Allianz AG Chooses to Strategically Collaborate with Cisco; Cisco to Provide Advice for eBusiness Initiatives.Business Editors/High-Tech Writers LONDON--(BUSINESS WIRE)--May 18, 2000 Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Inc. (Nasdaq:CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ), the worldwide leader in networking for the Internet, announced that Allianz AG, a leading global insurance company, signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. establishing Cisco Systems as its worldwide strategic technology partner. Allianz AG chose Cisco as a trusted advisor on eBusiness initiatives and as the worldwide strategic technology partner for its data/voice/video network. These initiatives concentrate in the area of customer care, electronic commerce and internal process improvements as well as the build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. of the necessary IT infrastructure foundation. Dr. Friedrich Wobking, CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. and member of the Allianz Versicherungs AG board, commented: "Cisco Systems is one of the few companies who have successfully embraced Internet solutions for almost all of their business processes as the pillar pillar, freestanding columnar supporting member. It is a general term, little used as an exact architectural definition except as applied to an upright support in the medieval styles, consisting of an assemblage of juxtaposed shafts and moldings; unlike the column, of their day-to-day operations and Allianz AG is delighted to have chosen them as our strategic technology partner." Doug Allred, senior vice president at Cisco Systems, added: "Cisco Systems is proud to collaborate with Allianz AG through strategic internet business solution advice based on our own experience and through deployment of an end-to-end eCommerce compliant communications infrastructure." In today's global Internet Economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. , businesses are working together to redefine Verb 1. redefine - give a new or different definition to; "She redefined his duties" define, delimit, delimitate, delineate, specify - determine the essential quality of 2. competitive advantage and create value for customers, shareholders and partners. Working together in win-win situations is a key element of success. Cisco's leading-edge use of Internet solutions for eCommerce, customer care, supply chain management and employee services to substantially increase customer satisfaction and improve productivity enables Cisco to provide strategic advice. The use of the Internet for internal operations, known as the Internet Effect, enabled Cisco to increase customer satisfaction from 3.4 to 4.3 on a scale from 1 to 5. The underlying process improvements also resulted in a yearly financial contribution close to $825 million (or 17% of a $4.9 billion expense base in FY'99). About Allianz AG The Allianz Group is one of the world's leading global insurance companies with gross premium income of 53 billion in the 1999 business year. Allianz is represented in 70 countries around the globe through subsidiaries, branch and representative offices, cooperation partners and long-term equity interests, and employs over 114,000 people worldwide. Today the Allianz Group offers clients all over the world all lines of insurance cover and comprehensive service through an international network of group companies with strong positions in their representative markets in Europe, North and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and increasingly in Australia and the growth markets of Asia. About Cisco Systems Cisco Systems, Inc. (Nasdaq:CSCO) is the worldwide leader in networking for the Internet. News and information are available at www.cisco.com. Note to Editors: Cisco, Cisco Systems, and the Cisco Systems logo are registered trademarks of Cisco Systems, Inc. and/or its affiliates in the U.S. and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. |
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