Continuing our 'stellar' 2013 and to help us ensure 2014 is just as good (if not better), we have made two new senior appointments - a Sales Director for North America and a new Strategic Sourcing Consultant in Europe.
Mark Maxwell joins as Sales Director, North America and Ian Milligan joins as a Strategic Sourcing Consultant in Europe and it is fantastic for me to be able to welcome them to the company.
Mark becomes Trade Extensions’ first dedicated Sales Director, North America and the new role is key to growing this market along the lines we saw in Europe last year. And Ian's 25+ years experience will be invaluable as we look to generate momentum on both sides of the Atlantic in order to maintain our phenomenal growth which saw us increase revenue during 2013 by 53% - the signs are already looking good for 2014 with year-on-year sales growth greater than 50%.
We are always looking for good people to join in our success so if you think a career in Trade Extensions could be for you, have a look at our 'Jobs' page on our website.
The impressive growth Trade Extensions has experienced over the last few years continues and during 2013 it increased revenue by 53%. New customers accounted for 25% of the company’s revenue and consistent growth means the company has doubled in size since 2008.
Alongside new customers, Trade Extensions retained and developed existing clients with 40% of existing businesses increasing their spend by at least a half. It means USD$1 billion of spend is allocated through Trade Extensions' TESS™ platform each week by some of the world’s leading companies and Trade Extensions, CEO, Garry Mansell said,
As companies see the benefits of using the platform they identify additional areas where it can be used and TESS™ is becoming intrinsic to their day-to-day operations.
2013 was also the year Trade Extensions handled its largest project to date – a €7 billion project sourcing all the elements involved in a constructing a large European gas pipeline.
Trade Extensions growth is set to continue during 2014 and the first quarter of this year is up 27% in terms of revenue compared with the same period in 2013.
In the last six months we’ve identified a trend among advanced users of our sourcing platform who are using the software to eliminate the boundaries between sourcing and supply and transform their daily operations.
Companies who have become familiar using the technology for bid collection and analysis now realise that the software can be configured to solve any constraint driven challenge and they are using the platform to enhance their decision making on a daily basis. For example, one customer is using the platform to define the manufacturing process of its products stage by stage. This customer has numerous manufacturing sites of its own and access to more manufacturing equipment through approved external suppliers. Each piece of manufacturing equipment has been qualified by the company to perform a certain operation so the challenge is to optimise the manufacturing process to ensure each product goes through the correct number of processes using only qualified equipment while taking into account the various costs – raw material, production, transport, warehousing, inventory etc, etc. It’s a simple concept but and it is made more complex by introducing further constraints. For example, it is possible to increase the number of operations performed by each piece of equipment but this qualification process costs time and money and there is qualification budget that cannot be exceeded.
To identify the most appropriate route for each product through the manufacturing process to use, the manufacturer optimises its production based on monthly demand forecasts for each product and per market. It is complex system but the Trade Extensions platform can optimise the data quickly so the business determines its day-to-day operations based on the optimum solution. And because the data is continually updated it essentially creates a dynamic model of the supply chain on which further analysis can be carried out. For example ‘what happens if there is natural disaster that completely closes site Y’ or ‘what happens if there is a 15% wage increase in China?’. In fact if the data is handled in the correct way, there are no limits on the ‘what if?’ questions companies can ask so they can see the impact of any proposed changes before implementation. Trade Extensions, CEO, Garry Mansell said,
The trend for using the platform as a day-to-day business system highlights the creativity of our customers and the flexibility of the software. We have always said the platform can be configured to optimise any constraint based challenge and this is shown in the exciting ways our customers are now using it to transform their day-to-day operations.
The flexibility of the platform in the way it can be configured to solve challenges outside sourcing is highlighted further in the way the platform can handle data from any source. It means Trade Extensions customers are able to upload any amount of data, in any format, from any system and the platform’s world-class optimisation and reporting tools provide the tools that enhance decision making. Mansell said,
Sourcing remains our core business but some of our customers are now capitalising on a key differentiator we have which is the flexibility and scaleability of our software. The types of projects we are now working on would have been impossible twelve months ago but the continual improvements we are making to the platform mean they are transforming our customers’ businesses.
For more information how Trade Extensions can transform your business in terms of sourcing and Beyond SourcingTM then please contact Joe Critchley, VP Sales and Business Development for more information -here.
If the economic predictions for 2014 are to be believed procurement professionals will be busier next year than they have been for some time. With that in mind, and as a timely excuse to refresh buying best practice, Trade Extensions, VP Sales and Business Development, Joe Critchley has pulled together Ten Tips for managing a large tender.
- Use professional buyers
- Identify the best suppliers available and consider ones not used before
- Involve operational ‘stakeholders’ at all stages
- Publicise the process at all stages
- Leave enough time
- Specify the tender properly
- Select winners carefully
- Consider supplier protection
- Use optimisation
- Handling losing suppliers – don’t burn bridges
Only dedicated professional buyers will have the time, motivation and skills to complete a tender effectively.