E-commerce company FreeMarkets introduced a new application Wednesday that is designed to help companies analyze purchasing to reduce wasteful spending, the Pittsburgh-based company said. The software, called FreeMarkets Spend Visibility Solution, is run and maintained by FreeMarkets.
The software aggregates purchasing data from other information systems and produces reports that pinpoint where companies are being over-billed or are not taking advantage of volume discounting. Customers can then use FreeMarkets' online auctions, a separate product, to find lower-priced suppliers and renegotiate contracts. The new application is available for a flat monthly fee starting at $30,000.