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Noosh Launches Noosh 4 to Manage Cross-Enterprise Business Processes

Press release from the issuing company

Palo Alto, CA., — June 19th, 2001 — Noosh, Inc., (www.noosh.com) a leading provider of collaborative e-Business software solutions today launched Noosh 4, a fully configurable version of its award-winning, cross-enterprise collaboration platform. Noosh 4 provides powerful customization capabilities and includes two new application initiatives -- procurement of indirect custom goods and services, and management of complex business insurance transactions. Noosh has successfully implemented its solutions to date in large enterprises like Aetna, Bank of America, GE Capital, and Wells Fargo Bank. The Noosh collaboration platform digitizes vital cross-enterprise business processes -- such as project coordination, procurement, and customer communications - enabling large enterprises to more efficiently reach beyond their internal borders to conduct business with their trading partners and customers. As a result, Noosh customers have achieved cycle time and operating expense reductions of 50% or more and procurement spending reductions of 20% or more. Noosh 4 adds new customization capabilities - particularly for the development of project specifications, teams, workflows, and management reports - to help streamline virtually any cross-enterprise, people-intensive business process. Object-level security and detailed event tracking ensure that business rules are enforced at every level -- individual, team, division, and company. Data exchange with other systems is enabled using open system standards. In addition to the standard Noosh 4 platform, Noosh can configure a custom solution to address a customer's unique, cross-enterprise business processes. And, Noosh 4 includes two major application initiatives - procurement of indirect custom goods and services, and management of complex business insurance transactions. Procurement of Indirect Custom Goods and Services Specific functionality has been added to manage the procurement of custom goods and services that cannot be managed with electronic catalog technology. Often comprising more than half of the purchases made by many large companies, indirect custom procurement includes people services (such as IT contractors, temporary staffing, consultants); marketing projects (such as print, direct mail, media and events); capital spending (such as equipment and facilities); business insurance; and other large spot purchases. These categories generally require a significant amount of collaboration and project management across many organizations to create specifications, request multiple bids, share documents, conduct negotiations, purchase goods or services, monitor progress, track final results, and measure aggregated performance. Noosh 4 manages the entire end-to-end process with all trading partners. Management of Complex Business Insurance Transactions Working with risk managers, large brokers, primary carriers, and reinsurers; the Noosh 4 solution targets the life cycle of complex business insurance transactions by helping all parties to manage deal making, risk placement, customer service, claims and disputes, and treaty negotiation. By putting all documents - such as policies, endorsements, treaties, historical quotes, claims summaries, actuarial reports, and more - in one secure place with controlled access privileges, Noosh reduces errors, eliminates unnecessary administrative overhead, and improves responsiveness throughout the value chain. "Noosh allows communication to be digitized: that is, centralized and shared across multiple offices and individuals," stated Jerome C. Marcus, Managing Director of GE Equity. "That is exactly what the insurance industry needs now." "Noosh's superior technology offers powerful commerce capabilities that are missing in people-to-people, collaborative workspace solutions," said Dave Hannebrink, Noosh Senior Vice President of Marketing and Business Development. "And, it provides a flexible, collaborative framework that is missing in people-to-system, transactional solutions." "Our customer experience has been instrumental in the design of Noosh 4," commented Ofer Ben-Shachar, President and CEO of Noosh. "By making Noosh configurable, we can bring these benefits to any people intensive, cross-enterprise process." Noosh has helped manage over 20,000 projects and nearly $100M in commercial transactions in some of the largest companies in the world. Noosh customers have cut process costs and cycle times in half and have reduced spend by 20%. To obtain a copy of a Noosh customer case study, please see http://www.noosh.com/solutions/literature.asp. To learn more about Noosh pricing, please contact Noosh Sales at (888) 286-6674.

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