Best Buy Selects GE Global eXchange Services to Provide E-Business Transaction Services.Business Editors/Hi-Tech WritersSALT LAKE CITY--(BUSINESS WIRE)--May 22, 2002 GXS GXS Global Exchange Services (GE) GXS Gun X Sword (anime) to help Best Buy Co., Inc. streamline e-business processes and reduce supply chain costs GE Global eXchange Services (NYSE NYSE See: New York Stock Exchange :GE), a leader in business-to-business Internet commerce, today announced that it has been selected by Best Buy Co., Inc. (NYSE:BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ) to provide e-business services designed to enhance the electronic transaction capability between Best Buy and its trading partners. Value added network (networking) Value Added Network - (VAN) A privately owned network that provides a specific service, such as legal research or access to a specialised database, for a fee. A Value Added Network usually offers some service or information that is not readily available on public services from GE Global eXchange Services (GXS) will help Best Buy continue to streamline e-business processes and reduce supply chain costs. The announcement was made at the Uniform Code Council's U Connect Conference. GXS will be providing the following services to Best Buy: -- Transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. - for the exchange of business documents in standardized electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. (EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. ) format -- Client implementation services - to help Best Buy successfully implement electronic document exchange with individual trading community members -- Electronic document communications monitoring and management - for 24-hour mission-critical data transmission between Best Buy and its trading partners "By focusing on providing our customers with the widest selection of products, Best Buy will continue to extend our business leadership in the market," said Patricia Vessey, director of E-Business Communication for Best Buy. "The full range of E-business services from GXS allows us to continue to enhance our supply chain operations." "One of the keys to competitiveness in retail is making sure that supply chain processes are optimized to respond smoothly and quickly to customer demand," said Steven Scala, GXS's vice president of marketing. "We are excited about the opportunity to provide e-business services that will help Best Buy maximize supply chain efficiency." About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. (NYSE:BBY) is North America's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and commercial Web sites under the names: Best Buy (BestBuy.com), Future Shop (FutureShop.ca), Magnolia Hi-Fi, Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,900 retail stores nationwide, in Canada, Puerto Rico and in the U.S. Virgin Islands. About GE Global eXchange Services GE Global eXchange Services (GXS) operates one of the largest B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. networks in the world, with more than 100,000 trading partners. The network's 1 billion annual transactions account for $1 trillion in goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . With a presence in 58 countries, GXS applies Six Sigma quality processes to provide e-commerce solutions that help businesses around the globe remove costs from their supply chains. GE Global eXchange Services is a part of the General Electric Company, U.S.A., and is headquartered in Gaithersburg, Md. Call (800) 560-4347 or visit our Web site at www.gxs.com. |
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