Philippines-based electronic sourcing and procurement services provider reports $500 million in trade
BayanTrade is Asia's premier sourcing, procurement, and supply chain services provider. Since its founding in 2000, the company has facilitated $500 million in electronic trade involving 165,000 POs and 1,800 e-bidding events.
Manila, Philippines (PRWEB) October 8, 2004
BayanTrade — Asia's premier sourcing, procurement, and supply chain services provider — reported that it has managed US$500 million in electronic trade since it began operations in 2000, making it the first Philippine-based sourcing and procurement services provider to hit the half-billion-dollar mark.
“Being able to process $500 million worth of trade is a significant measure of BayanTrade’s success as a sourcing and procurement service provider. A Filipino company taking on a leadership position in this field, which is the next big segment of business process outsourcing, shows the market our capability in providing world-class sourcing and procurement services,” BayanTrade president and COO Dante Briones said.
BayanTrade achieved the milestone by managing the sourcing and procurement requirements of over 325 key regional, multinational and top Philippine corporations across different industries, facilitating approximately 1,800 sourcing events, and managing transactions involving over 165,000 purchase orders.
Briones said the continuous expansion of its industry networks also accounts for the companyÂ’s rapid growth. Among the industries BayanTrade serves are construction and real estate; telecommunications; semiconductors and electronics; power and utilities; pharmaceuticals and healthcare; retail and distribution; shipping, transport and freight; call center and high technology; gas and oil; consumer packaged goods; food; and banking and finance.
BayanTrade’s customers — in both the buying and selling segments of the supply chain — have realized the advantages of leveraging its rapidly expanding network, according to Briones, and acknowledge the company’s track record for delivering customized solutions and their impact on bottom lines. According to Briones, buyers have reported an average of 15 to 20 percent in cost savings as well as significantly improved overall transparency in the bidding processes.
“Our clients report greater efficiency in organizing, structuring and managing sourcing events as well as the elimination of inaccuracies in product specifications and supply agreements,” Briones said. “These things further reduce costs.”
Sellers, on the other hand, gain wider market reach through BayanTradeÂ’s extensive industry networks, lowered processing costs through streamlined back-end document exchange, shortened negotiating time, and a secure, transparent and level playing field.
The company continues to implement programs to strengthen its relationship with buyers and sellers. “We’ve further enhanced our value proposition by providing on-demand sourcing and procurement services. Our stable of sourcing and procurement experts, technology infrastructure, and network of trading partners makes this possible,” Briones said. “In effect, we’re there when needed, even when an urgent and perhaps complex requirement emerges unexpectedly.”
These changes signal BayanTrade’s evolution from a trading hub to a management services provider. “We have reached a level where we are now seen as a partner in forging strategic, collaborative, and profitable supply chain relationships.”
The change has come about because “BayanTrade has been consistently proactive and responsive to changing market dynamics and the evolving needs of our clients and this accounts for the company’s steady growth rate of 35-40 percent annually. In 2004 alone, the company introduced three new services, broadened its professional services offering, and expanded into the region,” Briones said.
Briones sees continued growth in the sourcing business but believes that the companyÂ’s procurement and professional services will experience an upward spike in the coming year. Sourcing presently contributes 50 percent of BayanTradeÂ’s revenues. Professional services for supply chain management was the next biggest source of revenue with 30 percent; procurement accounted for the remaining 20 percent.
Still, “this is just the beginning,” according to Briones. “With the Philippines’ emerging role as a prominent global center for business process outsourcing, supplier sourcing and procurement will increasingly become a strategically important BPO area.”
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