PHILADELPHIA, Feb. 16, 2012 (GLOBE NEWSWIRE) -- ICG Commerce today announced that it has changed its name to Procurian and sharpened its strategic focus around an elevated standard of excellence called "The New Procurement." This new name better projects a specialized focus on its long-standing commitment to procurement. This broader evolution of the company's focus reflects the market's growing demand for a proven approach to realizing sustainable cost savings in order to fuel growth and innovation.
Recent economic conditions and market volatility are forcing today's global corporations to find new sources of sustainable cost savings. In this search, indirect spend has emerged as an area ripe for transformation because of its cumulative value and the fact that it has been largely undermanaged in the past. Historically, many companies have overlooked the magnitude of indirect spending, not realizing that it can add up to be 30 percent of overall revenue.
"Optimizing indirect spending provides an avenue to create a direct bottom-line impact while also improving processes and better enabling strategic objectives. We continue to see an increase in sourcing-focused contracts with third party procurement providers, driven by the need for companies to achieve significant savings on an accelerated basis, and we expect to see these contracts expand to include elements that ensure compliance and savings sustainability," said Saurabh Gupta, vice president, Everest Group.
Already a leader in delivering comprehensive procurement solutions, Procurian leverages its Specialized Procurement InfrastructureTM to help Fortune 1000 companies advance procurement to meet the new demands of today's global economy and drive the next generation of cost savings needed to fund growth and innovation. The company has been chosen by forward-thinking industry leaders, including Kimberly-Clark, Hertz, Symantec, Goodyear, Whirlpool, Greif Inc. and Chiquita, to help them transform indirect procurement. Procurian's unique offering provides its clients access to all the components necessary to optimize indirect spend and perform at the highest levels of procurement excellence, including a dedicated team of specialists with deep category expertise, real-time market intelligence, comprehensive processes and a sophisticated set of proprietary tools and technology.
"Our clients represent The New Procurement – a new standard of excellence that aligns procurement with business strategies to support growth and drive sustainable savings. They collaborate with us to specifically define the principles of The New Procurement as they continue to leverage our Specialized Procurement Infrastructure to completely change the way their organization views this area of its business and achieve greater results on an accelerated basis. We're excited to be a key part of this transformation," said Carl Guarino, CEO of Procurian.
The New Procurement
Procurian introduces The New Procurement with the mission of elevating the role and influence of procurement, harnessing its power to fuel enterprise growth and deliver measurable earnings impact. With its unique industry perspective, Procurian examined industry conditions and trends as well as their impact on its Fortune 1000 clients. The company used these insights to define this advanced approach and operating model.
The New Procurement calls for a fundamental shift in the way companies manage spending, particularly indirect spending. Recognizing its impact on the organization's overall performance and growth, The New Procurement calls for the commitment of the C-suite to work in tandem with its procurement team to implement and execute against this new standard. It challenges companies to optimize 100 percent of their spend globally by applying real-time market intelligence. It further demands that Fortune 1000 companies not only negotiate, but deliver continuous cost innovations while supporting strategic objectives like sustainability and growth.
Added Guarino, "Along with supporting strategic goals, delivering more value and mitigating risk, The New Procurement provides one of the most direct paths to generating significant savings and fueling growth."
Supporting Resources
About Procurian, Inc.
Procurian is the leading specialist in comprehensive procurement solutions. Transformational business leaders partner with Procurian to drive sustainable changes to their cost structures on an accelerated basis. Our built-out Specialized Procurement Infrastructure™ integrates with your business to optimize spending and deliver real savings that can equal a margin point or more. Procurian is an ICG (Nasdaq:ICGE) company.
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