Reverse auction guide and benefits

What is a reverse auction?

How reverse auctions work

Electronic auction decision matrix (Key consideration before conducting an auction)

Pre-bidding evaluation & qualification, buyer’s understanding of the market, bidding strategy & rules are pre-requisite for successful electronic bidding. In pre-bidding evaluation & qualification, the buying company should ensure the qualified suppliers bid 

Benefits of Reverse electronic auction

Agility - Reduce negotiation cycle time by 50% compared to traditional methods. Electronic bidding negotiations involving multiple suppliers can be concluded in hours.

True Market prices - create competitive open & real-time dynamics to achieve actual market prices to counter the tendency of suppliers to overstate costs. 

Cost reduction improvement - Electronic bidding achieves an average of 15% compared to traditional negotiation methods.  

Process transparency - eAuctions improve process transparency

Electronic bidding is an effective tool to stimulate supplier competition and reduce costs.

Electronic bidding assists in establishing actual market costs, countering the tendency of some suppliers to overstate their costs or the extent of inflation in the prices. 

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