaaS-based, source-to-settle solution provides unparalleled visibility, insights and recommendations to procurement leaders and suppliers. The result is a fluid supply chain driven by powerful spend analysis, comprehensive contract management and efficient accounts payable solutions. www.sciquest.com.

About SciQuest, Inc.

Some of the largest Commercial, Manufacturing and Life Sciences companies in the world trust SciQuest with billions of dollars of annual spend. Additionally, SciQuest is the leading procure-to-pay provider in the Higher Education and Government sectors. SciQuest eprocurement and strategic sourcing customers across the globe have gained access to the best suppliers, with the best terms, on our scalable, customizable, user-friendly platform. Our SaaS-based, source-to-settle solution provides unparalleled visibility, insights and recommendations to procurement leaders and suppliers. The result is a fluid supply chain driven by powerful spend analysis, comprehensive contract management and efficient accounts payable solutions. Learn how our solutions can power your organization: www.sciquest.com.
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