SOURCE: IQNavigator

September 17, 2008 10:00 ET

IQNavigator Sponsors the 2008 Aberdeen E-Procurement Benchmark Report Validating the Continual Benefits of E-Procurement

New Study Finds That E-Procurement Technology Continues to Advance Procurement Performance

DENVER, CO--(Marketwire - September 17, 2008) - IQNavigator, the leading provider of services procurement software and managed service programs, today announced its co-sponsorship of "The E-Procurement Benchmark Report: Driving Year-Over-Year Superior Performance," recently released by Aberdeen, a Harte-Hanks Company (NYSE: HHS).

"The E-Procurement Benchmark Report" evaluates the strategies, capabilities and procurement performance of over 400 enterprises, discovering that E-Procurement solutions continually add value to the ever-evolving procurement unit. The research supports the value of E-Procurement technology, such as IQNavigator for services procurement, that serves as a driver for improvements in transaction-processing and compliance. The report concluded that E-Procurement technology transforms the procurement organization into a knowledgeable source of real-time information and spend visibility.

The report outlines E-Procurement technology that has helped Best-in-Class enterprises:

--  achieve 75% lower requisition-to-order cycle times
--  place 88% of their spend under management (twice the amount of the
    average enterprise)
--  experience 31% lower "maverick" (off-contract) spend than all other
    organizations
    

In particular, to achieve best-in-class performance, Aberdeen's research recommends that enterprises leverage E-Procurement solutions for complex spend categories such as travel and entertainment, contract labor, print and real estate.

IQNavigator delivers a comprehensive E-Procurement solution to support all types of services spending. IQNavigator offers the industry's most comprehensive solution with broad functionality and the support of service categories including offshoring and outsourcing, professional services, contract labor, complex IT projects, facilities management, marketing and legal spend. IQNavigator automates the services procurement workflows using a state of the art Software-as-a-Service (SaaS) platform, a true multi-tenant offering, that provides fast time to value, ever increasing capabilities and low cost of ownership.

"E-Procurement solutions continue to positively impact the services spend category across a spectrum of procurement performance metrics," said Amit Gupta, research analyst, Aberdeen. "Our research has shown that by leveraging E-Procurement technology to manage services spend, enterprises have streamlined the procure-to-pay process by significantly lowering transaction cycle costs and cycle times, capturing greater spend under management, and reducing maverick (off-contract) spend."

"E-Procurement solutions are generating even more value in an uncertain economy with cost-containment requirements," said John P. Raeder, Jr., President and CEO of IQNavigator. "Services represent a very large portion of most enterprises' spending, which is much more difficult to control and manage than goods purchases, and enterprises that use IQNavigator gain full cost control, compliance, and visibility into services spending."

To download a free copy of the Aberdeen report, visit the IQNavigator website at www.IQNavigator.com

Please contact Ashley Schmidt at ASchmidt@IQNavigator.com for any questions.

About IQNavigator

Founded in 1999, IQNavigator provides services procurement and optimization solutions to Fortune 500 companies such as Charles Schwab, Shell, Northrop Grumman, Sony Electronics, Alcoa, Schlumberger, Quad/Graphics, and Entergy. The company's award-winning suite of integrated applications enables companies to increase profitability by reducing and controlling costs for all types of outside services spending worldwide. IQNavigator has a successful track record for delivering a compelling and fast return on investment, as well as adaptable process control, enterprise-wide financial analysis and enhanced performance. The company is recognized as an industry pioneer and offers deep domain expertise in key market segments such as financial services, energy, healthcare, manufacturing and aerospace/defense. IQNavigator is headquartered in Denver, Colorado, and is found on the Web at www.iqnavigator.com.

Contact Information

  • Media contact Information:
    Ashley Schmidt
    IQNavigator
    303-563-1603
    Email Contact