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50 Executives Meet in Madrid to Analyse Springboards for Cost Reduction

In the event organised by iSOCO, a company specialising in the sourcing function, the company presented the latest innovations in their online negotiation solution, the only tool in the world capable of carrying out electronic combinatorial auctions and which integrates a virtual semantic assistant as a user help desk.

Sant Cugat del Vall├ęs, Spain, October 28, 2011 --( This week iSOCO brought together 50 executives from leading companies in their respective industries, inviting them to Madrid to unveil the new version of the iQuotes Purchasing Management tool, aimed at optimising costs in relationships between public or private organisations and their suppliers.

iQuotes 4.0 is an online negotiation solution which, among its multiple functions, is distinguished by a unique functionality, the electronic combinatorial auction, which enables supplier cost reduction to be translated into savings for clients. It is estimated that these differentiating factors achieve a cost reduction of up to 20%.

The event was attended both by representatives of public bodies and institutions such as the Ministry of Defence and RENFE (the Spanish railway) and by purchasing executives for private-sector companies like Iberdrola, Repsol YPF and Bankia.

The electronic negotiation application developed by iSOCO responds to the need to increase business productivity in a highly competitive environment, facilitate negotiations with suppliers and unify the supply network in a single channel.

In the public sector, this application enables the development of what is known as the "third way," which will become an alternative to increasing income via taxes or by cutting budgets.

iQuotes 4.0 is the result of the core mission of iSOCO, which has positioned itself as an international leader in the semantic Web field: analysing the current trends in the market to create technology adapted to the Network Economy. To this end, iQuotes has a virtual avatar that assists users throughout the negotiation process and facilitates knowledge management.

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About iSOCO

iSOCO is Spain's foremost ICT company with a clear commitment to internationalisation as a leading technology provider to help companies develop and position themselves in the Network Economy. It has its own R&D centre, iLAB, and it stands as an international leader in semantic technology and artificial intelligence. Its main differentiating factor resides in the combination of a range of services based on proprietary technology.

It was founded in 1999 as a spin-off of the CSIC (the Spanish High Council for Scientific Research) and has a clear global outlook and local presence in the main markets. It is the only Spanish company to appear in the WCM Marketshare2010 and the instigator of the Spanish LinkedData Association (AELID).

With blue-chip clients like Almirall, AstraZéneca, Bankinter, BT, Colt, Grupo Leche Pascual, La Caixa, Repsol YPF and Zurich, among others, iSOCO is internationally renowned and possesses one of the most comprehensive semantic engines in the world: Semanti-K ®

Contact Information
Elena Castells
+34 93 567 72 24

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