FreeMarkets Releases ES 3.0

Latest version of global supply management solution offers contract management module; additional language capabilities


Latest version of global supply management solution offers contract management module; additional language capabilities

Pittsburgh, PA — November 4, 2003 — FreeMarkets Inc., a provider of global supply management (GSM) solutions, today released FreeMarkets ES 3.0, the latest version of its GSM software. Building on the features of previous releases, FreeMarkets ES 3.0 offers a new contract management module, which the provider said is designed to help companies drive more effective purchasing decisions.

The software is also now available in French and German.

FreeMarkets said ES Contract Management helps companies overcome such challenges as having insight into what companies supply goods and services and on what terms, which is necessary to drive effective purchasing decisions.

"Within many organizations, contract data is often spread across multiple systems at various locations and stored in different formats, making it difficult to collect and effectively manage," commented Chris Gormley, FreeMarkets senior vice president of Product Management. "In addition, there is often no process for identifying decision makers when contracts are about to expire, or when key thresholds have been met, making it hard to proactively negotiate better terms and pricing."

Gormley said FreeMarkets ES Contract Management contains tools that enable companies to gain faster access to information across contracts on an enterprise-wide basis; collect, store and manage supplier, item and pricing information using a single interface; create automatic notifications of critical contract events such as expiration dates and volume thresholds; and customize contract fields to create standard contracts using criteria unique to their organization.

FreeMarkets ES 3.0 is available and in use by customers today.

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