Proven Results

In the eCommerce venue, a reverse auction process starts when a buyer has a good or service to be purchased. These might include services or commodities such as paper, fuel or salt, construction or heavy equipment, vehicles and other capital expenditure items. Suppliers then compete online through an electronic sealed bidding platform by submitting multiple lowering bids in a timed event. In contrast to the traditional paper bidding process, a buyer may receive multiple bids from each supplier versus the one price per supplier paper bid format. Ultimately, a reverse auction provides true-market value for a purchase. The end result is the final, lowest amount offered by a supplier.

The reverse auction process, also called eProcurement, offers significant advantages to suppliers and purchasing departments over the sealed bid paper process. These advantages include complete transparency in the bidding process, disaster recovery solutions in a virtually paperless format, a comprehensive audit trail and instant bid tabulation.

Saving time, money and critical staff resources is only part of the appeal of using the reverse auction process. Getting to the true-market value of a product or service has been an even more engaging prospect for purchasing departments.

See the Proven Results

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