Reverse Auction Software Solutions

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 as well as 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.

Auction Benefits:

Speed: negotiation takes less than 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.

Click here to review a recent reverse auction case study

Soft Auction

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.

Click here to review a recent case study involving a soft auction

Keys to a successful reverse auction:

  1. Prepare thoroughly. Know your market. Know your suppliers and internal customers.
  2. Prepare a thorough RFI / survey to qualify all bidders.
  3. Establish good communication with suppliers. Clearly explain what your goals are (cost, value, etc.)
  4. Prepare a thorough, spec based pre-bid (unless the bid is a true commodity). Do this offline or use our eRFx module to simplify and streamline the process. This step is crucial. It can help develop better auction strategy or indicate that you should skip the auction.
  5. Allow the suppliers to view / play in the auction environment before the auction starts.