Reverse Auction is the best practice across corporate landscape to automate the negotiation process with suppliers and to drive the best market price of materials. ProcureTiger conducts real time, online reverse auction between a single buyer or organization and pre-qualified suppliers. Suppliers compete by presenting bids to the buyer for the supply of goods or services with prequalified and predefined specifications.
ProcureTiger also offers Forward Auctions where a single seller offers goods/services for sale, with multiple buyers competing to buy the goods/services by bidding the best price upward. You can use the forward auction tool for auctioning everything from automobiles, real estate, machinery, etc. A forward auction is utilized on a consumer end for sales of goods and services of all types.
Benefits of e-Auction:
- Increased efficiency in the market - the ability of the market to bring buyers and sellers from global arena together in an open environment.
- Increased buying and selling reach.
- Less chance of human error during bid transcription and importation.
- Rapid downward price pressure with a price reduction.
- Real-time negotiation with a large pool of suppliers.
- Reduction in the cycle time: set-up and completion of the Auction within 48 hours*
- Vendors/Suppliers get improved access to new markets and new competition.
- Suppliers get a level playing field in which small businesses can effectively compete.
- Suppliers receive more information, receive it faster, and benefit from a quicker award decision.
- Immediate feedback and clarity to suppliers regarding their position in market relative to other suppliers.
- Better communication and data accuracy builds more confidence in the buyer’s goal resulting in stronger participation.