Interactive Buyers Network International, Ltd. announced Monday that Technicolor Video Services has subscribed to IBNL’s Virtual SOURCE network, the Company’s business-to-business electronic commerce service. Technicolor is the world leader in duplication services. They join a continuing list of major corporations subscribing to Virtual SOURCE.
The Technicolor(TM) installation signals a new level of service and efficiency from the Virtual SOURCE(TM) system. This new level of service gives online buyers the full process ability to source their purchasing requests, issue electronic purchase orders, and process credit card payments securely online. The significant value to the user, in this case Technicolor(TM), will be the ease of location of the best prices and delivery times, as well as reducing the paperwork from thousands of invoices and statements, to a simple credit card statement. According to nationally recognized accounting organizations, the cost of paperwork associated with the procurement process is currently five percent of the U.S. GDP. Additionally, the system also includes a private Web site for management to view reports that measure buyer and supplier compliance. These feature enhancements will be made available to all buyers online with Virtual SOURCE(TM) in the near future.
Mr. Ed Bull, Vice President Materials, of Technicolor(TM), stated, “We weighed our options and concluded that Virtual SOURCE(TM) linked to a major credit card program makes a great deal of sense for our purchasing. We are planning to activate the system on a global basis.”
“We have reached a new level in the development of Virtual SOURCE(TM). Our online suppliers are excited about our transition from a tool that they could use to link to buyers, in order to exchange quote information. Soon, customers will be able to get purchase orders and payment online. What it means for us is that our hard work is paying off. By providing this new level of efficiency, the flow of commerce on the Virtual SOURCE(TM) network can only continue to increase,” stated Mr. Robert (“Jay”) McShirley, CEO of IBNL.
IBNL operates Virtual SOURCE(TM) network, a proprietary software system designed to enhance business-to-business electronic commerce. Buyers use the Virtual SOURCE(TM) network to obtain competitive bids in response to RFQs. Sellers use the Virtual SOURCE(TM) network to enhance sales opportunities and provide product and pricing information to customers. The system can be operated through modem or Internet access. Users of the system pay a nominal yearly subscription fee. Current subscribers include industry leaders such as Warner Brothers, CBS Television City, B.F. Goodrich, Xircom, Time Warner’s WEA Manufacturing, Stone Container, Monogram Aerospace Fasteners, Castle Metals and Earle M. Jorgensen Company.Details