Verity E-Commerce Solution Helps PurchasingCenter.com Buyers to "Find It, Quote It, and Buy It" Fast
Verity Information Retrieval Solutions Powers Innovative B2B Purchasing Site
SUNNYVALE, Calif. - 2000-01-24 - Verity, Inc. (Nasdaq: VRTY), a leading provider of enterprise and Internet knowledge retrieval solutions, today announced that PurchasingCenter.com, a free online business-to-business service, has implemented Verity's Information Server to provide online customers with advanced information retrieval throughout its expanded Website. PurchasingCenter.com, designed to reduce the time, cost, and hassle of procuring maintenance, repair, and operating (MRO) supplies, selected Verity's award-winning technology to create an easier and faster way for customers to locate products on their E-commerce site. Verity offered the only solution that met PurchasingCenter.com's implementation schedule, scalability needs and ease of integration requirements.
"Our mission was to create a complete experience for those who buy MRO supplies, including content, community, expert advice and up-to-date information on industry trends, practices and industry events," said Raman Sud, vice president of engineering and co-founder of PurchasingCenter.com. "We needed a technology that would let users find information rapidly and efficiently, and Verity products were the only ones that fit our needs. We're highly impressed with Information Server's ease of integration and fast time to market. As we grow, we're looking to quickly scale to a few million SKUs, and Verity's K2 technology is the leading contender to help us achieve this task."
According to Jay Vadrevu, service architect and co-founder of PurchasingCenter.com, "Although our site has only been up for a few weeks, Verity software has significantly improved the customer experience by allowing easy navigation of search results. We didn't have to do anything artificial to accommodate Verity as an integral piece of our service - Verity Information Server worked exactly as we wanted. From implementation through technical support," continued Vadrevu, "the whole experience has been great."
The Internet is providing many new opportunities for improved MRO procurement. According to research firm, the Aberdeen Group, 40 percent of the total cost of supplies results from the processing and management of an order. The average cost of processing an MRO purchase order is $107 while the average cycle time, from order request to fulfillment, is 7.3 days. Considering that MRO goods and services can represent 30 to 35 percent of a typical manufacturer's expenditures and can account for more than 60 percent of spending at service organizations, the streamlining of these purchases makes good business sense. In fact, the organizations surveyed by Aberdeen who have implemented Internet procurement automation systems have reported more than a 300 percent return on investment within the first year of deployment.
"PurchasingCenter.com offers a unique experience for MRO purchasing professionals," said Anthony Bettencourt, president of Verity, Inc. "Not only does the site provide exhaustive content - from products and suppliers to news and information about industry trends and practices - it also offers peer-to-peer communities, advice and guidance from well-known experts in the field, and an online auction for bargains on products organizations buy every day. We're very pleased that our technology has helped PurchasingCenter.com simplify the MRO buying and educational experience to provide their customers with lower material and service costs, shorter order-fulfillment cycles, lower administration costs, and improved inventory practices."
Verity Information Server is a valuable tool for precise information retrieval. Using an automatic, server-based query expansion, it turns user requests into detailed, sophisticated queries. Search term highlighting and navigation are supported as standard features to direct users precisely and quickly through query results. Additionally, by maintaining its own index stored apart from the documents, Verity Information Server is non-invasive and unobtrusive - requiring no change to the processes and procedures under which documents are currently stored or maintained.
The Verity K2 Toolkit allows brokered search across multiple servers and multiple CPUs to provide the most relevant search results from many information sources without sacrificing the speed or accuracy of the results displayed. As the number of users, queries or amount of data increases, K2 applications can keep pace with increased demands by adding new CPUs or servers to the network without bringing down the application. Providing 24x7 fault tolerant operations, the Verity K2 Toolkit isolates failures of individual nodes or servers from the rest of the system, ensuring that applications are available when they are needed.
About PurchasingCenter.com
PurchasingCenter.com is a free online business-to-business service designed to reduce the time, cost, and hassle of purchasing maintenance, repair, and operating (MRO) supplies. Founded in 1999, PurchasingCenter.com's management team consists of battle-tested executives with expertise in technology, business development, and the industrial maintenance, repair, and operations (MRO) market. Coming from leadership roles at top firms like Grainger, American Express, and Open Market, the team has set aggressive goals for bringing immediate and measurable value to industrial buyers. The company is committed to streamlining the sourcing and procurement of MRO supplies, and to saving buyers time and money in transaction and process costs. For more information, or to buy, visit their web site at purchasingcenter.com.
About Verity
Verity is a leading provider of knowledge retrieval solutions. Verity's product suite powers corporate portals, e-commerce sites, online publishing and media sites, customer care applications, and products from market-leading OEMs and ISVs. Verity solutions simplify the management and use of information by indexing, classifying, organizing, searching and retrieving data, as well as providing personalized information delivery and hybrid online and CD publishing.
Verity's products are used by more than 1,000 corporations, e-commerce sites, government agencies, on-line service providers, Internet publishers and software developers worldwide. Verity alliances include Adobe Systems, AT&T, CDNOW, CNET, Cisco, Compaq, Dow Jones, Easy Software, EarthWeb, Ernst & Young, Financial Times, Globe and Mail, IBM, MD Consult, NewsEdge Corporation, Informix, Lotus, NEC, SAP, Siemens, Snap.com, Sybase, Tandem and Time New Media.
This press release contains forward-looking statements relating to Verity and the expected performance of its Verity Information Server and Verity K2 Toolkit products. Actual results are subject to risks and uncertainties. Risks relating to Verity and its products are set forth in its Form 10-K and other reports filed with the Securities and Exchange Commission.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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