On average, six dollars of revenue growth must be generated to match the profitability impact of a single dollar of procurement savings
Cary, N.C. (PRWEB) July 16, 2009
SciQuest, Inc., the global leader empowering enterprises to realize the potential of strategic procurement, and Archstone Consulting, a leading management strategy and operations consultancy, today announced the availability of a jointly written article, "Ten Steps to Lower Procurement Costs in Life Sciences."
"The economic downturn has hit the life sciences industry particularly hard, and we are pleased to share several actions these organizations can take that will have a positive impact on the bottom line," stated Michael Eckstut, a Principal and the Life Sciences Practice Leader at Archstone Consulting. "As the life sciences industry continues to face a myriad of pressures, procurement is one area that can help organizations control costs while ensuring researchers have quick access to the supplies they need to be successful."
Featuring 10 steps that procurement leaders can implement now to deliver value and bottom line results before year's end, the article provides guidance in four areas: sourcing, governance and compliance, supplier relationship management, and self funding. The actions do not require execution in any order and can typically be accomplished with little or no additional staff, overhead or need for significant capital.
"On average, six dollars of revenue growth must be generated to match the profitability impact of a single dollar of procurement savings," stated Ken Roy, Vice President of Sales for Life Sciences at SciQuest. "Organizations that take a strategic approach to procurement not only experience numerous process efficiencies and significant cost decreases, but they also have the foundation for long-term financial wellness."
Is your organization currently building a competitive presence that is ready to overcome the economic hardships - and exploit the economic opportunities - of the coming year? Procurement leaders have the power to make an impact on their organization's bottom line in only a matter of months. Download your complimentary copy of "Ten Steps to Lower Procurement Costs in Life Sciences" at http://www.sciQuest.com/archstone.
About Archstone Consulting
Archstone Consulting is a leading Strategy and Change, Operations and CFO Advisory management consulting firm, specializing in the consumer products, retail, life sciences and general manufacturing industries. Archstone Consulting helps companies restructure and reduce their costs, while improving their business processes and operations. Headquartered in Stamford, Connecticut, Archstone Consulting has offices in Amsterdam, Chicago, New York, San Francisco and Toronto. For additional information, please visit us at http://www.archstoneconsulting.com.
SciQuest's procurement automation and supplier enablement solutions empower leading organizations to realize the potential of strategic procurement. The company's specialized knowledge, on-demand software, and service-first approach enable public and private enterprises across the globe to manage spend, drive ROI, and advance their critical missions.
SciQuest's deep understanding of its served vertical markets combined with a broad supplier network and intuitive, online shopping experience increase user and contract adoption while improving operational efficiencies. Through software-as-a-service (SaaS) deployment, organizations can quickly implement the right eprocurement solution to augment existing ERP investments or fully enable all aspects of purchasing from sourcing to settlement.
For more information about SciQuest, please visit http://www.sciQuest.com or call 877-710-0413 in the U.S. or +44 1794 341182 in Europe.
SciQuest is a registered trademark of SciQuest, Inc. Other trademarks contained herein remain the property of their respective owners.