Corcentric Name Defines Strategic Supply Chain Solution, Underscores Customer Commitment
6 December 2000
Corcentric Name Defines Strategic Supply Chain Solution, Underscores Customer Commitment
MCLEAN, Va.--Dec. 6, 2000--Electronic Trading Solutions today announced that it is changing its name to Corcentric (www.corcentric.com/)."The name Corcentric perfectly defines the type of innovative solution we're providing to the way business transactions are completed electronically within the supply chain," said Doug Rodgers, CEO of Corcentric.
The decision is part of a long-term strategy aimed at continuing to provide a solution that enables companies to gain significant cost efficiencies by tying together their supply chain and transacting business electronically without having to change their existing IT systems, business processes or trading partners.
"The Corcentric name communicates the focused, turnkey solutions we're providing to our customers. It is symbolic of our long-term, strategic direction and strategy for growth," said Rodgers.
Rodgers noted the prefix, core refers to the company's primary business; a range of services that applies to the buying and selling of direct materials involving both buy-side and sell-side opportunities.
Whereas, the root word, centric, he said, describes the circular route that is used to transmit the information/materials between the originating company and its intended "trading partner" within a trading community.
Depending on the company, the "partner" could be a distributor, dealer, supplier, financial institution or governmental agency. Corcentric facilitates the electronic transaction (such as a purchase order or invoice) and reduces costs from the entire supply chain and increases profitability for both buyers and sellers.
Currently, more than 600 companies are utilizing Corcentric's services. Over $105 million in purchases have been processed to date, at a growing rate of over 40,000 transactions per month.
Corcentric's Intelligent Transaction Management(TM) (ITM (TM)) process manages the buying and selling of direct materials through a central transaction hub known as an eHub.
The centerpiece of the system, which Corcentric identifies as the "Intelligent Trading Engine (ITE(TM))," is a type of technology that allows Corcentric to translate existing legacy system document formats in addition to EDI and XML standards to create true "any to any" document transmission.
Using this system, companies can complete transactions with one another---through a single connection. By being able to benefit from the end-to-end integration, eHub community member companies can leverage their existing systems as an efficiency rather than be hindered by them or the high costs that can be associated with having to replace or change them.
With ITM, community members have the capability (in real time) to view the status of existing/pending transactions as well as view the history of past transactions that are archived and password protected on servers dedicated to each community.
Serving as an Application Services Provider (ASP), Corcentric solutions are designed for use by groups of independent companies and large buying groups interested in maximizing their purchasing and fulfillment capabilities.
The advanced system uses automated, real-time identification, analysis and execution of purchasing and fulfillment activities to leverage a group's buying power and reduce the costs associated with traditional procurement practices.
Rodgers explained that while much of Corcentric's business has come from the automotive and heavy-duty truck industries, the eHub model can be tailored to fit the ecommerce needs of companies in many different types of industries and markets.
"Our solution makes it possible to take advantage of buy-side and sell-side opportunities across a myriad of different platforms. EHub communities powered by Corcentric can be scaled to work with even the most specialized, vertical market industries," explained Rodgers.
In addition to transacting business, eHub community member companies also have the ability to communicate with one another within a private email communication system, as well as view announcements (i.e. product promotions) and other types of messages (i.e. upcoming events), which may be posted on a community forum.
Based in McLean, VA, Corcentric, is a privately held company that provides proprietary eCommerce solutions to enable supply chain business communities to conduct transactions electronically.
Founded in 1998, its investor base includes leading private equity firm HIG Ventures whose investors include some of the world's leading investment banks, financial institutions, pension funds and endowments such as: Goldman Sachs , Massachusetts Institute of Technology, First Union Corporation and Heller Financial .