Online marketplace for engineered-to-order parts passes landmark, sees 20,000 RFQs since July 2004
Atlanta — August 1, 2005 — Online sourcing enabler MfgQuote Inc. today announced that the 50,000th request for quote (RFQ) has been sourced on MfgQuote.com, an online marketplace for buying and selling engineered-to-order parts.
A privately held company based in Atlanta, MfgQuote was founded in 1999. The company connects industrial buyers with contract manufacturers, and it facilitated its first online sourcing transactions in early 2000.
The company said it has hosted more than 20,000 RFQs since July 2004, which is a record-setting 63 percent increase in RFQ activity. MfgQuote customers and prospects can view the value of current business opportunities via MfgQuote's real-time RFQ Value Chart displayed on its home page.
"Globalization, pressures to innovate and constantly fluctuating supply market conditions require manufacturers to quickly identify, source and contract with new sources of global supply," said Tim Minahan, vice president of global supply management research at technology consultancy Aberdeen Group. "Increasingly, manufacturers are relying on online marketplaces such as MfgQuote to augment their internal sourcing infrastructures and accelerate supplier discovery, assessment and negotiation."
In the first half of 2005, MfgQuote said its marketplace heated up with 70 percent growth in RFQ volume over the corresponding period the prior year. MfgQuote also noted a sharp rise in RFQ value, with a daily average at $53 million.
"Fifty thousand RFQs translates into 50,000 instances where companies saved time and money discovering highly qualified suppliers who have the ability to produce engineered-to-order parts at a competitive price," said Mitch Free, president and CEO of MfgQuote. "Every day, new buyers and suppliers discover that MfgQuote is a production-level solution with an unrivalled blend of sourcing management technology, automated supplier discovery and a global supplier network."
The enabler said that more than 40,000 buyers across the industrial spectrum (aerospace, transportation, consumer products, electronics and more) use MfgQuote.com to source, collaborate and receive quotes online for more than 200 manufacturing processes such as CNC machining, metal stamping, forging, plastic molding, metal fabrication and metal casting.
Additional Articles of Interest
— To go the distance in business you need to take a disciplined approach. Supply & Demand Chain Executive offers key best practices for making your supply chain hum in the article "7 Habits of Highly Efficient Supply & Demand Chains," the cover story in the April/May 2005 issue of the magazine, featuring an interview with supply chain guru Jim Tompkins of Tompkins Associates.
— When ex-Chrysler chief Thomas T. Stallkamp considers cures for what ails American manufacturing, he chooses not to look inside the four walls of the corporation but to the extended enterprise and the relationships that bind a company to its supply chain partners. Read about Stallkamp's take on the collaboration imperative in "No Company Is an Island," the Executive Memo column in the April/May 2005 issue of Supply & Demand Chain Executive.
— Do you only dream of having a supply chain as efficient as Dell's? Then it's time to wake up and manage your inventory liability. To find out how, read the SDCExec.com article "Managing Inventory Liability in an Outsourced Relationship."
Atlanta — August 1, 2005 — Online sourcing enabler MfgQuote Inc. today announced that the 50,000th request for quote (RFQ) has been sourced on MfgQuote.com, an online marketplace for buying and selling engineered-to-order parts.
A privately held company based in Atlanta, MfgQuote was founded in 1999. The company connects industrial buyers with contract manufacturers, and it facilitated its first online sourcing transactions in early 2000.
The company said it has hosted more than 20,000 RFQs since July 2004, which is a record-setting 63 percent increase in RFQ activity. MfgQuote customers and prospects can view the value of current business opportunities via MfgQuote's real-time RFQ Value Chart displayed on its home page.
"Globalization, pressures to innovate and constantly fluctuating supply market conditions require manufacturers to quickly identify, source and contract with new sources of global supply," said Tim Minahan, vice president of global supply management research at technology consultancy Aberdeen Group. "Increasingly, manufacturers are relying on online marketplaces such as MfgQuote to augment their internal sourcing infrastructures and accelerate supplier discovery, assessment and negotiation."
In the first half of 2005, MfgQuote said its marketplace heated up with 70 percent growth in RFQ volume over the corresponding period the prior year. MfgQuote also noted a sharp rise in RFQ value, with a daily average at $53 million.
"Fifty thousand RFQs translates into 50,000 instances where companies saved time and money discovering highly qualified suppliers who have the ability to produce engineered-to-order parts at a competitive price," said Mitch Free, president and CEO of MfgQuote. "Every day, new buyers and suppliers discover that MfgQuote is a production-level solution with an unrivalled blend of sourcing management technology, automated supplier discovery and a global supplier network."
The enabler said that more than 40,000 buyers across the industrial spectrum (aerospace, transportation, consumer products, electronics and more) use MfgQuote.com to source, collaborate and receive quotes online for more than 200 manufacturing processes such as CNC machining, metal stamping, forging, plastic molding, metal fabrication and metal casting.
Additional Articles of Interest
— To go the distance in business you need to take a disciplined approach. Supply & Demand Chain Executive offers key best practices for making your supply chain hum in the article "7 Habits of Highly Efficient Supply & Demand Chains," the cover story in the April/May 2005 issue of the magazine, featuring an interview with supply chain guru Jim Tompkins of Tompkins Associates.
— When ex-Chrysler chief Thomas T. Stallkamp considers cures for what ails American manufacturing, he chooses not to look inside the four walls of the corporation but to the extended enterprise and the relationships that bind a company to its supply chain partners. Read about Stallkamp's take on the collaboration imperative in "No Company Is an Island," the Executive Memo column in the April/May 2005 issue of Supply & Demand Chain Executive.
— Do you only dream of having a supply chain as efficient as Dell's? Then it's time to wake up and manage your inventory liability. To find out how, read the SDCExec.com article "Managing Inventory Liability in an Outsourced Relationship."
- More articles about MfgQuote.
