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Soin Recent News
- Soin International, LLC Award for Innovation
- A Perfect 10
- Corbus Announces the Appointment of Sales Director for Supply Chain Services.
- Soin Capital Acquires Sundance Products Inc.
- CTech signs alliance with AdvancedMD Software, Inc.
- I3MRI awarded NIH Grant
- Raven Rock Workwear Reports 81% Same Store Sales Increase for February
- Raven Rock's In-plant Store a Success!
- CertifiChecks Inks Deal with North Dakota Chamber
- Traveling MTs
- Citywide Had Slight Boost in Projects Last Year
- Corbus Achieves CMMi Level 5 Certification
Soin International, LLC Award for Innovation
The Soin Award for Innovation is designed to identify, honor and financially assist a company in the Dayton region which is demonstrating the historical innovative spirit of our community. The award recipient will best demonstrate this entrepreneurial spirit through a recently introduced or pending introduction of a unique product or service that will have the ability to sustain long-term growth for the company, increase local employment and assist in the creation of economic prosperity within the region.
Click here for Soin Award for Innovation Nomination Form (pdf)
A Perfect 10
As the indirect procurement outsourcing market posts double-digit gains, the top service providers are the go-to vendors for the industry.
To date, procurement outsourcing has been the small fry in the value meal of FAO—not necessarily small in numbers but small in recognition. However, as more companies look for ways to cut costs, procurement outsourcing is becoming one of the best options.
Compared with FAO, procurement has a bigger financial impact on the bottom-line. According to analysis from the Everest Research Institute, managed procurement services as a percentage of sales has a financial impact of 0.5 to 2 percent, while overall FAO is estimated at 0.2 to 0.6 percent.
The most lucrative savings are in indirect procurement. Everything including the kitchen sink can be managed externally. These include office supplies and equipment; global travel; maintenance; repair and operations; HR benefits and services; marketing and advertising; printing services; facilities and property services; IT hardware and software; temporary labor; telecom and network; business and professional services; capital equipment; utilities and energy; and others.
Provider manage multiples phases of internal purchasing for different spend categories but mostly the procure-to-pay phase. According to Forrester Research, a procurement deal involves a long-term agreement, typically more than 18 months; vendor acceptance of accountability for outcomes; and the transfer of responsibility. There are different options in procurement outsourcing—a provider can source goods for the client, administrate electronic tools used by suppliers, or mange specific purchasing tasks.
Corbus is one of the top ten procurement companies.
Corbus LLC
www.corbus.com
Corbus, an SEI CMMi level-5 company, is a leading global IT and supply-chain services and solutions provider. Established in 1994, Corbus focuses on building long-term relationships and is a leader in the field of managing offshore model of supply chain management with a decade of experience of being associated with world-renowned organizations. Its facility in India is manned with experts in the field who have an ability to procure for clients based in the U.S. and U.K. from a global network of suppliers in cost-saving markets of Asia and an existing supplier base in the U.S. and Europe. Corbus’ supply-chain service offerings are designed to keep in mind that global competition and price depreciation will maintain pressure on the client to reduce costs and improve operational efficiency.
- Deals to Date:
- Source to pay: responsible for managing a complete spend for clients over source to pay; Analyze to Contract: supports clients in identifying the best source of supply and helping them in the process of awarding the contract for supply; Procure to Pay: Under these engagements, Corbus is supporting clients in managing day-to-day transactions over procure to pay.
- Client(s):
- Largest clients are OEMs (original equipment manufacturers) and Fortune-listed companies in the areas of aerospace, automotive, and telecom.
- Services:
- Consulting: client support in “opportunity discovery and assessment” of an outsourcing initiative to create a report and road map for outsourcing and help streamline current processes in accordance with global best practices; Managed services: manage the procurement process from source to pay to helping reduce process cost and bringing operational efficiencies (guaranteed 20 percent cost reduction in process cost by leveraging the Corbus global delivery model); Low-cost country sourcing (LCCS): in sourcing from low-cost countries to deliver assured product cost savings with reduced cost of sourcing by working as an extension of client offices in low-cost country sourcing.
- Most Common Metrics:
- Cost reduction/deflation, quality, delivery, and service delivery turn around time.
[Source: http://www.faotoday.com/Magazine.asp?artID=1388]
Corbus Announces the Appointment of Sales Director for Supply Chain Services
June 2006
Corbus LLC, a leading global IT and Supply Chain services provider, announced the appointment of Cameron Shaw as Sales Director – Supply Chain Services with duties to circumvent the emotional buying cycle that the buyers of outsourcing services usually experience.
Rakesh Mittal, President & COO, Corbus says, "He has a vast experience in managing the sales and business development. He is committed to increase opportunities for Corbus in the supply chain market, and will assist the progress of our business development strategy, helping us achieve our objectives in this competitive marketplace."
Earlier, he worked with Prosero, a procurement outsourcing company, where he had been very successful in bringing in new relationships and closing some big sales. Prior to that he worked as the Vice President of Business Development for Utilities Analyses, Inc., an energy consulting and outsourcing company. He has closed major deals with several Fortune 500 companies including Home Depot, UPS, Bellsouth, Cox Enterprises, and Dean Foods to name a few.
Soin Capital Acquires Sundance Products Inc.
May 2006
Soin Capital has acquired Sundance Products Inc., a plastics resin/recycling company based in Gainesville, Georgia. Sundance Products had 2005 revenue of $47 million. Sundance Product’s headquarters will move to Dayton, Ohio while manufacturing facilities will remain in Gainesville, Georgia. Larry Parmet will remain as President and Lorenza Torres Parmet will stay on as CEO of Sundance Products. Soin Capital will own 70% of the company with the Parmet family retaining 30%. The company will now be known at Sundance Product Group.
Established in 1989, Sundance Products Inc. is a minority-owned company recognized nationwide as a leader in the recycling and plastics industries. Sundance is a leading producer of recycled thermoplastic resins for both commercial and consumer end uses. It is their commitment to excellence, customer satisfaction and employee quality of life that has kept Sundance at the forefront of the recycling industry. Providing the finest recycled materials, service and on-time delivery, coupled with the best in technological advancements makes Sundance unique in the plastics industry and minority supplier sector.
"Sundance Products has been a long-time supplier for one of our companies, Composite Technologies Co. (CTC)," Rajesh K. Soin said. "The Parmet's were looking for new opportunities and CTC was a logical fit." Composite Technologies Co., LLC is a manufacturer of custom compression molded thermoplastic and thermoset composite materials for consumer and industrial applications. Technology will be transferred between CTC and Sundance Products to diversify and grow both companies.
"We had been approached by five different companies in the last 18 months, but chose Soin Group of companies because they can take us to the next level faster," Larry Parmet Sundance Products President said. "Partnering with CTC provides us with the opportunity to vertically integrate our newly developed technologies for raw material processing which ultimately will coincide with new product development."
Sundance Products is a historically fast growing company and by joining forces with CTC, it is within Sundance's vision to grow with additional customers locally, nationally and internationally to become the largest plastic resin manufacturer in the U.S. This year's revenue is projected to be $70 million, with substantial growth in 2007.
CTech signs alliance with AdvancedMD Software, Inc.
CTech has signed an alliance with AdvancedMD, a leading web-based product for Physician Office and Billing Office Management. With over 5 years of development and more than $15 million invested, AdvancedMD's software system has the best workflow and feature set of any web-based product available. AdvancedMD Software, Inc. is a privately held company with headquarters located in Salt Lake City, Utah. The company's primary owners are Dominion Ventures and Windward Ventures, both out of California, and Hunter Capital of Park City, Utah.
I3MRI awarded NIH Grant
May 2006
Interventional Imaging, Inc. (I3MRI), an interventional MR device company, announced that it has been awarded an STTR grant by the National Institutes of Health in support of the Company's project, "Plaque Characterization with Vascular MR Micro-Coils". The principal investigator on this project is David Wilson, Ph. D, Professor of Biomedical Engineering & Radiology at the Case Western Reserve University.
Speaking about this project, Ingmar Viohl, Ph. D, CTO for I3MRI said, "Under this approach, computer classification techniques will be applied to multiple MR images having different contrasts, and results will be statistically compared to pathology maps. If plaque tissue types can be reliably classified using micro-coil images, this should create extraordinary excitement in a marketplace clamoring for methods to diagnose vulnerable plaque."
Raven Rock Workwear Reports 81% Same Store Sales Increase for February
March 2007
Dayton-based Retail Chain Grows from 4 to 13 Stores in 2006; Plans for More Stores in 2007 Finalized
Raven Rock Workwear, Inc., a provider of high-quality, rugged work clothing, reported an 81% year over year increase in same store sales (stores open 1 year or more) for the month of February 2007. This directly follows a 66% same store sales increase for the month of January. A year ago, The Dayton-based retail chain had just four stores in Ohio, and 34 employees. Today they have 17 stores open or committed to open in eight states, and approximately 100 employees. Their growth plan calls for up to 25 additional stores in 2007.
The company opened its first store in Dayton in July 2005, followed by stores in Youngstown (July 2005), St. Clairsville (September 2005) and Mansfield (October 2005).
The most recent store opening was November 28th, 2006 in Erie, Pennsylvania.
"We've tripled our store count and employee base this year, and we plan to at least double that in 2007." said David McDonald, Chief Executive Officer of Raven Rock Workwear. "Our medium term goal is still 200 stores within the next few years."
Raven Rock's 17 stores, located throughout Ohio and the Midwest, are in the following cities: Huntington, WV; Dayton, OH; Defiance, OH; Findlay, OH; Mansfield, OH; Marion, OH; New Philadelphia, OH; Niles, OH; Sandusky, OH; St. Clairesville, OH; Butler, PA; Erie, PA; Paducah, KY; Clarksville, TN; Monroe, MI; Marion, IN, and Dubuque, IA.
Also experiencing rapid growth is the Raven Rock Workwear Web site, which has grown to over 2000 pages, with revenues rising five fold. "With new projects in the pipeline, we expect to be able to once again more than triple our Internet based revenue in 2007" said Steve Thomas, President of Raven Rock Workwear.
Raven Rock's In-plant Store a Success!
April 2006
The owners of Raven Rock Workwear Inc. have found a new way to sell their merchandise — from inside manufacturing plants. The Dayton company, run by four former Elder-Beerman Stores Corp. executives, sells high-quality, rugged work clothing and accessory lines, including Harley-Davidson Footwear, Riggs Workwear by Wrangler, Rocky and Timberland Pro Series.
The company opened its first four stores in traditional mall-type settings, the first in the Wal-Mart Center along Wilmington Pike, and just this month, its fifth store in Marion, Ohio, inside the Whirlpool plant there. The 41-year old plant produces dryers and employs more than 2,500 people.
"This is unbelievably different for us," said David McDonald, Raven Rock chief executive officer. "We did more business in the first day than we projected to do within the first three weeks." He said plans call for the opening within six years of 200 stores within 1,100 miles of Dayton — 25 of them in Ohio plants.
"Dayton is a great area because 54 percent of all the population in the nation is within a 600-mile ring, so we're right in the middle," he said. "Our prices, 95 percent of the time, will beat all of our competition." McDonald said the locations of three stores set to open in western Ohio will be announced within three months.
Raven Rock recently began selling flame-resistant apparel, McDonald said. The company carries 92 styles of boots, with access to about 2,000 styles online; 120 styles of apparel and access to 2,500 online and 100 styles of accessories, with 3,000 online. McDonald said boots account for 40 percent of the company's sales, while apparel accounts for 50 percent. Accessories generate the remaining 10 percent.
[Source: http://www.ravenrock.com/daytondailynews4252006.htm]
CertifiChecks Inks Deal with North Dakota Chamber
March 2007
Dayton-based CertifiChecks said Friday it has contracted to provide gift certificate services for a North Dakota chamber of commerce. The deal calls for CertifiChecks to handle such back-office tasks as order receipt, processing and fulfillment chores for the Jamestown (N.D.) Area Chamber of Commerce's gift certificate program.
Consumers can use the gift certificates to buy goods and services from Jamestown chamber members. Financial details of the transaction were not disclosed.
The certificates will be sold at the chamber office, through its Web site (jamestownchamber.com), on CertifiChecks' site (certifichecks.com) or through a toll-free number operated by Certifichecks. Mike Baskerville, vice president of sales, said the company services 350 chambers of commerce and associations. CertifiChecks, established in 1999, serves nearly 85,000 locations.
Traveling MTs
April 2006
Many times, health care facilities become backlogged with medical transcription and it is often difficult to find qualified MTs in the area to assist. A new solution, developed by CTech, allows facilities to outsource MTs for an immediate, on-site, temporary solution. Backlogs happen for a variety of reasons: someone is out sick, there are open positions within the company, there have been more patients or even a technological problem occurs. One thing is certain—backlogs create problems. Often times, a company is stuck paying transcriptionists overtime or simply not knowing what to do to resolve the issue. Recently, a new solution seems to be helping companies that need it and, surprisingly, giving MTs a chance to diversify their career.
Traveling transcription is something gaining respect and popularity in the U.S. The basic idea is that when a company experiences backlogs that they can no longer handle, an experienced MT will be sent over to work. One company that is finding success with such a program is CTech, a medical transcription, revenue cycle and electronic medical records (EMR) solutions company in Pennsylvania. CTech is one of only three local companies that specializes in traveling MTs.
[Source: http://health-information.advanceweb.com/common/editorial/editorial.aspx?CC=74945]
Citywide Had Slight Boost in Projects Last Year
April 2006
CityWide Development Corp. capped off 2005 with more than $3.5 million in financial assistance to Dayton business owners in the past year. Officials highlighted the past year at the development group's annual dinner Wednesday night. Steve Budd, CityWide president, said the money was for loans to help fund 46 projects. He said the projects helped save or create 1,006 Dayton-based jobs. He said all the figures were a slight increase from 2004.
"With some of the negative publicity we've been having in downtown, you feel real good about the positive impact downtown when you look at some of the projects we were a part of, such as Raven Rock and Dr. Brown's medical offices and the activity at Courthouse Crossings," he said.
CityWide officials also worked with Raven Rock Workwear Inc., which located its corporate headquarters at 33 W. First St. in downtown Dayton. The store opened several retail locations around the state in 2005 and plans to open 200 throughout the country in the next five years. CityWide officials also named Raven Rock its economic development project of the year.
[Source: http://www.ravenrock.com/Dayton%20Business%20Journal%20-%20April%2013,%202006.htm]
Corbus Achieves CMMi Level 5 Certification
January 2006
Corbus, LLC, a leading global IT and Supply chain services and solutions provider, today announced that it has successfully achieved the highest level of maturity – SEI CMMi level 5 for its delivery center operation in Noida, India. The assessment was carried out by KPMG, one of the world's leading assessment bodies. According to the SEI website, there are just 78 companies globally who have achieved this highest standard in software engineering.
The certification is a significant milestone for Corbus, reinforcing its total commitment to provide software development and application support services to its clients by enhancing group performance at an organizational level and involving complete lifecycle activities of project management, requirement specification, analysis, design, development, testing, implementation and maintenance.
"This milestone has established the company as a quality provider of systems engineering, software engineering and IT services. It has also improved our ability to work-out better cost, time to market, performance of professional staff, and quality of product, contributing significantly towards reducing risks in project completion", said, Mr. Rakesh Mittal, President & COO, Corbus.
Congratulating the employees on this significant achievement, Mr. Mittal further adds, "In the future, we will continue striving hard for improving and maintaining world-class methodologies, processes, and quality practices in our operations."
Mr. G P Rastogi, Lead appraisal, KPMG, commented, "It is a pleasure to be associated with Corbus in their journey towards achieving this landmark. Corbus’ operation, and its clients, will continue to benefit from their focus on process improvement and will integrate their experience and lessons learned into its processes on an ongoing basis."
Mr. Rajesh Soin, CEO & Chairman, Corbus, LLC, commented, " It is a journey and not the destination. Corbus will continue to work towards achieving Global Standards and World-Class processes, thus providing immense benefits to all our global clients."
Further, to meet the growing demands of the industry, Corbus expects to grow revenues to $100 million by the year 2007, through a combination of strategic acquisitions and adding more value to our existing client engagements. Corbus also plans to increase its headcount to 2500 from the present 500 employees.
About CMMi Level 5
Capability Maturity Model® Integration (CMMI) is a process improvement approach that provides organizations with the essential elements of effective processes. It can be used to guide process improvement across a project, a division, or an entire organization. CMMI helps integrate traditionally separate organizational functions, set process improvement goals and priorities, provide guidance for quality processes, and provide a point of reference for appraising current processes. By clicking on the site below you can find more information about CMMI, and the worldwide adoption and benefits of CMMI. http://www.sei.cmu.edu/cmmi/general/general.html