A large hospital system enlisted the expertise of eBridge Business Solutions to purchase new, state of the art radiology equipment for one of their hospitals, utilizing the reverse auction process. The purchase included four line items along with installation costs.
eBridge sourced five suppliers to participate in the event.
During the course of the bid, the five suppliers placed a total of 52 bids. The final low bids were 30% below the hospitals’ budget amount for this purchase and are poised to run several auctions for additional equipment before the end of the year.
eBridge purchasing professionals provided guidance to the hospitals’ purchasing staff throughout the process. With the expertise and strong partnership with the innovative team of purchasers at the hospital, the event was a success and delivered bottom line savings to the hospital organization.
The Hiring Incentives to Restore Employment (HIRE) Act, also known as the “jobs bill,” is a plan to create jobs by providing a temporary tax break to companies that hire the unemployed. The bill also extends federal highway programs through the end of the year.
Below is some additional information about the bill and what you need to know as an employer. If you have any questions or need assistance, please contact Jacquelyn Campbell at 502-491-1980.
Click here to view the entire Act from the IRS’ website.
Fill out and print the Form W-11: HIRE Act Employee Affidavit.
National Payroll Week celebrates the hard work by America’s 156 million wage earners and the payroll professionals who pay them. Together, through the payroll withholding system, they contribute, collect, report and deposit approximately $1.7 trillion, or 71.9%, of the annual revenue of the U.S. Treasury.
As a payroll provider, eBridge recognizes that payroll has evolved into a commodity based solutions and we have structured our payroll service to provide all the features and functionality to effectively pay your employees at a very competitive price point. Whether you pay one employee or 1,000 employees, we can help you maximize your payroll system capabilities with a personalized implementation plan.
Below is a link to the National Payroll Week website, where you can find excellent resources and extensive information about the payroll industry.
http://www.nationalpayrollweek.com/index.cfm
For the second year in a row eBridge Business Solutions partnered with a midwestern city to purchase three new dump trucks. eBridge ran this same event last year with many of the same suppliers participating.
During the 2010 event, four suppliers competed for the three dump trucks. The four suppliers placed 19 total bids, with first place changing hands 10 times. At the conclusion of the event, first and second place suppliers were separted by a mere 0.17% between the two, indicating that true market value had been found for dump trucks in 2010.
In 2009, the total for three trucks came in at approximately $267,000 and in 2010 the final bid came in at approximately $290,000. Although the trucks came in at $23,000 higher than in 2009, the reverse auction process helped the organization achieve true market value at the current point in time for their purchase.
This event is a prime example of what the reverse auction process ultimately does: finds true market value.
eBridge Business Solutions provides leadership in helping our customers operate more efficiently and profitably. We promise to do what we say we will do to achieve remarkable results- like we did today and always!
Nicholas Cucci of Network Merchants Inc, writes and excellent article about the latest trends in credit card fraud. Even Google Inc has recently be a victim, so be sure to check out the entire article so you can protect your organization from fraud.
Financial fraud is a large business domestically and internationally. It accounts for more than $200 billion in losses each year in the United States alone, according to Symantec Corp., a provider of information security software and services.
The number of fraudsters has grown exponentially within the last five years, and they have become more sophisticated in how they steal and sell credit card information.
The buying and selling of credit card information has become so widespread that the British Broadcasting Corp. reported that U.K. credit card information is now for sale in India.
According to the BBC, a man named Saurabh Sachar told two undercover BBC reporters in Delhi that he could supply them with hundreds of credit and debit cards each week at $10 USD per card.
He claimed to have obtained the card data from call centers handling mobile phone sales and payments for phone bills and hotels. After receiving sample credit card numbers, the BBC reporters found they were valid.
Understanding fraud techniques
A powerful way for the payments industry to fight back is to understand how fraudsters work. One technique described by First Data Corp. is the use of fraud forums. These are highly popular web-based forums dedicated to individuals and groups that perpetrate fraud and provide a convenient way for them to exchange stolen information.
People looking for stolen data or interested in stealing and selling data themselves need only create a username and password on these websites to gain access to the goods. The sites provide how-to guides and even specialized venues for specific countries or regions. I was able to find within minutes people willing to sell malware to obtain information illegally for $35 to $500 USD.
No fraudulent act is complete until a “cash-out” on the stolen data occurs. This is when the “cashiers” and “money mules” come into play. They are available for hire to act as intermediaries in converting information into true currency. There’s even another business inside of this business; the fraudsters basically have their own fraud-support teams.
Intermediaries will transfer funds from stolen accounts into legitimate currency for a commission on the amount transferred and, for a nominal fee, will even help validate cardholder verification value code numbers against their corresponding credit card numbers and expiration dates. You can even request a cashier’s check for a specific location, nationality or gender to match the identity of the victim to minimize suspicion when withdrawing funds. The sophistication with which fraudsters conduct their business is unbelievable.
With technology advancing daily, it simply cannot be stressed enough that today’s criminals are more adept and organized than ever. We need to continuously evolve our methods to keep ahead of the fraudsters.
People from all walks of the payments industry need to understand that fraud is still a two-step process for the perpetrators. The first step is stealing the data; the second is converting the data into money through various means. Following are the current top five fraud trends, based on information I gathered from Symantec, the Internet Crime Complaint Center and First Data Corp.
Malware attacks
Malware is short for “malicious software” that is designed to gain access to, and potentially damage, the victim’s computer without the victim’s knowledge. In 2009 the number of attacks was 10 times greater than in 2008. Most malware attacks today are intended for financial gain.
Malware escapes detection while collecting and transmitting sensitive data such as users’ bank account information, passwords and card details.
Criminal hackers create new malware Trojans daily, exploiting new vulnerabilities before they can be detected and fixed. Keeping your anti-virus software up to date gives you the upper hand. Vulnerabilities are usually found in out-of-date virus detection systems.
Advanced phishing, SMSishing and whaling
Pretending to be a trustworthy entity such as a bank or credit card company, phishers send out emails and instant messages that prompt users to send sensitive information to confirm they are the actual owners of the accounts. Phishers even send out text messages now, too – a practice called SMSishing.
Whaling in the fraud world occurs when high-worth accounts are targeted. Usually this is through social networking sites such as LinkedIn and even Facebook. Whalers target profiles with certain descriptors, such as vice president, chief executive officer, chief financial officer and so forth.
Google was recently hacked via a PDF file sent to its executives that, when opened, caused a vulnerability on each user’s computer so hackers in China were able to grab information. Google believes the hack stemmed from, or was at least approved by, the Chinese government, but the company cannot prove with 100 percent certainty the Chinese government’s involvement.
Phishing can happen to anyone; according to Gizmodo.com, the key is to always stay on top of everything and delete, without opening, any file that you do not completely recognize.
ATM skimming
In this type of fraud, skimmer devices are placed directly over the slot where customers swipe their cards to get cash from an ATM. The skimmer reads and stores sensitive personal information kept on the bankcard’s magnetic stripe. The skimmers are so small that authorities have a hard time finding them. Skimming has been around since the early 90s.
SQL injections
SQL stands for structured query language, a language used for database programming. Hackers inject SQL into web forms containing login fields or browser addresses to access and manipulate the database being utilized by the site or system. These attacks allow criminals to access restricted data, such as credit card details and PIN data. This is becoming a more popular attack because of its versatility.
Counterfeiting in non-EMV countries
Many countries outside of the United States have adopted the Europay/MasterCard/Visa smart card standard. This allows for a more secure chip and PIN technology. This technology deployment has resulted in a higher level of security and caused the basis points on card transactions in the United Kingdom to drop from 18 in 2001 to 12 in 2008. I hope it is only a matter of time before this method is adopted in the United States.
Leading business solution provider ranks #344 on 2010 Inc. 500
Louisville, KY- August 24, 2010– eBridge Business Solutions, LLC, a provider of fully managed business solutions, announced today that it has been named to the 2010 Inc. 500, a prestigious list that ranks the most entrepreneurial and fastest-growing private companies in America. Ranked No. 344, eBridge is making its first appearance on the list after experiencing 851 percent revenue growth from 2006 through 2009.
“eBridge continues to differentiate itself in the market place with our fully managed business solutions, delivering remarkable results to our customers,” said Jim Headlee, Chief Executive Officer, “Thank you to our eBridge employees and customers who have been a part of our growth. We look forward to continuing to deliver results with our purchasing expertise, merchant card management and web based payroll solutions.”
“Fast growth at any time is a big achievement; fast growth during the past few years is just short of miraculous,” said Inc. editor Jane Berentson. “The Inc. 500 consists of these just-short-of miraculous companies, the ones that through ingenuity and ambition have increased revenue, hired employees, and experienced fast growth in difficult economic times.”
The list represents a comprehensive look at the most important segment of the economy—America’s independent-minded entrepreneurs. Companies such as Microsoft, Zappos, GoDaddy, Zipcar, Clif Bar, American Apparel, Oracle, and many other well-known names gained early exposure as members of the Inc. 500.
The 2010 Inc. 500, unveiled in the September issue of Inc. magazine (available on newsstands August 24 to November 16 and on Inc.com), is a group of companies that are smaller but much faster-growing than last year’s crop. Aggregate revenue is $11.3 billion—down from last year’s $18.4 billion—but median three-year growth is 1,231 percent, substantially up from last year’s 880.5 percent. The companies on this year’s list employ more than 45,000 people.
To see eBridge’s ranking on the Inc. Magazine website and to learn more about the rankings visit: http://www.inc.com/inc5000/profile/ebridge-ky
Purchases bullet-proof doors for police fleet vehicles
In order to keep the police force safe, the city purchased vehicle ballistic door panels for the fleet of crown vic police interceptors.
The three participating suppliers placed 66 bids and the clock extended 44 times, keeping the bid competitive for over an hour while the suppliers fought to win the bid.
The event yielded a low bid 45% below the budgeted amount for the door panels. The city was thrilled with the reverse auction process as well as the quality of vendors eBridge brought to the table. Another successful bid for our customers!
In the article below, the author takes a look at outsourcing, particularly related to procurement, outline: What is outsourced procurement? How does it work? Should your organization outsource its procurement?
Full text of the article is available in the link at the bottom of the article. So read for yourself and let us know what you think!
Procurement Outsourcing
By: Michael Lamoureux, PhD of Sourcing Innovation
It is a well known fact that businesses that outsource (well) grow faster, larger, and more profitably than those who do not. When done right, this is especially true for procurement as it can generate additional value through sourcing and compliance savings as compared to the savings opportunities from most outsourcing arrangements, which are generally limited to efficiency improvements and headcount reductions. In addition, it is a transformational type of outsourcing where a portion of the savings generated from an initial endeavor can be used to finance and expand the transformation.
One reason to outsource would be if the procurement of certain categories, such as indirect or non-critical materials, or the management of certain procurement processes, such as requisitioning and compliance tracking, were not core competencies since outsourcing provides an opportunity to increase efficiency, lower costs, and increase savings. Outsourcing in these situations is often much more economical than trying to build the competence internally.
Another reason to outsource is to keep organizational top performers happy. A first class sourcing professional wants to focus on strategic core purchases where she can have the greatest impact, not tactical indirect categories where savings opportunities are limited and impact minimal. By transferring manual and tactical tasks and low-impact indirect categories and class-C commodities, organizational top performers have more time to focus on what they do best and what benefits the organization the most. On the flipside, what once were low-volume non-strategic indirect categories are now high-volume strategic niche categories in the hands of a PSP who can aggregate volume and, more importantly, expertise across clients to the point where niche professionals focused on that category can be hired and kept happy by the sheer volume of opportunities.
A final reason to outsource would be if procurement is an area that, if managed properly, could drive significant value to the business but it is not an area that the organization plans on investing significantly in or increasing focus on internally. In this case, an organization could consider full spend management outsourcing, but it is not something the authors would normally recommend unless the organization was in an industry where all goods and services procured on a regular basis were non-strategic indirect or commodities. A hotel chain would be one example of a firm where full spend management outsourcing might make sense as the vast majority of goods and services procured on a regular basis are commodities.
Click the following link to view the full text of the article: http://www.esourcingwiki.com/index.php?title=Procurement_Outsourcing&printable=yes#Authors
In 2009, The City of Fort Smith Arkansas partnered with eBridge on the purchase of their water treatment chemicals, achieving significant savings and efficiencies in their purchasing process. Because of the success, Fort Smith immediately turned to eBridge to again provide expertise and leadership through this year’s chemical purchase. (Click here to read about last year’s event!)
For the 2010 bid, our team of purchasing professionals assisted the city in sourcing 17 suppliers to participate in the event. During the bidding event, 293 bids were placed by the 17 suppliers. In a paper bid process, the City of Fort Smith would have only received 14 bids rather than the 293 subsequent lowering bids that were placed by the 17 suppliers.
Throughout the bid process, eBridge provided consistent communication to the Fort Smith purchasing department about the status of the suppliers, bid documents and confirmation of communication to participating suppliers. The final deliverable was the reverse auction event that proved to be a huge success, yet again.
A mid-western city partnered with eBridge yet again to establish a road salt bid with one year extensions for the next four years. eBridge established the city’s road salt contract 5 years prior and with the contract up for renewal, the city looked to our team of purchasing professionals to deliver for them, yet again.
As purchasing professionals know, establishing road salt contracts early in the year helps your organization get a competitive market price for your purchasing jurisdiction.
The city anticipated a specific price per ton, however, at the conclusion of the reverse auction event, the auction yielded a low bid 15.38% lower.