MindFlow Extends Product Leadership in Strategic Sourcing Analytics With Latest Version
Version 4.3 Provides Enhanced Functionality, Scorecard and Even Greater Analyzer Capabilities
Plano, TX (ots)
In response to feedback from Global 500 customers, MindFlow Technologies, Inc., the pioneer of Strategic Sourcing automation, has released version 4.3 of The MindFlow Sourcing Suite that automates the end-to-end sourcing process, delivering cost and time savings as well as reducing risk throughout the supply chain. Version 4.3 enhances MindFlow's earlier releases, which have generated millions of dollars in cost reductions for Global 500 clients.
The MindFlow Sourcing Suite delivers the deepest and most functional sourcing system available, now with six applications designed by sourcing professionals and built on a common architecture that integrates and optimizes sourcing processes spanning bid, category and enterprise management. The optimization-based architecture of The MindFlow Sourcing Suite enables modeling, rapid collection and analysis of supplier responses to RFIs and RFQs, producing optimal supplier and volume allocations.
Working in partnership with multiple Global 500 customers, MindFlow's version 4.3 features even greater functionality, speed, and value combined with enhanced ease of use. Sourcing professionals are analyzing even the largest and most complex purchasing categories more quickly than ever before. Other enhancements to the sourcing system include:
-- Table control -- all screens have been redesigned to present data in a tabular, spreadsheet-like format. The interface and functionality is similar to Microsoft Excel®, which makes learning the system easy for buyers and their suppliers.
-- More robust constraints handling -- added advanced discount and rebate support, which allows the user to specify constraints at any level (i.e. by bundle, bundle-buyer company location and many others). MindFlow now handles more than 60 types of constraints.
-- Improved negotiation event functionality -- enhancements include message center, an event-based discussion board for buyers and suppliers, an advanced supplier portal where suppliers can access all current and past events, reports and data import functionality to make creating RFQs simple.
-- Enhanced buyer dashboard -- provides each user convenient access to their projects, events and progress.
Earlier this year, MindFlow reported the release of its newest module, Scorecard Analyzer[TM], that sourcing professionals use collaboratively to evaluate suppliers, ensure consistent finished product quality, increase supplier reliability and improve supplier integration. It enables companies to build a reliable foundation for supplier development and recognition.
The MindFlow Sourcing Suite automates each process within the sourcing cycle to make repetitive tasks intuitive and complex analysis easy. The system includes six modules that are built on a common architecture and designed to work seamlessly:
-- Scorecard Analyzer -- Manages and evaluates supplier relationships to ensure consistent finished product quality, increase supplier reliability and improve supplier integration. Sourcing teams develop an objective foundation for supplier development and recognition, based on actual performance. Supplier approvals are based on key performance indicator (KPI) metrics and weights, with multiple qualitative and quantitative measurements. Users prepare and complete evaluations, which are automatically translated into action plans for suppliers and report trends and changes over time.
-- Sourcing Analyzer -- The "heart" of The MindFlow Sourcing Suite is capable of solving even the most complex sourcing problems. Its advanced optimization functionality is the key to effective fact-based negotiation and making optimal, low-cost allocations. Sourcing Analyzer is the enterprise repository of all sourcing item category cost models, institutionalizing "best-in-class" sourcing processes and knowledge.
-- Bid Analyzer -- Manages and executes the RFI/Q/P process to easily collect and analyze supplier responses. By tightly linking the RFx process with the sourcing model, supplier responses can be evaluated against all requirements and constraints, generating optimal allocations. In addition, the advanced data cleansing and normalization capability of Bid Analyzer significantly improves professional productivity by reducing data collection and re-keying time.
-- Auction Analyzer -- Manages and executes the reverse auction process to easily collect and analyze supplier responses. Auction Analyzer takes the value of auctions to unequalled levels by tightly integrating the auction and supplier responses with the sourcing model. Bids can be quickly and easily analyzed against buyer requirements, which significantly increases realized savings. Auction Analyzer is user-friendly and delivers repeatable productivity gains and cost reductions that can be easily applied to all categories. The powerful TCO-based approach delivers value for both low- and high-spend commodities.
-- Spend Analyzer -- Delivers both historic and future spend modeling. The value of Spend Analyzer is maximized when it is tightly integrated with the other sourcing modules, rather than functioning as a stand-alone tool. Spend Analyzer provides a central repository of critical spend information, facilitates analysis, reduces data collection/re-keying time and improves decision-making.
-- Performance Analyzer -- Performance Analyzer is the first sourcing performance measurement application that measures all cost variances and can closely tie the purchasing organization's savings claims to a company's earnings per share (EPS). Sourcing compliance ensures the adherence of procurement execution to sourcing strategy plans. Performance Analyzer builds credibility with the finance team as all savings projections are easily validated and quantified.
"Version 4.3 of The MindFlow Sourcing Suite extends our product leadership. Coupled with our sourcing expertise and services, we're able to deliver large scale and recurring savings to our customers," said Jay Reddy, Founder and President of MindFlow. "The enhanced functionality of our product stems from our constant interaction with our customers, working hand-in-hand with them to develop an enterprise sourcing strategy."
About MindFlow Technologies
MindFlow Technologies helps companies save time, save money and reduce risk with leading Strategic Sourcing applications. Large and small companies accelerate e-sourcing initiatives with MindFlow's complete sourcing automation, essential decision intelligence and deep domain, category expertise. The MindFlow Sourcing Suite[TM] is the premier end-to-end sourcing platform -- comprehensive spend analysis, event management, sourcing analysis, supplier development, contract management, performance reporting and sourcing compliance. In close partnership with marquee customers, MindFlow has sourced billions of dollars in direct and indirect categories and enabled many millions of dollars in cost reductions. MindFlow Technologies headquarters is located at 6504 International Parkway, Plano, Texas. For more information, visit www.mindflow.com.
Media Contact: Diane Murray Email: diane.murray@mindflow.com Phone: +1-(972) 930-9988 x104