400 new users a month registering for Findfast

Edited by the Engineeringtalk editorial team Dec 18, 2000

The latest version of a world-leading internet-based procurement (exchange) service was demonstrated at Manufacturing Week by its creator and marketer, the British enterprise First Index

The latest version of a world-leading Internet-based procurement (exchange) service, the only one to address the international sourcing and supply of bespoke or customised components, was demonstrated at Manufacturing Week by its creator and marketer, the British enterprise First Index.

Visitors to the company's stand had the opportunity to sign up for free to the service immediately.

Since its launch in July this year, nearly 1000 buyers and suppliers have started using First Index's new Findfast online procurement service.

New users are now registering at the rate of 400 a month.

First Index's Findfast online service complements the company's existing printed and CD-ROM databases used regularly by over 10,000 buyers and specifiers in the UK.

By posting their RFQs (requests for quotations) and RFIs (requests for information) on the Findfast online web site, they can reach more than 1000 potential suppliers in a fraction of the time and effort it would have taken using other methods.

The service matches RFQs to registered suppliers that have the right resources, and enables them in turn to download any associated drawings and specifications from the potential customer to produce quotations.

Buyers can review details of participating suppliers by making use of information provided in a standard, easy-to-compare format devised by First Index.

Queries can also be sent via the service from buyer to supplier and vice versa, before decisions are finalised, resulting in a highly interactive and informative relationship.

"Take up of internet sourcing and procurement has been even faster than we expected", said Hans Wigart, managing director of First Index, whose UK headquarters is located in Basingstoke, Hampshire.

"Our eight-year track record gained prior to the on-line initiative gives users the confidence to try the proven value of this latest e-business service for the global manufacturing industry.

They soon find it provides significant time and price benefits without making their operations more costly or complex".

Because Findfast online is web-based, only an internet connection and standard browser are needed to access its range of facilities.

Once users are registered, they can enter or retrieve RFQs without installing any extra software.

The application is built using Microsoft and industry standard software, making it easier to interface with in-house manufacturing and procurement systems if required, such as enterprise resource planning (ERP) systems.

This facility enables sourcing and procurement activities to be smoothly integrated within an organisation's supply chain processes.

First Index claim the service is proving popular on both sides of the Atlantic, with initial uptake slightly faster in the USA, where the company has also operated successfully for several years.

Among the many benefits cited by buyers are improved choice, quality, price and lead times for procurement of custom components.

For suppliers, Findfast online generates valuable business leads with the minimum of sales effort and streamlines the whole quotation process.

"$10 million was invested in our database and sourcing services over an eight-year period before we moved onto the Internet", said Hans Wigart.

"We waited until the right technology was available to develop Findfast online so that users would find it easy and economical to get the most from our comprehensive service and data resources".