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Start saving time and money with EC Sourcing Group's reverse auction software solutions.
In addition to sourcing and quoting, EC Sourcing Group offers many secondary negotiation options, including standard forward and reverse auctions, reverse auction websites and Soft Auctions, which are a good alternative to the traditional reverse auction process. Auctions help ensure that you achieve true market pricing for any goods or services in the shortest time possible. As with all of our solutions, our auction capability is straight forward, robust, easy to setup and can manage virtually any bid template need – from standard commodities to complex total cost of ownership formula-based purchases. Our reverse auction software includes the powerful features you need and links seamlessly with our eRFx module.
Speed: negotiation takes less than an hour - in some cases 20 minutes.
Value: savings are typically greater; average over last two years versus historical prices: 17.6%
Fairness: full market transparency; all suppliers have same information at exactly the same time.
So what is a Soft Auction anyway? A Soft Auction is a web-based eRFx followed by secondary bid rounds accompanied by tailored bid feedback provided to the suppliers. In many cases, the eRFx will include survey questions and the secondary bids rounds may include fewer suppliers than the first round of bidding. The bid feedback can be very specific or general and is viewed on-line by suppliers. The secondary bid rounds are performed in the same manner as the first bid round – online and over the course of days or weeks as the project dictates.