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AUCTION AS A SERVICE – REVERSE AUCTIONS

A reverse auction is a strategic sourcing event in which suppliers bid to provide products and services which helps buyer in effective price discovery, gaining in-depth supplier market knowledge and driving price reductions.

With Velocious Supplier Relationship management reverse auction, enterprises can create, conduct and report on auctions with ease.

SOLUTION FEATURES

With Velocious supplier relationship management reverse auction feature, easily qualify and invite suppliers to take part in the auction and increase competitiveness of the event.
Buyer can run multiple schedule auctions by setting up rules, qualifying and adding participants, uploading auction documents etc.
Easily check, review, publish auctions and send automated notifications to suppliers.
Suppliers can easily track upcoming auctions, participate in live auctions, bid for selected items, download bid history details and see the auction results through the portal.
The solution facilitates enhanced visibility into the auction, providing evaluation list with bidding details etc. The buyer can shortlist suppliers and add recommendation comments, upload attachments etc
With comprehensive reports and dashboards, track and monitor pending/published auctions, view auctions pending for evaluation, details on awarded auctions etc.

SOLUTION BENEFITS

Faster Bidding Process

Complete your biddings faster and negotiate the best value in a shorter period of time unlike an RFx which can go on for weeks.

Greater Transparency

Bring transparency to your process and your suppliers through e-auctions and allow businesses to compete on a level field, decide on the bidder to go forward with announce contract awardee.

Enhanced Control

Easily invite qualified suppliers and monitor the auction event seamlessly and gain greater control on the auction process with numerous advanced features.