NORTHROP GRUMMAN IT SELECTS IQNAVIGATOR TO IMPROVE SERVICES PROCUREMENT AND SPEND MANAGEMENT PROCESSES
IQNavigator Enables Greater Process Efficiency, Services Spending Control and Cost Reduction for Managing the Contingent Workforce
DENVER, Colorado, June 30, 2003 -- IQNavigator, Inc., the leading provider of services procurement and spend management solutions, today announced that Northrop Grumman Corporation's Information Technology (IT) sector has implemented IQNavigator5 to manage its contract workforce and spending processes. IQNavigator has enabled Northrop Grumman's $4.2 billion IT sector to more efficiently and effectively source, acquire and manage contract labor and project-based consultants by automating the entire services supply chain, resulting in significant cost savings and spend visibility and control.
Northrop Grumman IT, a premier provider of advanced information technology solutions, engineering and business services for government and commercial clients, selected IQNavigator to automate the process of hiring and managing its contingent labor. With IQNavigator5, Northrop Grumman IT has streamlined its procurement and management processes for contract labor with third party staffing vendors - including supplier qualification, requisition creation and distribution, contractor and consultant selection and on-boarding, engagement management, time and expense entry, invoicing and payment.
IQNavigator5's business intelligence capabilities are being used by Northrop Grumman IT to analyze purchasing metrics to optimize supplier-base allocation, guide future pricing negotiations and determine new contract terms. IQNavigator's combination of requisition preparation and distribution, competitive bidding, process automation and decision support capabilities is being leveraged by Northrop Grumman IT to reduce contingent contractor and consulting costs, ensure process compliance, provide more opportunities to small and disadvantaged suppliers, and measure supplier performance.
"IQNavigator has brought its best-of-breed technology solution, expertise, and world-class implementation capabilities to successfully execute our services procurement initiative," said Michael Patrick, executive director of workforce recruitment and planning. "We are already seeing process improvement and cost savings in the first phase of our implementation and are eager to proceed with phase two to realize the maximum benefit of the IQNavigator offering."
"Our configurable and scalable solution is uniquely suited for large, complex corporations who wish to efficiently manage their outside services spending more closely, saving money and improving results in the process," said John Raeder, president and CEO of IQNavigator. "We are pleased to add Forbes' 2002 Company of the Year to our growing Fortune 100 customer roster, and we look forward to helping Northrop Grumman IT continually improve its bottom line through significant cost savings and ongoing process efficiencies."
About IQNavigator
IQNavigator, Inc.,™ helps the Global 2000 and their services suppliers optimize services procurement and spend management processes through IQNavigator5, its open and scalable suite of applications for contingent labor, outsourced projects and direct hires. The award-winning family of integrated applications, with distinctive business intelligence capabilities, connects to and extends traditional e-Procurement, HRMS and ERP solutions by automating the extensive and unique requirements for procuring, managing, measuring and optimizing outside services. Combined with its fast implementations and knowledgeable services, IQNavigator solutions quickly deliver substantial bottom-line benefits to customers and partners. For more information about IQNavigator solutions, please visit IQNavigator's Web site at www.iqnavigator.com or call (877) 267-0905.
