SciQuest, a leading provider of cloud-based business automation solutions for spend management, has announced that Rensselaer has been honored by the National Association of Educational Procurement (NAEP) with an Award of Excellence in Procurement. Rensselaer is a two-time winner of this annual award, which recognizes procurement departments that support and contribute to the overall mission of a member institution.
Rensselaer moved away from purchasing cards (“P-Cards”) in 2010. Rensselaer worked with SciQuest to grow the Institute’s supplier marketplace and create a more digitized, centralized process to procure, manage invoices, and make payments to suppliers. To accomplish this initiative, Rensselaer utilized SciQuest’s Digital Mailroom to serve as a central location for all invoices, eliminating some 40,000 invoices annually, which previously were mailed to and processed by campus departments. With this system, all payments are consolidated and approved, making the entire procure-to-pay process easier and more secure.
“In addition to the partnership with SciQuest, we also partnered with American Express to utilize its vPayment, or ‘virtual card payment,’ within SciQuest’s requisition process, making for a secure and efficient transaction where you might normally need a physical credit card,” said Ron Moraski, director of procurement services at Rensselaer. “By powering these initiatives with SciQuest’s full procure-to-pay suite, we have strengthened our strategic sourcing initiatives and have achieved savings of nearly $6 million in just three years. We are proud to be recognized by the NAEP and look forward to continuing to make strides in higher education procurement.”
Rensselaer worked with SciQuest to grow the Institute’s supplier marketplace and create a more digitized, centralized process to procure, manage invoices, and make payments to suppliers. To accomplish this initiative, Rensselaer utilized SciQuest’s Digital Mailroom to serve as a central location for all invoices, eliminating some 40,000 invoices annually, which previously were mailed to and processed by campus departments.”
In addition to this award, Paul Martin, assistant vice president for administration, was also honored with the David H. Lord Cooperative Purchasing Award, which recognizes a NAEP member who has made exceptional contributions to E&I Cooperative Services through volunteerism in the area of cooperative purchasing.
“We are proud to see institutions like RPI honored on a national level for strategic innovation and individual influence in the field of procurement,” said Stephen Wiehe, president and CEO of SciQuest. “Centralizing purchasing is critical for colleges and universities of all sizes to be able to analyze spend across departments, identify suppliers that meet demands, and simplify the entire procure-to-pay process, and we are committed to helping new and existing customers in higher education take advantage of the many benefits of eProcurement.”
More information on the awards.