Commonfund and Intelisys Unveil New Online Business-to-business Marketplace for Educational Institutions.Business Editors/High-Tech Writers NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and WILTON, Conn.--(BUSINESS WIRE)--March 14, 2000 Online Trading Community An online trading community exists to provide its members with a structured method for trading, bartering, or selling goods or services. These communities often have forums and chatrooms designed to facilitate communication between the members. to Enable Over A Thousand Academic Institutions to Move Their Purchasing to the Web, Save Thousands of Dollars Annually and Boost Their Purchasing Power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. Commonfund, the leading financial manager for educational institutions nationwide, and Intelisys Electronic Commerce, Inc., a leading global provider of business-to-business electronic commerce solutions, today announced at Commonfund's annual investment conference in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. that they have formed a strategic alliance to create the largest online business-to-business marketplace for the education market. Designed as a comprehensive solution for educational institutions and their suppliers, the new service will offer a wider product selection than other e-procurement solutions and lower costs through aggregated buying and automating the procurement process throughout the entire supply chain. "We are pleased to team up with a partner like Intelisys, whose proven experience and cutting edge technology allows us to deliver an innovative, easy-to-use procurement solution that we believe is superior to other alternatives in the market. The flexibility of our solution is what really sets it apart - - enabling participation by educational institutions and suppliers of all sizes and levels of sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. ," said Howard Coonley, Senior Vice President of Commonfund. "Through this new higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. online business-to-business marketplace, our clients will be able to take advantage of all of the benefits of streamlined procurement without any up-front capital commitment." "Together with Commonfund, the world's number one provider of investment and treasury services Treasury services is a function of an investment bank which provides transaction, investment and information services for chief financial officers, treasurers. Treasury services concentrates and invests client money, and provides trade finance and logistics solutions as well as to educational institutions, we're building an electronic commerce marketplace where schools will be able to take the paper out of purchasing, dramatically lower the cost of linking with suppliers and easily integrate the whole process back into their legacy systems," said Lloyd O'Connor, 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 Intelisys. "For colleges or universities, this innovative online community offers the opportunity to manage suppliers better, generate significant cost savings and improve performance. And with Commonfund and Intelisys you get two partners with proven results in their respective markets." The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. higher education market spends more than $100 billion annually on supplies, fixtures, and services. Commonfund and Intelisys will create an online trading community to help over a thousand academic educational institutions move their purchasing to the Web, save thousands of dollars annually and boost their purchasing power. Beginning this Fall, colleges and universities nationwide will be able to easily search, compare and purchase from a vast array of catalogs for books, 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 . , printing equipment, electronics, computers, scientific equipment, furniture, chemicals, and other supplies and services. Members will be able to locate suppliers, create purchase orders, and choose a payment method, as well as integrate selection, requisition, receipt and payment into a single process, directly within their existing procurement picture. Commonfund also intends to collaborate with Scuulnet, a supplier of Internet-based information services See Information Systems. to the education market, to co-market the new service. Beginning this Spring, leading U.S. colleges and universities will begin testing the functionality of the new service and provide feedback before the community rolls out later this year. Future targets for the service include healthcare and other non-profit markets. Online Community Powered by Intelisys Will Increase Productivity and Boost Program Resources The Commonfund purchasing community will feature an e-commerce infrastructure built by Intelisys that will reduce administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and save time by automating many complex processes. Purchasing departments will benefit from electronic execution of approvals at various department and cost levels; performing time-consuming tasks quickly such as posting purchases to the 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 documenting transactions for tax records; and reduction of burdensome paperwork, tracking, reconciliation, filing and retrieval. It also facilitates the cooperation between institutions' purchasing and finance functions. "We project that our new system can save the average institution over 15% in this area, making significant reductions both in hard and soft dollar areas," added Coonley. "Procurement-related savings can be a big boost to schools seeking additional funding for programs." The Web-based community will also provide significant per-unit cost savings by aggregating a large number of institutional buyers and suppliers. Even the smallest members of these groups can obtain the same economies of scale as the largest organizations. For instance, local suppliers will have instant access to a national institutional market on an equal level with leading product vendors such as Dell Computer, Staples, and Office Depot Office Depot (NYSE: ODP) is one of the world's leading suppliers of office products and services. The Company's selection of brand name office supplies includes business machines, computers, computer software and office furniture, while its business services encompass copying, . The new service will have a search function by vendor and product, and a "reverse auction" feature that allows buyers to set their own prices. This functionality, based on Intelisys' IEC-Portal(TM) technology and patented Supplier Managed Content(TM) process, enables buying organizations to comparison shop, send purchase orders from their desktop, and purchase directly from different suppliers via the Internet. Each purchase transaction is recorded, and users are able to view the status and history of their orders, as well as track and monitor employee purchases. Intelisys' IEC-Portal(TM) technology is a result of more than a year of in-depth research by Intelisys into the needs of dynamic online purchasing communities. Commonfund joins Autolink.com, Intuit and The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. in using this technology to link many buying organizations with their suppliers, allowing them to save millions annually on operating supplies and speed the purchasing process. About Commonfund Founded in 1971, Commonfund (www.Commonfund.org) is devoted to enhancing the financial resources of educational institutions through superior fund management, investment advice and innovative payment and treasury services. Directly or through its subsidiaries, Commonfund Treasury, Commonfund Capital and Commonfund Realty, Commonfund manages in excess of $25 billion for more than 1,350 member schools, representing the largest pool of educational endowment and operating funds in the world. In response to the growing needs of educational institutions and the wide range of investment alternatives available today, Commonfund, together with its subsidiary companion organizations, offers more than 30 different endowment investment programs and funds for the management of short- and intermediate-term operating 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. . About Intelisys Electronic Commerce Headquartered in New York, Intelisys Electronic Commerce, Inc. (www.intelisys.com) is a leader in business-to-business purchasing exchanges and provider of Internet-based purchasing applications for organizations of all sizes. Intelisys' suite of products, based on open standards and supplier managed content, provides private and public entities with the easiest and fastest way to use the Internet to dramatically reduce the high cost of procuring 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. and achieve results. Intelisys is applying its Internet procurement expertise and hallmark ease-of-use to meet the e-commerce needs of both buyers and suppliers. Formed in 1996, Intelisys clients include Autolink.com, The Chase Manhattan Bank, Commonfund, The Ford Motor Company, Hasbro, the State of Idaho, the Commonwealth of Massachusetts, the State of New York, San Diego State University San Diego State University (SDSU), founded in 1897 as San Diego Normal School, is the largest and oldest higher education facility in the greater San Diego area (generally the City and County of San Diego), and is part of the California State University system. , Starwood Hotels & Resorts, Telstra, Texas Instruments, the State Government of South Australia The form of the Government of South Australia is prescribed in its Constitution, which dates from 1856, although it has been amended many times since then. Since 1901 South Australia has been a state of the Commonwealth of Australia, and the Australian Constitution regulates its , the States of Texas and Utah, and Western Geophysical (a division of Baker Hughes). |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion