In Nov 2006, Causeway reported annual transaction volume in excess of 2.5 million for its Tradex platform, which has been operational for number of years and was originally designed specifically for the construction industry. Causeway also reported the value of transactions to be in excess of £1bn, i.e. an average transaction value of £400. Tradex’s customers include Sir Robert McAlpine, Taylor Woodrow, Morgan Sindall, Amec, Alfred McAlpine, Aggregate Industries, CEMEX, Tarmac, Hanson, GAP Group, Speedy Hire, HSS, Hewden Stuart, Greenham Trading, Jewson and Travis Perkins to name a few.
Celebrating the success, Duncan Speight, Tradex Business Development Manager commented, “The volume of transactions being handled through Tradex is proof that the construction industry is now starting to recognise the benefits of electronic trading. Initially there has been a general nervousness towards eTrading initiatives, however once organisations understand the simplicity of the Tradex service and start to calculate the potential cost and time savings, the decision to join becomes very straight forward.”
In the same year, but 10 months before, Accountis announced hitting 1 million transactions per day. However, this is achieved through managed and in-house solutions, i.e. not from single hub like the case of Tradex. Still no mean feat! In-house solutions are those sold to client organisations under licenses, and therefore may not result in recurring revenues for Accountis other than through maintenance contracts. Accountis’ clients include T-Mobile, Virgin Retail, Goodyear, Dunlop, Singer & Freidlander and Christian Salvesen.
Rhys Jones, Managing Director of Accountis said, “Our rapid growth is testament to the increasing trend for companies to embrace the benefits of IP technology and implement automated web-based EIPP systems. Our technology is flexible, compliant and 100% compatible. There has never been a better time to switch from paper to electronic.”
If you think above is impressive, see these figures from industry leader Ariba.
- Over 4 million desktop users
- More than 120,000 suppliers
- Savings of $12bn in 2004
- Sourced over $250bn spend in over 450 spend categories
Ok, Ariba offers much more capability than Accountis or Causeway and I could not find the number of transactions to compare, but I am certain it would be much higher than 1 million transactions per day. If you know anything better, please do share.