SciQuest, Inc., the global software leader empowering enterprises to realize the potential of strategic procurement, today unveiled a comprehensive methodology that provides leaders with a framework to build and execute a sound business plan to improve existing procurement processes, systems and protocol. This new service, the Procurement Business Assessment (PBA), enables life sciences companies to quickly uncover cost-saving opportunities in their procurement operations.
"Procurement is uniquely qualified to deliver bottom-line results, but the complexity of today's indirect supply chain prevents many companies from uncovering the most salient opportunities to drive savings," said Ken Roy, vice president of Life Sciences at SciQuest. "Merger and acquisition activity, growth into emerging markets and increased scrutiny of research and development (R&D) operations are some of the many factors converging to make procurement excellence crucial for success in the life sciences."
While the need for strategic procurement is clear at many organizations, procurement professionals often lack the resources and time to conduct the deep analysis of purchasing processes, systems and protocol needed to optimize their operations. SciQuest's PBA is a comprehensive methodology that enables organizations to measure, envision and plan the roadmap to procurement excellence.
A consultative engagement facilitated by experts in procurement and business process optimization, including Wildfire Commerce, a procurement and supply consultancy co-founded by veteran pharmaceutical industry procurement expert Gregg Brandyberry and Jason Magidson, author of Idealized Design: Creating an Organization's Future, the PBA is formulated to help procurement professionals get buy-in from executive sponsors seeking high returns on investment in a tough economy. Through the assessment, participants are able to uncover, quantify and prioritize concrete opportunities to secure process efficiencies and savings, as well as deliver a roadmap that demonstrates how tangible improvements will benefit all stakeholders in the organization.