10 June 2004
Law information company LexisNexis has launched a new resource designed to help procurement professionals reduce costs and business risks.
Purchasing and Supply Chain Solutions was designed by purchasing professionals to integrate strategic intelligence into day-to-day sourcing decisions.
The solution allows users to access more than 30,000 news, business and legal sources to assess the ability of a bidder to deliver goods or services.
David Marantes, vice-president of purchasing and supply chain management, said: "What is exciting about this product is that it dramatically cuts down the time it takes to locate and qualify potential suppliers.
"It is important to have access to credible news, business and legal sources that will allow us to track the stability of vendors and analyse industry trends."
The system was devised for use by LexisNexis workers but it proved so effective that the decision was taken to make it available to other corporations. It was launched at the Institute for Supply Management (the US purchasing body) conference in Philadelphia earlier this year.
More than 20 Fortune 500 companies already use the service, including Procter and Gamble, which says the tool has helped it create a "customised purchases page".
Features include records of lawsuits against companies, citations and law reviews in the US and abroad and more than 21,000 news and business sources on hundreds of companies.
The product also allows comparisons of companies' assets and liabilities and net worth.