Product category:
Supply chain planning and execution software
News Release from: Qimtek | Subject: findFAST Online 2.0 software
Edited by the Manufacturingtalk Editorial
Team on 21 March 2001
Procurement of non-standard items
simplified
Buying and selling non-standard manufactured parts and assemblies now even easier to achieve over the internet.
A new version of an already popular e-procurement service, containing more features to speed the process of finding, buying and selling non-standard or custom-manufactured parts and assemblies, has been launched today by First Index The company claims to be the worldwide market leader in this specialist but important area of industrial commerce
This article was originally published on Manufacturingtalk on 22 Jan 2001 at 8.00am (UK)
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"The latest version of the service from First Index, called 'findFAST Online 2.0,' enables buyers to customise more extensively an enquiry to suit their specific requirements," said Hans Wigart, chief executive officer (CEO) of First Index.
"It exploits the advantages offered by the internet to a greater degree and we have also incorporated suggestions made by users of the first online version.
The overall result is a more refined and efficient product." For a buyer posting a request for quote (RFQ) into the 'findFAST Online 2.0' service via the First Index web site, he or she is now able to specify details such as references, values and contract frequency.
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The buyer may now select 'quote-by' date and delivery requirements and the software automatically excludes invalid or unsuitable data, using its built-in calendar.
Another new feature, PROfiles, enables a buyer to build a personalised record of information on supplier companies by creating his or her own database within 'findFAST Online 2.0'.
Records can be updated by the buyer: to note down new details about the process capability and any additional information provided by the supplier.
The personalised feature means that time is saved when using the service next because there is no duplication of previous processes.
On the supply side of the relationship, for the supplier of bespoke or specially-made parts and assemblies, the latest release offers many new time-saving features, again based on customisation of the software to suit the supply organisation's specific needs.
RFQs received via 'findFAST Online 2.0' can be sorted by status, level of interest, drawings availability and contracts awarded.
In turn, quoting against RFQs, posting questions and account management is now easier and faster to achieve.
As in the first release, the software underpinning First Index's 'findFAST Online 2.0' service is based on the latest technology, including XML and Microsoft standards.
The latest version can be accessed by visiting the First Index web site - www.firstindex.co.uk - and the service is free to buyers.
Suppliers are charged a fee for being listed in the First Index database.
The extensible mark-up language (XML) is a widely recognised, industry-standard software language used throughout the world of software development and has been designed to facilitate electronic trading.
With XML, data sets, such as that representing a sales order, an invoice, a catalogue, product information or other entity, can be 'tagged' or given an identity.
This means that when the data set is exchanged within the supply chain, each part of the system 'knows' what the data represents, and how it should be processed and displayed.
This capability enables e-business to be transacted automatically without the human intervention demanded by other methods.
Thus, by incorporating XML, First Index's 'findFAST Online 2.0' conforms to international standards and supports the wider adoption of e-business in the manufacturing supply chain.
First Index, is part of the First Index Group, a fast-growing British company with offices and representation in the USA, Scandinavia and Europe.
A pioneer in a specialised market, the company's service enables buyers in a range of manufacturing industries to find - faster than other methods - appropriate suppliers of vital non-standard parts and assemblies.
In turn, suppliers can find suitable customers for their products and services.
Both parties benefit by using a service that is dedicated to and designed specifically to address their special requirements.
Co-founded in the UK by Swedish-born entrepreneur Hans Wigart in 1992 and located in Basingstoke, Hampshire UK, First Index launched a paper-based directory service that buyers use free of charge and suppliers subscribe to.
First Index's database now contains information on more than 40,000 UK and US suppliers, together with details on their capabilities.
More than 36,000 buyers and specifiers have been targeted and regularly use the service to find suppliers.
By the beginning of 2000, the general market sector had become substantial with some estimates quoting global business worth $1 trillion being transacted by buyers and suppliers.
In July 2000 the company introduced an internet-based version of its service, called 'findFast Online.' Its success can be judged by the rate at which it has been taken up.
After 6 months, more than 2,000 suppliers were subscribing to 'findFAST Online' and it was being regularly used by 7,000 buyers.
During this time, more than 14,000 RFQs - collectively worth over $5bn - were processed.
First Index is a highly profitable enterprise and to expand the business further, the company recently received funding of nearly $11m from a consortium of prominent venture capital firms in the USA and UK.
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