Use of Reverse Auctions can benefit Companies of all sizes, including government, for specific categories of spend. When implemented successfully, online bidding software can generate significant savings. Including Reverse auction software in you eSourcing process can be a powerful addition to your e-procurement process. Real-time bidding creates a competitive marketplace among your suppliers for the products, services, and even complex purchases. When implemented properly, online auctions can complement an organizations strategic sourcing process and help lower the overall cost of purchases; as well as, positively impact budgets.
ProcurePort’s On Demand auction software is delivered via the cloud as a SAAS solution. We provide end to end services for conducting a reverse auction for any category of spend. Be sure to view a list of the categories sourced and see if there is a particular category of spend that ProcurePort can help your organization with generating cost savings.
ProcurePort provides per event pricing as well as package pricing. Contact Us to learn more about our full service offering.
In simple terms, it is exactly opposite of a forward auction (eg: eBay). In a reverse auction, the buyer initiates the auction as opposed to the seller (as is the case in a traditional forward auction). The end goal of the online auction is to purchase the goods or services at the lowest possible price.
Typically reverse auctions are conducted via an invitation only process. A buyer creates detailed specifications of the items/services that he/she is looking to procure. A cloud hosted auction software solution (such as the one provided by ProcurePort) is used to publish these specifications to a select group of verified suppliers. The online bidding event is scheduled for a specific date/time during which the invited suppliers log into the secure web based auction software and submit their bids in real time. The cloud hosted sourcing software provides real time bid feedback to the suppliers, which allows the suppliers to competitively improve their bids to win the business.
ProcurePort provides various formats of Online Auctions such as:
ProcurePort also creates custom reverse auction solutions for organizations with unique needs. Visit our Custom Auction Platforms area to read more about our custom solutions.
Procurement leaders of global enterprises are facing increasing challenges to do more with less in today’s intensely competitive landscape where spend management is one of the key factors of survival. Reverse auction software is a good addition to any strategic sourcing process and provides several benefits such as:
ProcurePort’s eSourcing Software can generate double digit savings for your organization.
ProcurePort is a global leader in providing eProcurement Solutions and Services delivered On Demand via the Cloud. Access industry leading technology including
Reverse Auction Software, Spend Analysis Software and Contract management Software via the cloud and experience world class technology
support and procurement consulting services. Contact Us today for On Demand eSourcing software.
Learn how ProcurePort’s Spend Analysis Services and Auction Software can help your business with your Strategic Sourcing initiative. Contact us today to get an estimate on your spend analysis / e-Sourcing project. Ready to get started?