3M Renews with B2eMarkets

Multi-year agreement extends use of e-sourcing technologies

Rockville, MD — May 7, 2003 — 3M has signed a multi-year renewal to continue using e-sourcing technologies from solution provider B2eMarkets.

A $16 billion technology company headquartered in St. Paul, Minn., 3M has been using B2eMarkets' Supply Management Solution Suite since 2001 as part of its efforts to increase sourcing effectiveness and productivity throughout the company's global operations.

B2eMarkets said that the solution has helped 3M streamline and centralize its sourcing processes, enabling the company's sourcing organization to target such areas as commodity and risk management, global spend, internal collaboration and supplier management.

In addition, the company has used B2eMarkets' Negotiation Manager module to electronically research, evaluate, plan and negotiate the lowest total cost of ownership for goods and services, which the solution provider said has resulted in millions of dollars of savings as well as knowledge retention and increased productivity.

Under the new multi-year agreement, B2eMarkets' Supply Management Solution Suite will continue to serve as an expanded platform for 3M's global strategic sourcing initiatives.

"3M is an excellent example of how B2eMarkets' Supply Management Solution Suite has enabled customers to build and retain new sourcing knowledge, leverage strategic sourcing best practices and achieve sustainable savings," said Orville Bailey, CEO and co-founder of B2eMarkets.

For more information on the current state of the e-sourcing market, see the Global Enabled Supply and Demand Chain Series article on sourcing in the February/March 2003 issue of iSource Business.