CU Marketplace to boost efficiency of purchasing

CU Marketplace, a new electronic procurement system launching Aug. 1, promises a more modern and efficient online environment for purchasing and payment processing throughout the University of Colorado system.

The improvement in business process has been long planned, with the Procurement Service Center (PSC) laying the groundwork for e-procurement more than four years ago through its work with supplier contracts and vendor relations.

CU Marketplace is hosted by SciQuest, a leading provider of e-procurement solutions for higher education and industry. The site has been designed to present online catalogs from 20 of the university's top vendors – and to enable online ordering from most other suppliers. The Marketplace is a comprehensive environment in which to shop, requisition, order and receive goods and services.

The site will replace the university's PeopleSoft finance system – and, in some cases, the procurement card itself – for departmental purchasing and payables activities. It also will automate many paper-based forms and business processes, including payment vouchers, sole source justifications and after-the-fact procedures. Electronic work flow facilitates review by financial approvers, campus-sponsored project offices and the PSC, as appropriate.

As with all new systems, users will have some new terms to learn, including shopping carts (lists of requested items), hosted and punch-out catalogs (online vendor sites showing CU contracts and discounts), forms (ways to buy non-catalog itemsor to automate other business processes), and shoppers and requesters (two roles within the Marketplace).

The CU Marketplace "infomercial" provides an overview of the new site.

Training is available for all roles, and is required for all but the shopper role. Online courses are found in SkillSoft, accessed through the CU System portal; in-person classes are open for registration on the PSC website, www.cu.edu/psc. Anyone needing training is advised to complete the online courses or sign up and attend classroom training soon.

Questions: Amy Gannon, PSC director of procurement systems, Amy.Gannon@cu.edu or 303-764-3426.