Press Release Summary:
PECOS(TM) v10.0 enables buyers and suppliers to conduct interactive commerce over Internet. Designed to facilitate requisition to payment procurement lifecycle, software provides financial settlement, requisitioning, receiving, tax and freight handling, and communication interface tools. It enables ability to enter decimal quantities in requisitions, delegation of approval, non-catalog supplier lookup, and requisition selectable supplier terms.
Original Press Release:
Elcom Announces Commercial Availability of PECOS(TM) Version 10.0
New Version Offers Enhancements in Financial Settlement, Integration and Deployment
NORWOOD, Mass., Feb. 1 / -- Elcom International, Inc. (BULLETIN BOARD: ELCO) and (AIM: ELC and ELCS), a leading international provider of remotely-hosted eProcurement and eMarketplace solutions, today announced the commercial availability of PECOS(TM) Version 10.0, Elcom's flagship eMarketplace and eProcurement platform that enables buyers and their suppliers to conduct highly interactive commerce over the Internet. PECOS(TM) Version 10.0 offers Elcom's clients a multitude of enhancements designed to improve the requisition to payment procurement lifecycle. Major improvements include enhancements to financial settlement, requisitioning, receiving, tax and freight handling, usability for professional buyers and requisitioners and communication interface tools designed to optimize integration with legacy computer systems and to simplify large scale deployments.
PECOS(TM) Version 10.0 offers a number of improvements in the area of requisitioning including enhancements in freight and tax handling, the ability to enter decimal quantities in requisitions, delegation of approval, non- catalog supplier lookup, requisition selectable supplier terms and requisition processing types. Approval delegation allows an approver to assign their approval tasks to another user for a specified time period. Using the new selectable supplier terms feature, a user can now select payment, FOB and freight terms when creating a requisition or the administrator can establish defaults that cannot be changed by the user. The new requisition processing type feature enables a user to record a requisition in the system but not send it to a supplier as a purchase order. This feature can be used to record an external order that was initially made outside of PECOS, e.g., one that was purchased using a cash payment that may be recovered later via an expense report submission.
A number of enhancements have been made to the XML interfaces used to communicate with external computer systems and a new generation of tools and utilities are available to assist in the initial setup of large scale deployments.
Robert J. Crowell, Elcom International, Inc.'s Chairman said, "The commercial availability of PECOS(TM) 10.0. represents another major milestone in the evolution of our PECOS technology platform. With the introduction of PECOS(TM) Version 10.0, we are expanding our technical leadership in the area of large scale deployment of highly interactive B2B eCommerce systems while still preserving our position in the marketplace as the leading provider of affordable eMarketplace and eProcurement solutions."
"The commercial release of PECOS(TM) 10.0 establishes a new standard of value for companies who are seeking to lower operating costs while still improving efficiencies," said Gregory King, Elcom's Vice President of Marketing and Sales. "Payment processing remains one of the most costly of procurement activities and PECOS(TM) Version 10.0 offers significant value for money by addressing client's needs to streamline the presentment, matching and exception processing of payments."
In addition, PECOS(TM) Version 10.0 contains significant enhancements to assist customers with the automation of invoice presentation and matching processes. Invoice settlement workflow, a major new feature, provides the ability to route invoices for approval prior to sending them to accounts payable for payment. A PECOS 'Administrator' creates an invoice settlement workflow plan that dictates which invoices get routed for approval. In addition, the two and three way matching feature has been enhanced to enable a designated PECOS Administrator to specify if matching orders for a given supplier should be a two-way match between the order and invoice, a three-way match including receipts, or if the workflow plan will make this decision for a particular supplier's orders. Other settlement related improvements include the invoice presentation process with enhancements in invoice entry and editing, when required.
Lastly, a number of enhancements have been made to provide enhanced integration with legacy computer systems and to support very large scale deployments of the PECOS system. A new feature allows Administrator(s) to create customized user definable fields to capture additional information in requisition, order, and invoice documents.
PECOS(TM) Version 10.0 has been fully tested by Elcom's U.K. clients and upgrades are currently being scheduled for U.S. clients.
About Elcom International, Inc.
Elcom International, Inc. (BULLETIN BOARD: ELCO and AIM: ELC and ELCS) , operates elcom, inc. ("Elcom"), an international B2B Commerce Service Provider offering affordable solutions for buyers, sellers and commerce communities to automate many or all of their procurement processes and purchase most or all of their goods and services in a 'private' eMarketplace system. PECOS, Elcom's remotely-hosted flagship solution, enables enterprises of all sizes to achieve the many benefits of eProcurement and eMarketplace functionality, with the system hosted by Elcom at its own data center, eliminating the burden and cost of in-house programming, IT infrastructure and ongoing catalog content and system management. More information is available from our integrated Internet web site at: http://elcominternational.com/
Web site: http://www.elcom.com/