Name reflects the fusion of Communication, Vision and Integration
The automotive Internet exchange to be formed by General Motors, Ford, DaimlerChrysler, Renault and Nissan will be named “Covisint,” said representatives of the respective firms.
The name Covisint (pronounced KO-vis-int) is a combination of the primary concepts of why the exchange is being formed. The letters “Co” represent connectivity, collaboration and communication. “Vis” represents the visibility that the Internet provides and the vision of the future of supply chain management. “Int” represents the integrated solutions the venture will provide as well as the international scope of the exchange.
“Connectivity and visibility are the promises of e-business,” said Peter Weiss, DaimlerChrysler’s Project Director, e-Extended Enterprise and a member of the executive team planning the exchange. “Connectivity is about integrating buyers and sellers into a single network. Visibility means real- time information presented in a way that speeds decision making and enables communication through every level of a company’s supply chain anywhere in the world.”
By using the Web, a manufacturer’s production schedule and any subsequent changes could be sent simultaneously and instantly throughout its entire supply chain,” said Alan Turfe, Executive Director of the GM TradeXchange and a member of the executive team planning Covisint. “The result is less need for costly inventory at all levels of the supply chain and an increased ability to respond quickly to market changes.”
“Covisint will provide the language for manufacturers and suppliers to talk to each other in the future,” said Alice Miles, President, Ford B2B ConsumerConnect and a member of the executive team planning the exchange. “With complete confidence and security, buyers and sellers — regardless of their size and position in the supply chain — will soon have a way to communicate with each other in a real-time, virtual way.”
On February 25, 2000, General Motors, Ford and DaimlerChrysler announced their intent to form a worldwide business-to-business marketplace. Renault and Nissan announced their intention to join the exchange in April. This new venture, Covisint, will be established as an independent company and will offer products and services designed to help auto makers and suppliers alike achieve unprecedented efficiencies throughout the supply chain. Currently, Oracle and Commerce One are the two primary technology providers to the planned venture. Covisint will integrate best-of-breed technologies to provide solutions for its customers.