Global Oilfield Products Company selects Zycus’ suite of procurement solutions

PRINCETON, NJ – AUGUST, 18, 2015 – Zycus, the leading source-to-pay procurement solutions provider, announced today that its Strategic Sourcing Suite has been selected by Forum Energy Technologies, Inc. (NYSE: FET), a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The modules being implemented include eSourcing, Supplier Management, Spend Analysis and Contract Management.

Darin Harvey, Vice President of Procurement at FET stated, “We chose Zycus’ comprehensive, easy-to-use procurement solution after seeing the superior value and the significant savings we made even before the negotiation round for two sourcing auction events that we conducted using the product.”

Some of the anticipated benefits of this implementation are:

• Single place of updated information on suppliers, on-boarding process and strict control on regulatory compliance.
• Reduced supply chain risk by measuring supplier performance against benchmarks and developing suppliers through various development programs.
• Improved data quality and minimized maverick spend.

“In the current business outlook, our procurement suite facilitates firstly, easy identification of savings opportunities and secondly, linkage with external market intelligence to internal spending data to track the fluctuating commodity prices in the system itself.” said Zycus Founder & CEO Aatish Dedhia.