Reverse Auction

The Reverse Auction module provides a dynamic pricing environment where suppliers  compete for business  in real time.  Easy-to-use event creation and management tools offer one of the industry’s only “do-it-yourself” auction platforms.  During the event, a variety of current pricing and competitive information can be displayed to participating suppliers encouraging competition.  Based on your auction strategies, suppliers can be presented with current low pricing information or simply informed if they are the current low (aka “best”) bidder.  Also available are auction preview, reserve pricing display options, bid decrement rules, and automatic auction extension functions that accommodate a variety of sourcing strategies.  Procurement professionals monitor supplier activity in real-time, watching as suppliers compete and update their pricing throughout the event.  A dynamic graph is displayed, revealing the event’s bidding activity.

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