UT Market expands the availability of electronic commerce tools to faculty and staff at The University of Texas at Austin.
- Facilitates quick, reliable creation of purchase orders from a broad base of suppliers
- Provides a foundation for better supplier management that results in lower prices, quicker delivery, and superior customer service
- Reduces paperwork and labor content in administrative processes
- Improves accuracy and accountability in transaction processing
UT Market implemented a hosted vendor package called SciQuest for The University of Texas at Austin. It is an electronic procurement product that enables shoppers to browse for products across multiple suppliers, select items for purchase by putting them in a virtual shopping cart, and assign the cart to an authorized departmental buyer. The buyer completes the checkout process in UT Market and completes the order process by creating and approving a requisition in FRMS. The order is then transmitted to the supplier and products are shipped to the university. After the department receives the supplies, Accounts Payable reviews the receiving documents and transmits payment information to the supplier, completing the procurement cycle.
The UT Market project is aligned with the goals and vision of the Financial Resource Management System (FRMS).