Red Bank, NJ – (June 27, 2005) – PurchasingNet, Inc. announced today that Liz Claiborne Inc. (NYSE: LIZ) has completed Phase One of their PNet Procure-to-Pay software implementation. In this phase of the project, Liz Claiborne replaced their eProcurement application with PurchasingNet`s highly scaleable Web-based eProcurement suite.
Liz Claiborne Inc. designs and markets an extensive range of fashion apparel and accessories for women, men, teens, children and infants. The Company also markets fragrances for women and men. The more than 38 brands in the Liz Claiborne Inc. portfolio are available at over 30,000 points of sale worldwide. It had annual revenues of $4.6 billion in 2004 and has 14,500 employees throughout the world.
"Our vision was to select a single vendor to partner with who could provide not only best of breed eProcurement software, such as Requisitioning, Purchasing, and Receiving, but could also address Invoicing, Settlement, and Discount Management," states Joe Monahan, group director of Financial Services at Liz Claiborne Inc. "It will also allow us to offer our suppliers visibility and flexibility in managing their receivables with us."
After a comprehensive search of the available solutions, Liz Claiborne selected the PNet eProcurement and ePayables suites. "We had an aggressive timeline to get a system up and running," recalls Monahan. "The PurchasingNet team was able to meet those timelines and our expectations." The PNet eProcurement deployment took less than three months [from start to finish]. The balance of the implementation is targeted for completion in 2005.
About PurchasingNet, Inc.
PurchasingNet, Inc. is a leading provider of Web-based eProcurement and ePayables software to mid and large sized companies. The company has over 1,400 customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing and a variety of other industries.
Founded in 1983, PurchasingNet has focused exclusively on the development and implementation of Procurement and Payables applications since inception. In addition to building an extensive, blue-chip client base, PurchasingNet possesses deep domain expertise in Purchasing and Payables business processes. The average length of service at PurchasingNet is 8 years per employee.
PurchasingNet`s customers include Countrywide Financial, US Bank, Navy Federal Credit Union, American Financial Group, Skadden Arps, HBO, EarthLink, Black & Decker, Kroger, and General Mills.
With the company`s recent launch of its e-payables solution, PurchasingNet became the first provider to truly integrate e-procurement and financial management software.
Benefits to PurchasingNet`s ePayables Solution
Increases efficiency and reduces cost
Elimination of duplicate/overpayments
Prompt payment discounts
Purchase price reductions
Procurement process efficiencies
Improved internal controls
Improved supplier relationships
Improved credit ratings
President and CEO
Tim McEneny is the President and CEO of PurchasingNet. The driving force behind the creation of the company`s products, Mr. McEneny is responsible for the overall direction and management of the company.
Mr. McEneny is widely acknowledged as one of the world`s leading authorities on Procurement and Inventory Control. Recently named as one of six industry executives selected for Supply & Demand Chain Executive magazine`s 5th Annual "Pros to Know" award, he is credited with developing the first-ever Windows-based Purchasing system and the first Web-based Procurement system.
Prior to co-founding PurchasingNet, Mr. McEneny was a leading international management consultant to companies implementing various ERP/MRP II software packages. As a practitioner, Mr. McEneny was a Materials Manager at Singer, IBM, and Sara Lee.
Mr. McEneny is a frequent speaker at international conferences for APICS (American Production and Inventory Control Society) and the Institute for Supply Management™ (formerly the NAPM - National Association of Purchasing Management). He was recently featured in "Net Future," a New York Times Bestseller, authored by Internet expert, Chuck Martin. Mr. McEneny himself authored the book, "Up the Manufacturing Organization: The Modern Materials Management Guide to Survival" and a Chapter on eProcurement in "The Handbook of eBusiness."
Certified at the Fellow Level by APICS, Mr. McEneny has earned a Bachelor of Sciences Degree in Industrial Engineering (BSIE) from Lehigh University.
MRB Public Relations