ICG Commerce Enters Into Strategic Procurement Initiative With Cooper Cameron Corporation
November 22 2004 - 8:00AM
PR Newswire (US)
ICG Commerce Enters Into Strategic Procurement Initiative With
Cooper Cameron Corporation Demonstrated Ability to Deliver
Measurable Savings and Process Improvements Helps Comprehensive
Procurement Services Provider Add Another Industry Leader to
Customer Base PHILADELPHIA, Nov. 22 /PRNewswire/ -- ICG Commerce, a
leading procurement services provider, today announced that it has
been engaged to provide procurement process management services and
technology to Cooper Cameron Corporation (NYSE:CAM), a
multi-billion dollar producer of oil and gas pressure control
equipment. ICG Commerce will provide Cooper Cameron with
comprehensive procurement services including strategic sourcing,
savings implementation, purchase-to-pay processing and ongoing
category management, across seventeen purchasing categories. Cooper
Cameron will leverage ICG Commerce's integrated procurement
infrastructure, which includes deep category sourcing experts; a
best-practice-based Buying Center; and RealExchange(SM), a
comprehensive technology platform for the purchasing of both goods
and services. RealExchange will be integrated with Cooper Cameron's
SAP system to help streamline the company's global procurement
process, drive savings realization and provide better visibility of
indirect expenditures. The initiative will involve all of Cooper
Cameron's headquarters and divisional operations as well as the
company's primary manufacturing locations in the United States,
Canada and Europe. "As part of our company-wide focus on process
management, which includes constant improvement in sourcing and
manufacturing efficiency, we identified indirect procurement as a
key opportunity area for cost reductions and process improvements,"
said Hunter Jones, Vice President Supply Chain Management and Six
Sigma of Cooper Cameron. "Given the significant demands already
placed on our existing procurement organization, we sought a
partner to help us tackle this opportunity area and accelerate
results. After examining a number of different players in the
procurement arena, it became clear that ICG Commerce provides the
greatest breadth of services and expertise to deliver against our
savings target and drive continuous improvements over time." ICG
Commerce is considered to be at the forefront of procurement
service providers, helping companies realize procurement cost
savings by going beyond strategic sourcing to deliver the
implementation assistance needed to ensure savings hit the
bottom-line. This support entails successfully enabling efficient
buyer and supplier relationships by aligning and automating
processes, training both parties on the appropriate operating
procedures and executing an effective communication and change
management program. To ensure these results are sustained and
improved upon over time, the company also provides category
management support that includes ongoing compliance measurement,
supplier performance management and savings identification and
execution. According to Aberdeen Group's vice president of Supply
Chain Research Tim Minahan, "One of the major shifts we've seen in
supply management has been the shift from savings identification to
savings realization. To ensure savings capture, enterprises must
have codified procedures and systems to communicate negotiated
terms to all relevant stakeholders and to ensure optimal usage and
compliance with supply agreements over time." "Cooper Cameron
recognizes the importance of driving cost improvements directly to
the bottom-line," said Edward H. West, chairman and CEO of ICG
Commerce. "We look forward to partnering with Cooper Cameron's team
to help the company achieve its procurement process improvement and
cost savings objectives while maintaining focus on its core
competencies." About ICG Commerce, Inc. ICG Commerce (
http://www.icgcommerce.com/ ) is a leading Procurement Services
Provider exclusively focused on helping companies buy more
effectively and efficiently in order to reduce costs significantly
and continuously. The company offers an unmatched combination of
process and category expertise and hosted technology to deliver
Sourcing, Purchase-to-Pay Processing and Procurement Outsourcing
Services. ICG Commerce Inc., a privately held company founded in
1992, is a member of Internet Capital Group's (NASDAQ:ICGE) network
of partner companies and has been honored as a Forbes Best of the
Web: B2B, UPSIDE Magazine Hot 100 and iSource 100 company as well
as had its executives recognized among the iSource "Pros to Know".
About Cooper Cameron Corporation Cooper Cameron Corporation
(NYSE:CAM) is a leading international manufacturer of oil and gas
pressure control equipment, including valves, wellheads, controls,
chokes, blowout preventers and assembled systems for oil and gas
drilling, production and transmission used in onshore, offshore and
subsea applications, and provides oil and gas separation equipment.
Cooper Cameron is also a leading manufacturer of centrifugal air
compressors, integral and separable gas compressors and
turbochargers. DATASOURCE: ICG Commerce CONTACT: Kristen Knouft of
ICG Commerce, +1-484-690-5000, or ; or Brittany Morris of
Ruder-Finn, +1-312-329-3983, or Web site:
http://www.icgcommerce.com/
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