The Woodlands, TX October 17, 2001 It's all about bottom-line savings these days. Pantellos, a provider of supply chain solutions for the utility and energy services industries, announced that in its first three quarters of live operations it has exceeded $280 million in deal flow, with members reporting approximately $40 million in savings.
In a statement, the company pointed to research done by analyst firm IDC that found worldwide purchasing through e-marketplaces will rise to $54.7 billion in 2001, a 269.2 percent increase over the past year. While they expect this trend to continue, IDC believes a marketplace's success will increasingly depend on companies' ability to offer a broader suite of services. "These results demonstrate how members of the Pantellos trading community are meeting the challenges of a more demanding market," said Graham Collins, CEO of Pantellos. "We are extremely pleased to be able to deliver these kinds of results in less than a year."
Pantellos combines its utility and energy expertise with supply chain insights and enabling technology to improve processes, create efficiencies and reduce costs. Some of these tools include forward and reverse auctions, Pantellos Collaborative Agreements, and workforce and project management solutions.
"The utility and energy services industries are going through a major transformation and are using this opportunity to review their current processes and capture savings at every link in the supply chain," said Richard Villars, vice president of Internet and e-commerce at IDC. "The success of companies like Pantellos is a consequence of their efforts to deliver more than just the simple buying and selling found in a typical e-marketplace."