|Jordan Kuwait Bank Invests in Online Procurement Strategy with Tejari
|Tejari Jordan, (jordan.tejari.com), the Jordanian operations of the Middle East online marketplace, today announced that Jordan Kuwait Bank has joined the trading community to implement an online procurement strategy. The bank, established in the Hashemite Kingdom almost 30 years ago, will utilize Tejari to streamline purchasing for its network of more than 35 domestic branches.
As a Tejari trading partner, Jordan Kuwait Bank plans to migrate a significant percentage of its procurement activities online to increase the range of supplier relationships it maintains, and streamline the buying process by reducing repetitive administrative tasks.
In addition to increasing efficiencies, Jordan Kuwait Bank believes that Tejari membership will increase the transparency of its purchasing operations, creating trading opportunities for a community of new suppliers.
“With more than 20 banks competing in Jordan’s financial services sector, and increasing liberalization that may bring in more foreign entrants to the market, organizations including Jordan Kuwait Bank must adopt new business models that reduce operational costs and result in a more streamlined, efficient entity,” said Mohammed Yasser Al Asmar, General Manager of the Jordan Kuwait Bank (JKB).
“JBK has an aggressive growth strategy set to both increase our domestic marketshare and expansion opportunities abroad. In order to meet those objectives, we’re adopting an internal e-business model to identify savings opportunities and reinvest the resources we save into new customer services and growth opportunities,” Al Asmar continued.
The free trade policies espoused by Jordanian decision-makers, and the country’s efforts to adopt an e-government model, have also spurred JKB’s decision to join the Tejari marketplace. JKB executives anticipate that the bank could reduce the cost of its purchasing operations by up to 20 percent through the online trading platform.
In the first phase of its Tejari membership, JKB will launch open online tenders for a range of necessary commodities including paper and foodstuffs, furniture for its extensive branch network, and industry-specific technology solutions. The bank then plans to automate all procurement activities for routinely-purchased items to ensure the greatest negotiating power and most competitive pricing.
“Given that the Jordanian banking sector was among the first industry to provide online services for consumers, online procurement via Tejari is a natural progression for forward-thinking organizations such as Jordan Kuwait Bank,” stated Mohammed Hindawi, Managing Director, Tejari Jordan.
“Jordan’s banks, telecommunications companies, government departments, and other leading organizations are all recognizing the benefits that online purchasing policies deliver to the bottom line, and Tejari Jordan’s operations are growing as a result of that increasing awareness,” he added.
Since its launch in 2002, Tejari Jordan and the business advantages it creates have attracted the interest of the country’s most prominent decision-makers. Jordan Telecom and Sheraton Amman and Marriot Hotels in Jordan and Le Meridian Hotel are among the most recent additions to the Tejari Jordan trading community.
About Jordan Kuwait Bank
Investing in Jordan makes good economic sense, and the living proof is Jordan Kuwait Bank, which was established in 1976 as a joint investment by Jordanians, Kuwaitis and other Arab investors. The Bank's mission is to provide the highest level of quality banking and financial services to its clients. The Bank had to invest heavily in modern computers and equipment, and reached to the point where all its banking activities are automated and the latest technology of the time is used such as: On-line stock trading / Real time inter-branch communications, Banking Via SMS, SWIFT, ATMs, Phone banking, Internet banking & Mobile banking.
Tejari is the Middle East’s premier online business-to-business marketplace. Tejari enables buyers and sellers to transact and share information about a variety of goods and services via a secured Internet environment. Tejari provides a single point of contact for an open and growing community of buyers and suppliers, permitting spot-purchasing and on-line auctions that enable participants’ real-time access to new markets and greater cost savings. Visit Tejari at http://www.tejari.com
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