Companies in our industry are looking for ways to fund international expansion and innovation, but funding from traditional sources is hard to find
Philadelphia, PA (Vocus) August 27, 2009
ICG Commerce, the leading procurement outsourcing specialist, today announced that it has formed an executive advisory board to help further the company's strong focus on the consumer products industry. The ICG Commerce Executive Advisory Board for Consumer Products includes current and former CEOs and COOs from leading industry companies and associations: Daryl Brewster (Krispy Kreme, Kraft Foods/Nabisco); Tim Hammonds (Food Marketing Institute); Dean Hollis (ConAgra); Manly Molpus (Grocery Manufacturers Association); and Terry Peets (Ralph's, The Vons Companies, Bruno's Supermarkets). The board will guide ICG Commerce's ongoing efforts to deliver solutions specifically designed to help consumer products companies better manage outside spending and optimize cost reduction opportunities.
"We're all very excited to join this board, and support this company. What ICG Commerce brings to the industry is unique, and addresses the critical need for new ways to reduce costs, which is of particular importance in the current economic environment," said Manly Molpus.
The board recently met with ICG Commerce leadership to review the top strategic and business issues facing the industry. Leading the list was the challenge of continuing to drive growth while at the same time improving margin. Given decreased spending among consumers and an increasing focus on value, board members agreed that new product innovation and emerging markets are today's primary sources of growth. "Companies in our industry are looking for ways to fund international expansion and innovation, but funding from traditional sources is hard to find," said Daryl Brewster. "ICG Commerce helps companies to gain better control over outside expenditures, and uncover hidden costs that can translate to a margin point or more - through guaranteed, realized savings - and that is significant."
In its work to date with a growing list of consumer products companies, ICG Commerce has done extensive analysis of spending patterns and identified significant opportunities for savings - even within companies that have leveraged sourcing consultancies and implemented technology to address this area. The company has increasingly expanded its scope of spending coverage in consumer products, with input from key customers such as Kimberly-Clark, Chiquita, The Clorox Company and Whirlpool, among others. The advisory board will provide an additional source of industry executive perspective. "We are very fortunate to have guidance and support from such an accomplished group of industry leaders, and look forward to working with them to further enhance our solution and the impact we can have in the industry," said Carl Guarino, CEO of ICG Commerce.
ICG Commerce has an extensive team of sourcing and category management experts specializing in consumer products buying categories, including all areas of indirect procurement and select areas of direct procurement. Specific expertise includes sourcing and associated operations management for marketing services, professional services, logistics, packaging, IT/telecom, and more. Many of the top consumer products companies are currently leveraging ICG Commerce services.
About ICG Commerce:
ICG Commerce is the leading procurement outsourcing specialist delivering comprehensive source-to-pay services, with an emphasis on realized savings. Results-driven leaders leverage ICG Commerce's expert resources and supply market intelligence to better manage procurement and logistics spend, gaining significant savings and enhanced visibility and control.
ICG Commerce is a privately held company and a member of Internet Capital Group's (Nasdaq: ICGE) network of partner companies. The company has earned recognition from Forbes, Fortune, The International Association of Outsourcing Professionals (IAOP), and numerous industry analysts for its leadership in procurement outsourcing. For more information: http://www.icgcommerce.com .