2004 Press Release
SINGAPORE, 19 August 2004 – Leading IT services provider Crimsonlogic today announced TradePalette Procurement, an extension of its TradePalette service offerings, to the retail sector to help retailers and their suppliers achieve supply chain efficiencies. With the TradePalette Procurement solution, CrimsonLogic will be the first AS2 certified IT services provider in Singapore to enable both electronic purchase order and invoice creation via Web Electronic Data Interchange (EDI), which helps to significantly reduce order-to-fulfilment cycles time from days to hours.
The TradePalette Procurement solution enables retailers to save tremendous time and costs communicating with their suppliers, by simplifying the purchase order and invoice creation processes with system automation and data integration through a self-service portal and direct system-to-system integrations. The Web EDI is accessible 24 hours a day to suppliers and retailers alike via the Internet.
TradePalette Procurement also allows customised configuration of business rules, including order, invoice and receipt matching, as well as alert management, to minimise errors and reprocessing efforts for the retailers' accounts payable and purchasing departments. Currently, about 10 – 20% of the paper-based invoices received by the retailers have discrepancies. The time and manual resources taken by both the retailers and suppliers to resolve information discrepancy are contributing to significant business costs. With the automation for invoice matching, information discrepancy can be highlighted and suppliers automatically notified with email alerts.
V. Mathivanan, CEO of CrimsonLogic said, “With the worldwide trend gearing towards globalisation, consolidation and standardisation, the fundamental aspects of the retail sector are changing. Retailers are increasingly leveraging on technology to be efficient, profitable and expand their market reach. This is where CrimsonLogic can add value to the retailers – our strength lies in our ability to help retailers reduce costs and reach out to a large base of suppliers, big and small, online, quickly.”
Unlike other Web EDI solutions which mandate new software deployment by suppliers, the CrimsonLogic solution does not require any hardware or software investment. TradePalette Procurement, which uses AS2 standard, is being offered to business partners of the retailers at low implementation costs, allowing any supplier with Internet access to interact with the retailers instantly. The AS2 standard provides an added level of security for business data messaging over the Internet.
“Achieving AS2 EDI/XML interoperability allows CrimsonLogic to offer cost-effective services to international retail hypermarket chains and their trading communities by enabling users to connect, deliver and reply to data securely and reliably over the Internet,” said Mr Mathivanan.
Developed by CrimsonLogic, TradePalette is a suite of innovative solutions designed to enhance efficiency in the trading community by simplifying work processes and minimising delays. Other solutions under the TradePalette suite include TradePalette Traders, TradePalette Forwarders, TradePalette eSCM and TradePalette RosettaNet. More information can be found at http://www.crimsonlogic.com/tradepalette.