Elcom International Announces Introduction of Electronic Procurement Management System.NORWOOD, Mass.--(BUSINESS WIRE)--July 7, 1997-- Boston Edison among first to implement PECOS.PM(TM) to automate purchases from different vendors Elcom International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ELCO ELCO Eastern Lebanon County (school district, Pennsylvania) ELCO El Camino ELCO Electrolytic Capacitor ELCO Early Opening Local Census Office ELCO Electronic Company ), today announced the availability of PECOS Procurement Manager(TM) (PECOS.PM), a new 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 system product available through Elcom Systems, its wholly-owned technology subsidiary, that automates and streamlines an organization's key procurement functions. PECOS.PM is a full-circle electronic commerce solution that replaces the conventional paper-based product acquisition process with a client/server system that provides multi-vendor electronic catalog-based product selection, automated order entry, customer-defined requisition and order routing, and back-end settlement of electronic invoices. Boston Edison, a Boston-based energy and energy services company, is currently using this technology to streamline its day- to-day office supplies Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). , maintenance repair and operating materials acquisition processes for its 3000 employees. "With deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. occurring in the electric utility industry, we are redesigning our supply chain management processes to achieve best practices and reduce transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). for our internal customers. PECOS.PM significantly simplifies our processes of day- to-day procurement, payment and accounting for high volume, low dollar value materials," says Liisa Niemi, Manager of Process Management for the Logistics Group at Boston Edison. "This System automates ordering and payment processes, reducing labor costs, hand-offs and transaction times in our business and in our suppliers'. The result is better customer service, lower costs to our suppliers and lower costs for us." "The availability of PECOS.PM provides customers with a full- circle electronic commerce framework designed to automate the procurement process from product selection through payment while still preserving the controls so important in the business environment. Customers can achieve significant supply chain efficiencies by using the product to extend the security of the corporate network to trusted trading partners within private extranets," says Greg King Greg King can refer to
PECOS.PM extends Elcom Systems core electronic commerce technology, PECOS, to the business-to-business procurement environment. The system enables end-user self-service from the desktop, but still allows transactions to be controlled, monitored and approved by organization management. "This product combines both the strategic procurement management of suppliers, commodities and contracts, with the tactical 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. of requisitioning, ordering, receiving, and paying," said David Wolf David Alexander Wolf (born 23 August 1956) is an American astronaut and a veteran of four space shuttle missions and an extended stay aboard the Mir space station. Born and raised in Indianapolis, Indiana, where he graduated from North Central High School, Wolf earned a , president of Elcom Systems. "We are addressing the needs of forward-thinking companies who want to automate the complete end-to-end electronic ordering process." PECOS Procurement Manager provides an open, flexible client/server architecture An environment in which the application processing is divided between client workstations and servers. It implies the use of desktop computers interacting with servers in a network in contrast to processing everything in a large centralized mainframe. See client/server. that is easily integrated into existing organizations' legacy systems. Companies are able to customize parameters within their specific business units to define commodity- specific process controls. Users generate orders from the desktop that are electronically transmitted to vendors via the Internet, or existing Value Added Networks. The system supports ANSI (American National Standards Institute, New York, www.ansi.org) A membership organization founded in 1918 that coordinates the development of U.S. voluntary national standards in both the private and public sectors. It is the U.S. member body to ISO and IEC. X12, Edifact 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. or CCITT See ITU. CCITT - Commite' Consultatif International de Telegraphique et Telephonique. (International consultative committee on telecommunications and Telegraphy). CCITT changed its name to ITU-T on 1 March 1993. standards. PECOS.PM streamlines every step of the product acquisition process. The system supports event-driven messaging, designed to detect potential problems or discrepancies in an ordering cycle and then solicit resolutions from appropriate parties. The product is shipping now with prices starting at $35,000. The next release of the PECOS.PM product, due out this fall, will leverage the technology developed for the World Wide Web by providing support for a browser-based presentation interface. In addition, version 2.0 of PECOS.PM leverages the proven technology of the Elcom Systems Transaction Server System (TSS See ITU. ) providing secure interfaces to suppliers in real time. Elcom Systems, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Elcom International, Inc. (NASDAQ:ELCO), was formed in 1992 to develop and commercialize personal computer-based, interactive electronic catalog and ordering software systems that offer manufacturers, distributors and purchasing professionals electronic ordering capabilities which maximize efficiencies and reduce operational expenses. Elcom Systems provides electronic commerce solutions to clients in such diverse industries as PC products distribution, oil drilling equipment supply, and food products distribution. More information about Elcom is available at www.elcom.com 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 With the exception of the historical information contained in this release, the matters described herein could include forward- looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including, without limitation, those with respect to Elcom International, Inc. and its objectives, plans and strategies set forth herein and those preceded by or that include the words "believes," "expects," "anticipates," or similar expressions, are forward-looking statements. Although Elcom International believes that such forward-looking statements are reasonable, the Company's actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause such a difference include, among other things, overall business conditions, progress on customer implementations, product and customer pricing, growth in the electronic commerce industry, rates of technology adoption, emergence of competing technologies or competetive alliances, and other risks detailed from time to time in the Company's SEC reports, including the Company's prospectus included as part of the S-1 Registration Statement declared effective on December 19, 1995 under the Securities Act of 1933. CONTACT: Mike Croce Peter McAree Creamer Dickson Basford Elcom Systems, Inc. (617) 467-1558 (617) 407-5003 mcroce@cdbpr.com pmcaree@elcom.com |
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