Welcome to tradesys.com - home of the tradeSys RFQ Engine

Launched in 1997, the TradeSys RFQ Engine is an Internet-based communication tool designed to facilitate the introduction of buyers to suppliers.

Still to this day, the most common Internet-based procurement systems are modeled on the catalog paradigm. As in their paper counterpart:

  • suppliers must publish and maintain their product lists
  • buyers must first locate, then review each of these lists to identify potential supply sources
  • buyers must then contact each of the suppliers in order to request quotations

In its simplest form, the catalog paradigm is a passive resource. The buyer must be involved in every step of the search-and-contact segment of the procurement cycle. Statistics show that over 65% of the resources devoted to the traditional procurement cycle are consumed by identifying and contacting qualified supply sources.

From the start, tradeSys represented a fundamental change to the typical procurement model adopted by the electronic B2B community. tradeSys was the first e-application to challenge the customary catalog approach by drastically reducing the buyer's involvement in the search-and-contact segment of the cycle.

tradeSys is an active system. Using a proprietary product cross-referencing algorithm, the buyer simply submits his request to the tradeSys RFQ Engine. The RFQ Engine then sorts and distributes these requests to qualified suppliers. The clear advantages are:

  • No redundant catalog maintenance by the supplier
  • No buyer research requirements
  • None of the product limitations of predefined catalogs
  • tradeSys now has thousands of buyers and suppliers from over 95 countries using the system on a daily basis. These companies range from small distributors and OEM's to blue chip industrial giants.

tradesys - the Next Evolution

The biggest challenge on the Internet (and off) for buyers looking for materials and supplies is targeting appropriate sources. The TradeSys RFQ Engine made great strides to improving search efficiencies by introducing appropriate sources to the inquiring buyers.

However, in certain complex industries, a vendor’s manufacturing or supply capabilities might be narrower than the requirements of the buyer.

Using the industrial fastener industry (bolts, nuts, screws…) as an example, a manufacturer might be able to produce “bolts” but not of the specific material grade or dimensions as required by the buyer.

TradeSys intends to solve this challenge with the introduction of TradeSys TradeCode, a revolutionary part coding and identification algorithm that will allow a buyer and vendor to communicate electronically with each other and exchange product information with each other without any question as to the specific product being discussed.

The TradeSys TradeCode service is expected to launch in late-2014/early-2015 with Beta testing taking place starting in fall 2013.

The current model is being developed for the Industrial Fastener industry. This industry was selected due not only to the overwhelming complexity of product types, material grades, finishes, dimensions and exceptions that are being bought and sold globally on a daily basis, but also because of the remarkable degree of interchangeability among these components.

Concurrent to the Beta testing program that TradeSys Tradecode will embark on in fall 2013, TradeSys TradeCode will be expanding the model to other similarly complex industries as partners join our program.

Are you in the Industrial Fastener Industry?

If you are an active participant in the Industrial Fastener Industry (fastener manufacturer, importer/exporter/distributor, or an OEM user of fasteners), we would welcome you to sign on to our Beta program.

As a Beta participant, you’ll have early access to the standards and product classifications as defined by TradeSys TradeCode, and will be able to contribute to all changes and refinements made to these classifications, particularly as they pertain to your specific business.

To learn more how TradeSys TradeCode can facilitate your B2B transactions, catalog management or sales opportunities, please inquire at info@tradesys.com.

 

 

Do you have Domain Expertise in Another Industry?

If you believe that TradeSys TradeCode can be advantageous for your industry and you consider yourself knowledgeable on the products and services exchanged within your industry, please consider becoming a TradeSys TradeCode domain expert.

Your responsibility will be to define and categorize your industry’s products and/or services, thereby setting the standards by which these products and services are exchanged. For more information, please inquire at info@tradesys.com.