Ariba Customer Best Buy Is Recognized for Transforming Accounts Payable into a Strategic Function; AberdeenGroup Acknowledges Best Buy for Best Practices in Invoice Management.SUNNYVALE, Calif. -- Ariba(R), Inc. (Nasdaq:ARBA), the leading Spend Management solutions provider, today announced that Best Buy Co., Inc. has been recognized for its ability to transform accounts payable into a strategic business function impacting the organization's bottom line. In a new report titled "Accounts Payable Success Stories," AberdeenGroup explores the strategies required for design, deployment, and ongoing success of invoice An itemized statement or written account of goods sent to a purchaser or consignee by a vendor that indicates the quantity and price of each piece of merchandise shipped. A consular invoice is one used in foreign trade. reconciliation and payment processes. The report includes seven best practice case studies that highlight the value accounts payable can deliver to an organization. Best Buy and the other case studies were selected from a review of nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. accounts payable programs from a variety of industries. In the report, AberdeenGroup discusses how increasing cost pressures in the retail industry challenge organizations to be rigorous about maximizing profits, and how Best Buy responded to that challenge by building an accounts payable program that was able to successfully enable suppliers, reduce costs and collect rich data to support spend analysis and demand management, especially for non-merchandise categories. Best Buy deployed Ariba(R) Invoice(TM) and immediately began to gain benefits in several critical areas. Invoices are validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. at several stages in the process, to improve data accuracy and to allow more sophisticated invoice tolerances on product, freight, tax, and handling fees. Rich, level 3 invoicing details are captured on every invoice. Real-time dispute collaboration and supplier visibility into the reconciliation and payment status creates a closed loop process with suppliers that is highly efficient. Today, more than 100 Best Buy suppliers are participating in that closed-loop process, enabled for electronic invoicing, with 70 percent of the suppliers using Ariba Invoice. Best Buy is now able to collect valuable, level 3 data and use that data to more effectively source and mange mange (mānj), contagious skin disease of domestic and wild animals. The several types of mange, including follicular and sarcoptic mange, are caused by various minute parasitic mites that burrow into skin, hair follicles, or sweat glands. their spend. They have been able to reduce full-time resources by providing suppliers visibility into reconciliation and payment status, thereby reducing the number of supplier inquiries. "Best Buy is being recognized by AberdeenGroup for the strategic business value that they have achieved with their accounts payable program," said Lou Unkeless, senior vice president of marketing, Ariba. "Aberdeen's research demonstrates how an organization can be more successful by transforming the accounts payable organization in a more strategic role. Ariba is proud to be partnered with Best Buy in support of this strategic initiative, and we look forward to helping other companies achieve this type of success." To access the Aberdeen report, "Accounts Payable Success Stories," visit http://www.aberdeen.com/link/sponsor.asp?spid=30410027&cid=1948. About AberdeenGroup Founded in 1988, AberdeenGroup, Inc., the trusted advisor to the global business executive for value chain strategies and business advice. About Ariba, Inc. Ariba, Inc. is the leading provider of Spend Management solutions to help companies realize rapid and sustainable bottom line results. Successful companies around the world in every industry use Ariba Spend Management software and services. Ariba can be contacted in the U.S. at 1.650.390.1000 or at www.ariba.com. Copyright (C) 1996 - 2005 Ariba, Inc. Ariba and the Ariba logo are registered trademarks of Ariba, Inc. Ariba Spend Management, Ariba Spend Management. Find it. Get it. Keep it., Ariba. This is Spend Management, Ariba Solutions Delivery, Ariba Analysis, Ariba Buyer, Ariba Category Management, Ariba Category Procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , Ariba Contract Compliance, Ariba Contracts, Ariba Contract Management, Ariba Contract Workbench, Ariba Data Enrichment enrichment Food industry The addition of vitamins or minerals to a food–eg, wheat, which may have been lost during processing. See White flour; Cf Whole grains. , Ariba eForms, Ariba Sourcing, Ariba Invoice, Ariba Travel & Expense, Ariba Workforce, Ariba Supplier Network, Ariba Supplier Performance Management, Ariba PunchOut, Ariba QuickSource, PO-Flip, Ariba Settlement and Ariba Spend Management Knowledge Base are trademarks or service marks of Ariba, Inc. Ariba Proprietary and Confidential. All rights reserved. Patents pending. All other trademarks are property of their respective owners. Ariba Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Safe Harbor Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 1995: Information and announcements in this release involve Ariba's expectations, beliefs, hopes, plans, intentions or strategies regarding the future and are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Ariba as of the date of the release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to Ariba's operating and financial results to differ materially from its current expectations include, but are not limited to: delays in development or shipment of new versions of Ariba's products and services; lack of market acceptance of Ariba's existing or future products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; the ability to attract and retain qualified employees; difficulties in assimilating as·sim·i·late v. as·sim·i·lat·ed, as·sim·i·lat·ing, as·sim·i·lates v.tr. 1. Physiology a. To consume and incorporate (nutrients) into the body after digestion. b. acquired companies; long and unpredictable sales cycles and the deferrals of anticipated orders; declining economic conditions; inability to control costs; changes in the company's pricing or compensation policies; significant fluctuations in our stock price; the outcome of and costs associated with pending or potential future regulatory or legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. ; the impact of our acquisitions, including the disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. or loss of customer, business partner, supplier or employee relationships; and the level of costs and expenses incurred by Ariba as a result of such transactions. For example, Ariba recently settled patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. filed against it by ePlus, Inc. for $37.0 million and incurred significant related legal expenses. Factors and risks associated with its business, including a number of the factors and risks described above, are discussed in Ariba's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed December 14, 2004 and in its Form 10-Q Form 10-Q See 10-Q. filed May 10, 2005. |
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