San Jose, CA (PRWEB) April 30, 2009
FreeFlow, the award-wining provider of inventory asset management technology and services, announced this week that it has been awarded the overall winner of the 2009 Ruban d'Honneur European Business Awards in the category of the Information and Communication Technology Effectiveness Award, a category sponsored by information technology giant Infosys.
At a ceremony held in Rome, winners in the ten European Business Awards categories were announced from a shortlist of ninety-nine companies from Ireland to Poland and from Estonia to Italy. Recognizing excellence and innovation in European enterprise, the award competition this year singled out companies that have defied the economic downturn and responded with a blend of inventiveness and industry.
The judges selected FreeFlow as the winner of the ICT Effectiveness category because of its success in helping enterprises generate new revenue streams from excess inventory. Because companies have traditionally focused on the forward supply chain, they seldom have the resources to run an excess inventory remarketing program as a profitable business. Whether they are an OEM selling obsolete inventory still in factory packaging, or are a manufacturer with returns or component inventory, FreeFlow offers a deployment solution to address each category.
FreeFlow provides pre-auction services such as FreeFlow Market Intelligence to maximize recovery with targeted pricing, fully-hosted online B2B auction technology, and post-auction financial settlement, all on a pay-as-you-go basis. This end-to-end solution has transformed the way enterprises view and manage inventory.
B.G. Srinivas, Senior Vice President and Member of Executive Council at Infosys, a global leader in the next generation of IT and consulting services, remarked: "The quality of entries this year despite the economic backdrop, has demonstrated a business environment in Europe that fosters talent management, gritty commercialisation and agility, that have enabled organisations to execute existing projects and in some cases completely re-engineer their business models for success. In our opinion, FreeFlow is a prime example of this."
"FreeFlow has been adopted by more and more Fortune 1,000 companies who want to empower their sales and supply chain organizations to deal more profitably with excess and at-risk inventory," noted Alan Scroope, FreeFlow's CEO. "Such a prestigious award as the Ruban d'Honneur highlights our success in helping those companies utilize innovative software and business services to shift the paradigm of asset remarketing from a cost center to a revenue program."
Despite the stringent economic climate, those companies shortlisted for the awards averaged an impressive 56% growth in profits. The judging panel, made up of highly regarded academics, heads of state, industrialists, entrepreneurs and media commentators drawn from across the 27 member European States, was impressed by the ability of all entrants to buck the downturn in the global economy and to post a combined turnover in excess of EUR570 billion.
FreeFlow has proven to be a top Sales and Supply Chain partner by addressing its customers' needs to disposition slow-moving, aging or end-of-life finished goods and components, wherever those products are located. The company's branded and anonymous auctions provide a private forum where only approved buyers view and bid on a company's inventory. Auction and 'member privilege' dynamics are deployed to improve bidding performance, returning higher recovery rate on all goods. FreeFlow's inventory asset management solution is utilized in the high-tech, automotive, consumer package goods, telecomm, and apparel industries. With its auction platforms, detailed market analysis and related business services, FreeFlow provides a low-cost, high recovery alternate channel for excess and at-risk inventory in all stages of the product lifecycle.
About The European Business Awards
The European Business Awards recognizes and rewards excellence, best practice and innovation in companies across the European Union. Extensive research and high standards of judging have established the European Business Awards as the showcase of Europe's skills, achievements and innovations in the field of business. The competition is free to enter and open to organizations of all sizes and from any industry sector.
The European Business Awards program serves three purposes for the European business community:
- It provides examples for the business community to aspire to
- It celebrates and endorses individual's and organization's success
- It provides case studies and content for learning from these exceptional organizations
Founded in 2001, FreeFlow improves its customers' product profitability by helping them identify excess and at-risk inventory and dispositioning the inventory through the channel mechanism most appropriate to that asset. Some of FreeFlow's industry leading customers include Apple, Creative Labs and SanDisk. FreeFlow's leadership in the supply chain arena has been recognized with a string of industry awards, including Gartner's Cool Vendors in Supply Chain Management and Procurement, Global Logistics and Supply Chain Strategies magazine's Top Supply Chain Partners, and Manufacturing Business Technology magazine's Top 40 Emerging Software Vendors. Privately-held, FreeFlow has headquarters in San Jose, California and Tralee, Ireland, with offices throughout the U.S., Europe, and Asia. For more information, please visit http://www.FreeFlow.com.