EFS Network, iTradeNework partner to develop new products, services for foodservice distributors, operators, brokers and suppliers
Chicago, IL — January 15, 2004 — EFS Network, a supply chain solution company for the foodservice industry, has reached agreement on a partnership with iTradeNework (ITN) to develop new products and services for foodservice distributors, operators, brokers and suppliers.
The partnership will also bolster EFS' efforts to continue the expansion of its foodservice trading community, the company said in a statement.
Based in Chicago, EFS develops tools to improve business processes, strengthen trading relationships and eliminate inefficiencies for companies in all segments of the foodservice supply chain.
iTradeNetwork is a privately held company that provides collaborative workflow solutions (including procurement, contract and management rebate, logistics, promotion, demand forecast, vendor-managed inventory (VMI), financial services and content) for the food industry, as well as integration to customers legacy systems.
The combination of EFS' 345 order management customers — which include Hormel Foodservice, McCain Foods, Nestlé Foodservice and Sysco, among others — with ITN's 2,000-plus customers — which include Cargill, Smithfield, Tyson Foods and Dole — creates the industry's largest supply chain network, EFS said in its statement.
"The value we have realized and anticipate through EFS Network is significant, and I'm pleased they continue to identify new ways to improve supply chain efficiencies for their customers," said Steve Binder, group vice president of Hormel Foodservice.
As a central part of the partnership, ITN is developing EFS' industry-wide contract and rebate management solution. Distributors, operators, manufacturers and brokers have all contributed to building the standard transactions within this tool, which EFS said can help reduce the administrative and sales costs related to contract and rebate tracking, deviated billing and deductions within the supply chain.
"We are excited to accelerate delivery of EFS' new contract management system to better synchronize contract, pricing and performance data with our operator and manufacturer trading partners," stated Larry Pulliam, senior vice president of Sysco, a current customer of EFS Network. "ITN's track record in technology development gives us great confidence that the collaboration will result in a solution that will set the standard for our industry."
EFS has already begun working with ITN's existing contract solution to adapt it to the needs of foodservice.
Finally, EFS said that the partnership will provide it with the opportunity to introduce other new products and services in 2004, ahead of its former development plans. These solutions include solution for logistics, demand forecasting, vendor managed inventory, ad planning, electronic funds transfer and content services.