$130 Billion Minority B2B Segment Set to Take Off Despite Exit of M-xchange.com.Business & Technology Editors CHICAGO--(BUSINESS WIRE)--July 20, 2000 Less than four months ago, M-xchange.com, led by former General Motors executive Roy Roberts
Roy Roberts (March 19, 1900 - May 28, 1975) was an American character actor. , made business headlines with plans to develop an online trade exchange designed to facilitate minority procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. for Fortune 1000 companies. Today, visitors to M-xchange.com are greeted with a two-paragraph press release announcing the exchange's decision to cease operations. While the release cited "critical shifts in the online business to business marketplace" as one of their reasons for closure, Reginald Dunlop, founder of Expansionet, Inc., a minority-owned B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business consulting and supplier integration firm, is more optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op than ever because the opportunity for e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. in supplier diversity Supplier Diversity is a business program that encourages the use of previously underutilized minority owned vendors as suppliers. It is not directly correlated with supply chain diversification, although utilizing more vendors may enhance supply chain diversification. is $130 billion. "Supplier diversity is the next strategic high road for B2B," said Dunlop. "Companies that have purchased eProcurement software from industry leaders Ariba, CommerceOne, and Oracle have an unprecedented opportunity to utilize these new technologies to identify new procurement opportunities and direct them towards women and minority-owned businesses." Expansionet founders Dunlop and Gary Sutton believe that the success of any company in this rapidly changing B2B space will rest in the organization's ability to look past the horizon and see where things are going, coupled with flexibility and the ability to change quickly. There is a quote on the wall in Expansionet's Chicago office that is indicative of the company's philosophy: "You have to predict where the puck is going next and be there," by hockey great Wayne Gretzsky. The principals at Expansionet have proven to be agile. Until May of this year the Expansionet team was focused on creating a B2B exchange for diverse suppliers, but after looking out on the horizon the founders were able to see trouble with the transactional models that are prevalent in B2B exchanges. In an industry where "value-add" is overused, many B2B marketplaces are actually reducing value by adding additional cost in transaction fees. Expansionet offers its customers clear value by providing services that allow them to achieve maximum results using their existing technology platforms. Expansionet's three basic solutions are: 1. Expansionet's eCommerce Enabling Assistance, a service that enables suppliers who want to access eCommerce networks. 2. Expansionet's Diverse Supplier Electronic Catalogue Management service creates and manages transactional electronic catalogues An electronic catalogue is designed to present products to customers or partners all over the world via the internet. The electronic catalogue provides more detailed information about the products the company has to offer, including real-time inventory status, photographs, product , which suppliers can publish to buyers, marketplaces, and eCommerce networks. 3. Expansionet's Supplier Diversity Sourcing, a step-by-step, review process of supplier qualifications. Suppliers who engage in this process become part of a secure community listing, which will be sourced by corporate and government buyers. "At Expansionet we have focused on providing the most value for our customer base. That value is centered on strategic sourcing and eCommerce enabling. eProcurement software is the perfect solution to help purchasing departments Noun 1. purchasing department - the division of a business that is responsible for purchases business department - a division of a business firm identify and solve the most prevalent problems in supplier diversity," said Sutton, Expansionet's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and former Director of Strategic Sourcing at Ameritech. "Our solution is geared to offer the most value to both buyer and supplier. "I am sure that the decision to shut down M-xchange was a difficult one. We at Expansionet acknowledge the value Roberts added in shedding needed light on this increasingly important issue of supplier diversity in the eCommerce space," said Dunlop. ABOUT EXPANSIONET Expansionet, Inc., formerly MBJournal.com, Inc., is a B2B consulting and supplier integration firm that connects corporate and government buyers with women and minority-owned businesses (also known as diverse suppliers). Expansionet's content offering includes diversity specific news, information and other resources helpful to both buyers and suppliers. Expansionet also offers buyers comprehensive sourcing solutions that allow them to expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex locate and transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting business with diverse suppliers. Expansionet offers diverse suppliers a turnkey See turnkey system. solution to become eCommerce enabled, a process that allows them to seamlessly transact business with Global 2000 and government buyers on the largest B2B eCommerce Networks. Founded in October of 1999, Expansionet is a privately held minority-owned corporation based in Chicago, Ill. Expansionet can be contacted in the U.S. at 312-654-8597 or at www.expansionet.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion