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Forrester's independent report findings are based on interviews with more than 100 vendor companies globally. The prestigious report is a continuation of independent technology and research firm's 'ePurchasing market' series.
Commenting on this achievement, Omar Hijazi, CEO of Tejari, said:
"In 2009, saving money will be making money. Cost-efficiency will be a top priority for businesses as many will focus on procurement and spend management methods to drive down costs. Our electronic sourcing platform has helped companies in the region save up to 12% of their annual spend; this function is key to Tejari's success over the past few years. Seeing an Arab technology firm ranked globally is powerful achievement and we look forward to further expanding our business alongside the growth of the industry in the years to come."
In 2008. Tejari achieved a 31% increase globally in the number of companies who joined the Tejari marketplace, bringing the total membership up to 200,000 businesses. Moreover, Tejari experienced strong growth in trading volumes, with total transactions topping $7.5bn globally since its inception in 2000.
Tejari's eSourcing application enables members to create and track detailed RFQ, RFI and RFP packages. Once these documents are sent to suppliers, responses can be tracked, quotations can be compared and business can be awarded. As a result businesses no longer spend days analyzing the data and decisions made are more
Informed. Members can additionally use the eSourcing application to create eAuctions or reverse auctions to invite suppliers on Tejari's global marketplace to bid in a competitive environment.
The key benefits derived through electronic sourcing include simplification and standardisation of the tender process, the ability to track compliance to procurement policy and to gain price advantage with the creation of a competitive environment to tender all expense contracts. Overall, buyers are provided with the tools to make better business decisions and suppliers with the means to expand their market coverage.
In separate report, research firm Aberdeen Group finds that procurement has earned its place at the corporate management table for CEOs and CFOs and is no longer viewed as a back office function. The report cited that 97% of Best-In-Class companies have adopted electronic sourcing solutions and have realized significant performance advantages over those that have not yet automated any part of their sourcing process including 16% incremental higher rates of identified savings and 30% less revenue leakage.
Tejari's online marketplace has already proved successful for many companies operating in a variety of industries across 15 countries including National Bank of Dubai, HSBC Pakistan and Emirates Bank in the financial sector; Emirates Airline, Etihad Airways and Royal Jordanian in the aviation sector; Leo Burnett in the media sector; Omantel and Zain Jordan in the telecommunications sector; Dubai Health Authority in the healthcare sector and Kharafi International in the construction sector; amongst others. In the government sector, apart from Dubai Police and Dubai Municipality, Tejari has also helped the Roads and Transport Authority source contracts worth $1.5bn.
Tejari, the leading online B2B marketplace for emerging markets is a perfect example of the innovative spirit of Dubai. The company, launched by the government of Dubai, is one of the most successful units of Dubai World, a holding company that is responsible for much of the emirate's phenomenal economic growth. The online trading portal helps facilitate trade between companies and geographies through the largest buyer network in the Middle East, thereby ensuring that more and more business in the UAE and emerging markets are becoming 'e-ready'.
Posted by Rana Mesbah
