Tejari, the leading online B2B marketplace for emerging markets, has been ranked the eighth largest electronic sourcing platform in the world, in a Forrester research report "Holistic View: The ePurchasing Software Market".
According to the report, eSourcing products are the second-most sought-after in the electronic purchasing family, with the global market reaching $878 million (Dh3.2bn) in 2008 and expected to top $1bn in 2009.
Forrester's report findings are based on interviews with more than 100 vendor companies globally. The report is a continuation of independent technology and research firm's "ePurchasing market" series.
Omar Hijazi, CEO, 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 per cent 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 a 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 per cent 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 analysing 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.
Buyers are provided with the tools to make better business decisions and suppliers with the means to expand their market coverage.