A Bean Counter's Dream Come True: ecFood.com Auction Results in More Than 15 Percent Savings for Furman Foods.Business Editors SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Aug. 8, 2000 Company Significantly Cuts Costs on Food Ingredient Purchases Using 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 Purchaser Auction ecFood.com, the leading provider of Internet-based supply-chain solutions for the industrial sector of the food industry, recently completed two purchaser auctions for Furman Foods, a leading canner in the East and home of Furmano's brand Italian products. The auctions yielded a 15% savings in price for one bean auction and another 3% savings in a second auction. ecFood.com successfully sourced the items, identified and enlisted suppliers, and established a fair market price using purchaser auctions, while maintaining the quality and consistency of the product. The two bean orders involved in the transaction (navy and pinto pinto Spotted horse, also called paint, piebald, skewbald, and other terms to describe variations in colour and markings. The American Indian ponies of the western U.S. were often pintos. Most pure-breed associations refuse to register horses with pinto colouring. ) had a combined total of nearly 1.5 million pounds. Using its proprietary methodology, ecFood.com prepared the item specifications and arranged for ten suppliers to participate in both auctions. Each supplier bid an average of nine times, for a total of nearly 100 bids. Our experience with these auctions has validated the strategic value of ecFood's services," said Paul Dubendorf, vice president of finance at Furman Foods. "This was our first time using the ecFood methodology, and we were able to realize significant cost and time savings. We are now planning several additional transactions." "The Furman auction is a great example of how ecFood.com helps food companies raise their efficiency, competitiveness, and profitability," said Dave Laukat, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ecFood.com. "We were just as pleased with the results as Furman's." About ecFood.com ecFood's web-based solution is based on scalability, efficiency and optimization of a purchasing system. In addition to purchaser auctions, the company offers consulting, specification management, demand aggregation, seller auctions, storefronts, certification services, and a product catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. . Advantages and savings realized by ecFood.com clients include: large purchaser networks; lower transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). ; faster direct access to competitive information; anonymity and security, and increases convenience, speed and quality. Forbes Magazine recently recognized the company as "Best of the Web" for B2B sites in the food industry. In addition, BancBoston Robertson Stephens (NYSE NYSE See: New York Stock Exchange :FLT FLT Fault FLT Flight FLT Flat FLT Filter FLT Fleet FLT Fermat's Last Theorem FLT Fairlight (software cracking group) FLT Float/Floating FLT Fairfield Language Technologies FLT Fork Lift Truck FLT First Lieutenant ), PaineWebber and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. (NYSE:GS) have all named ecfood.com a "Company to Watch." ecFood.com is based in Santa Clara (Silicon Valley), Calif. For more information, visit www.ecFood.com or call 408.566.6130. About Furman Foods, Inc. Furman Foods, based in Northumberland, PA, is a leading supplier of tomato products in the East and home of Furmano's brand Italian products. Furman's processes over seven million cases of vegetables, tomatoes, and tomato sauces for the retail and institutional markets. The Furman brands, which include the Furmano's line, comprise a total of 180 different products. From the very beginning, Furman Foods has relied on a recipe of faith, family, and hard work. It has enjoyed a reputation for exceptional quality and excellent service in the food-processing industry for the last 80 years. For more information, visit www.furmanos.com or call 570.473.3516. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion