CIGNA Corporation Selects Zeborg for Expense Analytics; Proven Spending and Savings Dashboard for Advanced Procurement Processes.Business Editors NEW YORK--(BUSINESS WIRE)--March 3, 2003 Zeborg(R), Inc., (www.zeborg.com), today announced that CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) Corporation, a leading provider of insurance and related 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. , has selected Zeborg's premier expense analytics solution, Zeborg ExpenseMap(R), to drive a strategic sourcing program based on new visibility into corporate-wide spending. ExpenseMap enables companies to gain control over procurement by capturing spending data enterprise-wide from multiple systems, uncovering excess spending and providing detailed spending analysis across all categories. CIGNA selected ExpenseMap to consolidate and categorize cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat its indirect spending across all operational units. The company expanded its commitment to using Zeborg's solution six months after CIGNA's initial successful implementation of ExpenseMap in September 2002. "ExpenseMap has become ingrained in CIGNA's procurement process, enabling us to identify and monitor spending by providing our executive and procurement team with a level of detailed information that we haven't been able to achieve in the past," said Cesar Penaherrera, chief purchasing officer, CIGNA Corporation. "ExpenseMap has become a sourcing management dashboard for the procurement organization and business units we serve." ExpenseMap, a Web-based middleware solution, combines advanced procurement software Procurement software is business software that helps to automate the purchasing function of organizations. Activities including raising and approving purchase orders, selecting and ordering the product or service, receiving and matching the invoice and order, and paying the bill is , targeted expert advice and rich content to deliver the only solution that quickly reveals spending patterns, identifies savings opportunities, pinpoints which vendors companies should contract with, and helps ensure that suppliers and internal business units comply with corporate purchasing strategies. The software leverages existing information found in all general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. and accounts payable systems, for fast, cost-effective analysis of who is buying what from whom and at what price. This data helps executives identify savings opportunities and track savings program success. "Zeborg's mission is to consistently deliver exceptional value to our customers through a combination of technology and deep procurement experience," said Jack Reich, president and 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 Zeborg. "The expansion of our relationship with CIGNA validates the success of our solution and the ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). that ExpenseMap helps our customers deliver." About Zeborg Zeborg, the premier spend management firm, integrates deep procurement experience and innovative software solutions to help Fortune 500 companies achieve significant savings that drop directly to the bottom-line. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Zeborg delivers a wide solution set that addresses all stages in the procurement cycle: analysis, sourcing and compliance. Its software and services suite includes: ExpenseMap, a spend analytics solution that provides unprecedented insight and control to enable better management of corporate-wide spending; Advanced Sourcing, a solution that leverages more than 10 years of sourcing experience to help companies source the most complex spending categories faster, cheaper and with maximum savings and MarketPort, a Web-based purchasing environment that guarantees real savings against sourced agreements in the most complex purchasing categories, such as print, labor, and computing. Zeborg delivers a proven ROI in just months and has helped the world's leading corporations identify and secure millions of dollars in permanent, hard-dollar savings on operational purchases. For more information, please visit www.zeborg.com. Zeborg and Zeborg ExpenseMap are registered trademarks of Zeborg, Inc. About CIGNA CIGNA Corporation, headquartered in Philadelphia, and its subsidiaries constitute one of the largest publicly owned Publicly owned can refer to:
A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $3.9 billion. Full-year 2002 revenues totaled $19.3 billion. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion