Landmark 50,000th Request for Quote Posted at the MfgQuote Online Marketplace
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MfgQuote Steps Up as the Industry's Definitive Barometer of Business Conducted in the Custom Manufacturing Services Sector*
ATLANTA - July 25, 2005 - MfgQuote Inc. today announced that the 50,000th Request for Quote (RFQ) was sourced on MfgQuote.com, a dynamic online marketplace for buying and selling engineered-to-order parts. The milestone is the latest evidence of the increasing value of online sourcing in the manufacturing industry.
MfgQuote has hosted more than 20,000 RFQs since July 2004, which is a record-setting 63% increase in RFQ activity. The dominant online sourcing platform in the supply chain sector, MfgQuote connects industrial buyers with contract manufacturers at the exact moment that the buyer has a need, and that the supplier has the expertise and capacity to fulfill it. Customers and prospects can view the value of current business opportunities via MfgQuote's real-time RFQ Value Chart displayed on its home page.
"Globalization, pressures to innovate, and constantly fluctuating supply market conditions require manufacturers to quickly identify, source, and contract with new sources of global supply," said Tim Minahan, Vice President of Global Supply Management Research at the Aberdeen Group. "Increasingly, manufacturers are relying on online marketplaces such as MfgQuote to augment their internal sourcing infrastructures and accelerate supplier discovery, assessment, and negotiation."
In the first half of 2005, the MfgQuote marketplace heated up with 70 percent growth in RFQ Volume over the corresponding period the prior year. MfgQuote also noted a sharp rise in RFQ Value, with a daily average at $53 million.
"Fifty thousand RFQs translates into 50,000 instances where companies saved time and money discovering highly qualified suppliers who have the ability to produce engineered-to-order parts at a competitive price," said Mitch Free, president and CEO of MfgQuote. "Every day, new buyers and suppliers discover that MfgQuote is a production-level solution with an unrivalled blend of sourcing management technology, automated supplier discovery, and a global supplier network. Our community of buyers and suppliers continues to grow exponentially because they find a mutual win-win proposition in MfgQuote. Our thriving marketplace is the primary indicator of commerce conducted in the custom manufacturing domain, and sets the standards for sourcing technology in this industry."
More than 40,000 buyers across the industrial spectrum (aerospace, transportation, consumer products, electronics, and more) use MfgQuote.com to source, collaborate, and receive quotes online for more than 200 manufacturing processes such as CNC machining, metal stamping, forging, plastic molding, metal fabrication, and metal casting.
About MfgQuote
MfgQuote is an online Sourcing Management System with automated supplier discovery and a global network of independent suppliers. A production-level solution for OEMs and suppliers of engineered-to-order components, MfgQuote instantly and "intelligently" matches buyer requirements with potential suppliers possessing the right expertise, credentials, and capacity for the job being sourced. For more information, visit www.mfgquote.com. Images are available upon request.
