BuildNet Announces Streamlining Effort Following Recent Acquisition Campaign.Business Editors/High Tech Writers RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C.--(BUSINESS WIRE)--Nov. 1, 2000 Staff reductions remove redundancies and improve efficiencies as company continues strong growth path in 2000 BuildNet, Inc., a leading provider of supply chain-wide information synchronization (1) See synchronous and synchronous transmission. (2) Ensuring that two sets of data are always the same. See data synchronization. (3) Keeping time-of-day clocks in two devices set to the same time. See NTP. for the annual $800 billion U.S. construction industry, today announced a streamlining effort that will reduce the company's 955 member workforce by around 18 percent. The move is a direct result of BuildNet's acquisition of ten companies over the past 15 months, all of which have since been merged into BuildNet. As a result of the acquisition campaign, a number of jobs overlap and are no longer necessary. Moreover, the BuildNet-enabling of the Company's project management and ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. systems to make them e-commerce capable is largely complete. "Our service offering is the strongest in the business," explained Nathan Morton, 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 BuildNet. "But in acquiring and integrating the companies that comprise that offering, we were inevitably left with redundancies in certain areas of administration, development, and consulting. Staff reductions are always difficult. Yet the resulting organization is now significantly more focused and efficient." Through BuildNet's recent acquisition strategy and successful product development effort, the company has acquired or developed e-commerce enabled ERP and project management products for nearly every link in the building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . supply chain. All six of BuildNet's contractor systems are now BuildNet-enabled, as are its dealer and supplier systems. In addition, the company's Web-based e-catalog systems are being successfully launched. The Company is now focusing on implementing these systems across the country, as BuildNet trains contractors, dealers, and manufacturers to engage in e-commerce, and brings its allied trading partners supply-chain-wide connectivity and data sharing The ability to share the same data resource with multiple applications or users. It implies that the data are stored in one or more servers in the network and that there is some software locking mechanism that prevents the same set of data from being changed by two people at the same time. . Today's announcement comes at a time when BuildNet anticipates continued rapid growth in 2000 and beyond. "Our financial position is strong," Morton added. "We expect to finish the year with an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. run rate of $75 million in revenue. Further, our leaner, more efficient organization extends our cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. . But especially important in today's pragmatic business environment are the efficiencies we bring to all sectors of the construction industry." About BuildNet, Inc. BuildNet, Inc., located in Research Triangle Park, N.C., is a leading provider of supply chain-wide information synchronization for the $800 billion U.S. construction industry. BuildNet offers information synchronization through its Internet-based transactions, its widely-used enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. and project management software systems, its Portal Group, and its Web site, BuildNet.com, which delivers electronic catalogs, construction-related applications, business intelligence, and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . BuildNet also allows users to engage in integrated e-commerce with any other BuildNet-enabled user or allied trading partners, as the Company automates and synchronizes their key business activities, including scheduling, bid management, collaboration, procurement, and logistics. BuildNet also provides connectivity solutions for each link in the supply chain, enabling the right products and services to be delivered to the right places at the right times and at the lowest possible cost, a much-needed service in the highly-fragmented construction industry. BuildNet provides the deepest domain expertise in the construction industry and presently has thousands of customers implementing its applications. Its aggregated software customer base among home building contractors alone is over 60% of U.S. single-family home closings. Its dealer/distributor systems, provided by BuildNet subsidiary, NxTrend, are used today by 86,000 users within 900 local and national businesses, including three of the nation's top ten construction suppliers; four of the nation's top ten electrical product distributors; and three of the nation's top ten wholesalers of plumbing and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free products. BuildNet's warranty claims company, KPI KPI Key Performance Indicator KPI Kuwait Petroleum International KPI Kiev Polytechnic Institute (Ukraine) KPI Kernel Programming Interface KPI King Pin Inclination (vehicle steering geometry angle) , and its Portal Group provide e-commerce functionality and warranty claims services between manufacturers and dealer/distributors primarily within the electronics industry and the electrical, plumbing, appliances and HVAC segments of the construction industry. For more information about BuildNet, visit www.buildnet.com. Other product and company names herein may be trademarks of their respective owners. |
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