Reverse Auctions

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 can be your full service partner for conducting your eSourcing events. Our full suite of services includes:

  • Assessing your spend category and determining suitability for reverse auction
  • Validating Supplier List
  • Additional Supplier Sourcing if necessary
  • Provisioning the web – based reverse auction solution
  • Creating Bid Strategy
  • Supplier Training and consultation for the online eSourcing event
  • Initial setup and management of the entire process
  • Post Bid analysis and reporting

ProcurePort provides per event pricing as well as package pricing. Contact Us to learn more about our full service offering.

What Is a Reverse Auction?

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:

  • Rank Only
  • Vickery
  • Dutch
  • English
  • Japanese

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.

Reverse Auction Benefits

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:

  • Cost Savings
  • Significant time savings related to collection of bids from various suppliers
  • Benefits of discovering true market pricing including discovery of new suppliers
  • A more transparent bidding process allowing suppliers to compete in real time to win the business
  • Increased benefit of indirect cost savings generated via process automation that accompanies the implementation of a web based reverse auction software

ProcurePort’s eSourcing Software can generate double digit savings for your organization.

Contact us today or register for a Live Demo , and discover how easy it is to implement eSourcing Software in your organization.

Customer Testimonials

When used appropriately, reverse auctions support the goal of strategic sourcing to significantly reduce the cost of purchases without sacrificing quality and service.
About ProcurePort

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?