Freemarkets offers new multi-language, multi-currency e-sourcing

Global e-sourcing and online auction software specialist Freemarkets has just launched version 4 of its QuickSource product, promising users software that extends their global reach via new multi-language, multi-currency and customised time zone features. Speaking in Brussels at the company’s European headquarters, Shane Tulloch told journalists that, “Strategic sourcing can really unlock value in your business… Typically, we’re saving companies 15-25% of their annual buying costs by managing online auction events for them and automating the whole pre-bidding process [supplier sourcing, supplier selection and RFQ development, etc]. Freemarkets has conducted more than eur5.2 billion of commerce to date in Europe and claims it’s helped these companies save around eur860 million in the process. “We’re not like Ariba,” said Tulloch. “We’re not just a bunch of software people. We have experienced electronics engineers, mechanical engineers and staff with real-life purchasing experience. We know that software is a very small - albeit significant - piece of the overall e-sourcing jigsaw. “We’re very good at training our software users [suppliers involved in bidding for contracts]. We train thousands every week in how to use the software. That’s one reason why we’ve grown from a $2million company in 1997 to a $159million last year.” And whereas its competitors (the likes of Ariba, CommerceOne and i2) have been badly affected by the recent economic downturn, Freemarkets seems to have come through it relatively unscathed. Journalists were treated to a staged bidding session auction game that demonstrated how very simple and easy to use the new QuickSource software is. Freemarkets also hinted that it was busy developing a new platform aimed at digitising all aspects of the sourcing process. Dubbed ‘Sierra Nevada,’ the new platform will include contract compliance management software; supplier data relationship management; savings tracker; and an item management system.