Information gained through solutions offered to Sunoco by SciQuest will help the company to make strategic expansion decisions.
Sunoco LP has announced that it will be replacing its current procurement tools with SciQuest Inc.’s entire source-to-settle suite, which will completely redefine Sunoco’s sourcing process.
Sunoco, which has recently completed a series of acquisitions, recognized the need to evaluate its source-to-settle process to reduce spend and gain efficiency throughout the organization. During this evaluation, it was determined that there is opportunity to standardize onboard, buy, pay and source functions under a single platform to help gain efficiencies in the organization. SciQuest was selected as Sunoco’s partner after a formal strategic sourcing process.
Sunoco will deploy the full SciQuest suite of solutions, including:
- Spend Radar, to conduct the comprehensive, accurate analysis necessary to drive and measure cost saving
- Sourcing Director, to expand control and management of the sourcing process
- Total Supplier Manager, to achieve a reduction in risk exposure brought by suppliers, a greater depth of and visibility into supplier data, and consistent and accurate supplier data for supporting sourcing and procurement strategies
- Total Contract Manager, to enable optimization and visibility of the entire contract lifecycle, using a single repository for all vendor contracts
- Spend Director, to transform a manual and labor-intensive procurement process into a center of excellence, delivering significant cost savings and efficiencies and automate the procure-to-pay process
- Accounts Payable Director, to eliminate tedious and error-prone manual processes, free up valuable resources and present an opportunity to make a significant impact on the organization’s bottom line
“Sunoco is at the cutting-edge of many companies today because it views procurement as a strategic imperative that will help the organization grow in the coming years,” said Stephen Wiehe, president and CEO of SciQuest. “The company will not only gain greater insight into the impact of its current spend, but it will also be able to use this detailed information to help make strategic decisions about how to grow and expand.”