Press Releases

Newark element14’s exclusive i-Buy online tool provides electronics buyers with benefits of an eProcurement system, at no cost

CHICAGO-JANUARY 14, 2010

Flexible solution enables automated one-click approvals, cost control & spend visibility

Newark element14, part of the global Premier Farnell Group, and a leading multi-channel, high-service electronics distributor supporting millions of engineers and purchasing professionals across the Americas, announced today that it has launched i-Buy, a free, flexible online solution that easily automates the approval process and sets controls over a company's electronics spend.

This tool is a free enhancement to the distributor’s website at www.element14.com which offers access to over 4.4 million electronic parts for design and maintenance, real-time stock availability and 24/5 technical support. i-Buy has been available in Europe for several years, via Newark element14’s sister distributor Farnell, and is used there by more than 1,000 customers.

Without the cost of acquiring an enterprise purchasing system, procurement managers at small and mid-size companies can use i-Buy to set spend limits by individual order, by user or department or within a specific timeframe. An approval structure can also be quickly created to mirror corporate requirements, offering complete visibility. The tool generates comprehensive reports, including line level detail, which are downloadable in a CSV format. Newark element14's dedicated eProcurement team is available to support customers before, during or after an i-Buy implementation.

"“Current economic conditions have only contributed to the need for tighter corporate spend controls,” comments Dianne Kibbey, head of eProcurment portals and communities, Premier Farnell. “The beauty of i-Buy is that it affords even small companies many of the key benefits of an eProcurement system, without incurring any of the cost or complexity.”

i-Buy works in tandem with Newark element14’s MY ACCOUNT eSuite tools, which enable customers to track current orders, recall their complete order history, place scheduled orders, retrieve invoices and process quotes online.

More information, including demos, is available at www.newark.ca/ibuy
Newark element14’s eProcurement team can be contacted at eproc@newark.com or 1.877.363.9275.

About Newark element14

Newark element14, part of the global Premier Farnell Group, and a leading multi-channel, high-service electronics distributor supporting millions of engineers and purchasing professionals across the Americas, is known for offering the broadest selection of components and test equipment from 440+ top manufacturers for design engineer and maintenance technicians. With multiple sales channels, customers do business with Newark element14 through contact centers, a local branch network, field sales force and a world-class website at www.newark.com that offers exclusive tools to manage, track and review purchases, quotes and invoices online. Committed to innovation and reducing its environmental impact, Newark element14 has been making a difference in the electronics industry for 75 years.

Media Contact

Janice Fleisher
Newark element14
jfleisher@newark.com 773.907.5941