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Our customized reverse auction software is capable of addressing your e-sourcing requirements within the bidding process. With a vast experience in conducting online reverse auctions for various products and services, Procure Suite can assist your company in saving costs in multiple ways.
Our state-of-the-art, cloud-hosted reverse auction managed services offer the following process workflow
01
Identity Spend Category
Clearly define the Spend Category for the sourcing event including any Sub-Categories. Collect Spend Data to identify buying patterns, including historic and target pricing.
Identify Line Items / Categories
Collect item level information for the identified spend category, including any specification documents. (In case of an RFI, short list survey questions)
Identify Suppliers
Shortlist Suppliers for the Identified Spend Category and gather supplier profiles.
Identify Location of Suppliers
Geographical location of participants allows for decisions related to base currency, time zone and language related settings for the sourcing event.
02
Buy Side (Event Manager, Approver, Collaborator & Viewers)
Identify members of the procurement team involved in various aspects of the sourcing event.
Sell Side (Suppliers)
Onboard selected Participant suppliers and train participants on sourcing platform
Supply Chain Support Personnel
Onboard and train buyer team for accessing and viewing sourcing event and post event reports/analytics.
Finalize Sourcing Event Strategy
Discuss and finalize strategy for sourcing events based on type of event and business goals.
03
Schedule the event
Ensure supplier accessibility
Determine time frame
Starting price strategy
Type of auction
Lots and items entry
Number of extensions
Send out supplier invite email
Number of suppliers to invite
Confirm supplier participation
Discuss RFQ specs with bidders (questions/clarifications)
04
Participant Training
Train all participants on the use of the sourcing platform. Confirm internet connectivity as well as browser compatibility for all participants.
Conduct Mock Event
Conduct a mock event that is set up similar to the live event and have each participant provide a response/bid in the mock event, confirming their access to the platform as well as their understanding of the event rules
Send Event Notification to Suppliers
Finalize sourcing event and send invitation emails to all participants providing access to the live sourcing event. Follow up with participants to confirm their intention to participate in the sourcing event
05
Act as the events administrator
Remind suppliers of the event
Answer supplier questions prior to and during the event
Monitor the supplier activity and status on platform
Provide technical support if needed
06
Thank All Participants
Email notification to all participants thanking them for their participation in the sourcing event along with evaluation timelines
Create Post Events Reports
Bid analysis, attendance audit and custom reports as requested by Client provided in Excel format
Follow Up
Follow up with Vendor feedback, participant feedback, bid award analysis using decision variables
Awarding the Auction
Companies award their procurement/purchasing projects to suppliers and initiate the process at this stage.
Conducting web-based reverse auctions successfully requires insights, expertise, and familiarity. Online e-Auction enables enterprises to get the lowest bids from sellers who have participated in the process.
Procure Suite offers the necessary blend of software and services to organizations that conduct e-sourcing events even for the first time. Our fully managed e-Auction services span across public and private sectors.
Use the right tool
Choose the right suppliers
Set up the event properly
Execute e-Auctions
Procure Suite software offers pricing per event and package. CONTACT US to learn more about our offerings and solutions as a full-service partner.
Reverse auctions help organizations reduce procurement costs while improving transparency and supplier competition. Explore how reverse auction process management supports faster supplier selection and competitive bidding across various industries.
Small teams can manage RFPs without enterprise software by using RFP management software. It automates workflows, improves vendor communication, centralizes documents, reduces manual effort, and supports efficient, cost-effective procurement.
Reverse auction management software helps procurement teams reduce sourcing costs while improving supplier competition. Discover how it transforms the management of modern supply chains and increases procurement speed.
