Press Release Summary:
MfgQuote v5 connects buyers, procurement professionals, engineers, and inventors with suppliers of custom manufacturing services. RFQ Creation Wizard guides buyers through process to collect technical, logistical, and distribution information. With eDrawings and thumbnail previews, potential suppliers can view data without CAD software. Buyers can rate supplier in regards to quality of work, responsiveness in communication, and on-time delivery.
Original Press Release:
MfgQuote Inc. Unwraps All-New MfgQuote Version 5 with 100 + Enhancements
Leading Online Marketplace for Buying and Selling Contract Manufacturing Services Powers Up New Sourcing Functionality for RFQ Creation, Distribution, and Collaboration
Atlanta, GA - September 22, 2004 - MfgQuote Inc. announced today the launch of MfgQuote Version 5, a new version of the leading online marketplace that connects buyers, procurement professionals, engineers, entrepreneurs, and inventors with qualified suppliers of custom manufacturing services. The latest release boasts a feature list of over 100+ enhancements including customer-driven functionality, user interface improvements, and the latest web technologies. MfgQuote consistently makes product development investments in their web-based applications to provide a state-of-the-art online marketplace utilized by over 31,000 purchasing professionals and 1,100 suppliers of made-to-order parts and equipment.
Sourcing for suppliers via conventional means of snail mail and mile-high paper engineering drawings is time-consuming and riddled with inefficiency. MfgQuote V5 removes the productivity bottleneck with the industry's most comprehensive, on-demand service to find qualified suppliers with the "right stuff" - the right capacity, the right capabilities, and the right equipment. MfgQuote enables the purchasing professional to securely distribute RFQs (request for quotes) and technical information, perform due diligence, and manage the entire sourcing process from the comfort of their desktop. This high-tech approach translates into highly efficient sourcing practices, centralized RFQ management, and confident, informed purchasing decisions.
"We have blazed new sourcing trails with MfgQuote V5," states Mitch Free, CEO of MfgQuote. "By adding and refining sourcing features over the past four years, MfgQuote has evolved into a world-class service for procuring custom manufacturing services on the Internet. Purchasing professionals will find an ultra-streamlined interface for RFQ creation, distribution, and collaboration. We have paid extraordinary attention to the core needs and requests of our Buyer user base. When it comes to product development, we aim high with every new release. MfgQuote V5 is setting new industry standards in automation and sourcing efficiency for the buyer of manufactured-to-order parts."
MfgQuote Version 5 Features Optimize the Entire RFQ Process
MfgQuote Version 5 ushers in a plethora of new enhancements starting with the development of a new RFQ Creation Wizard that guides Buyers through a logical process to collect technical, logistical, and distribution information. To ensure highly accurate matches to the optimum number of suppliers, several new options have been added to the wizard to add more qualification detail to RFQs. At anytime during the RFQ creation process, RFQs-in-progress can be saved in a draft status until they are ready to complete and submit for supplier quoting.
Additional RFQ distribution options allow buyers to securely distribute RFQs to: 1) suppliers with the right expertise and capacity automatically matched by the system, 2) suppliers on a preferred supplier list created by the buyer, 3) out-of-network suppliers that may not be MfgQuote members, or 4) any combination of the above newly integrated features. Buyer members will also notice a new format for RFQs and quotes that resembles traditional hard-copy RFQs and quotes. Print friendly versions are also provided.
Exchange Engineering Data with Ease and Security; Eliminate Snail Mail & Paper Drawings from the RFQ Process
Exchanging design and engineering data between buyers and suppliers is easier than ever using MfgQuote V5. MfgQuote is proud to exclusively offer both eDrawings (Solidworks Corp., Concord, MA) and thumbnail previews as part of their Sourcing system. eDrawings adds a new level of ease and security for the Buyer. CAD files that are attached to RFQs are automatically converted to the neutral eDrawings format, thus protecting the native CAD data. Potential suppliers can view and investigate the data quickly without the need for CAD software. Thumbnail images of CAD file attachments are also generated automatically to give the buyer and potential suppliers a visual confirmation of the part(s) being sourced.
MfgQuote V5 Fortifies Due Diligence Features; Elevates Buyer Confidence to a New Level
One of the most popular features is the MfgQuote Rating System (similar to eBay's Feedback Rating system) for evaluating and rating business transactions. Buyers who have conducted business with MfgQuote Suppliers can appraise the supplier in regards to the quality of their work, responsiveness in communication, and on-time delivery. The rating system has been upgraded with additional rating parameters and a new "look and feel". MfgQuote Buyers have come to rely on the proprietary MfgQuote rating system as an influencing factor when performing due diligence on potential suppliers.
Buyers also have access to Supplier profiles for due-diligence purposes. Each MfgQuote Supplier has an online company profile describing their services, capacity, and unique selling proposition. In the new release of MfgQuote, Supplier profiles have been enhanced to provide even more information via digital video, audio, images, brochures, and links to external resources. The Supplier profile now presents greater detail on any special business status a supplier may possess, such as small, disadvantaged, or minority business status. Quality certifications, such as ISO, may now be attached to the Profile. Additionally, a Profile can be emailed to colleagues. Buyers can also request a quote from a specific contract manufacturer with a simple button click from their Supplier Profile.
Buyers Get New Edge with Enhanced Supplier Management System
MfgQuote V5 has also spruced up its robust Supplier Management system with new tools and reports. Buyers can now manage multiple preferred supplier lists, and invite/manage out-of-network suppliers to participate in online RFQs. Buyers can discover new suppliers using the MfgQuote rich-attribute search technology, analyze the performance of their suppliers, generate spend visibility and spend allocation reports, and more. The system also includes expanded support and additional parameters for exporting single or multiple RFQs to Microsoft Excel for customized comparative analysis.
MfgQuote V5 Now Faster, Scalable, Easy-to-Use
While MfgQuote's overall sourcing and quoting process continues to be streamlined, the MfgQuote development team has also been at work to integrate leading edge web technologies and programming methodologies to the system. MfgQuote V5 is now over ten times faster than previous versions, and is infinitely scalable for future enhancements. Users now have rapid access to the most robust industrial sourcing solution on the Internet. Unlike software applications, MfgQuote does not require special hardware or IT support. This ASP web service can be used by any MfgQuote member with an Internet connection.
Pricing and Support
MfgQuote.com is a no-commission, non-auction sourcing service. Qualified buyers and engineers register online at www.MfgQuote.com to use the service for free. Suppliers pay a flat annual service fee or may opt for a monthly payment plan. MfgQuote customer service is available at no charge to all members.
About MfgQuote, Inc.
MfgQuote, Inc., a privately-held Atlanta, GA company, develops and markets web-based services designed to create unprecedented efficiencies within the manufacturing industry. The highly successful MfgQuote Network provides a comprehensive online sourcing system for custom manufacturing services, and intelligently matches Buyer requirements with Suppliers' expertise, credentials and capacity in near real-time. The system also provides sophisticated, yet easy-to-use, technology for managing the sourcing process, collaborating, performing due diligence, and establishing a private network of preferred vendors. For more information, visit their web site www.mfgquote.com.