How to Master Your Strategic Sourcing Process Suppose you’re new to strategic sourcing, or you’re just taking a look at your strategic sourcing methodology to ensure that you’re following best practices. In that case, you likely are trying to find ways to enhance your process to ensure it runs more seamlessly. You can take a […]
The Role of Reverse Auctions in Strategic Sourcing In the entire supply chain, you, as a company, want to be able to deliver a final product to a buyer. There are many different stops within that supply chain along the way, such as procurement and procurement management. Within the procurement of goods, there are many […]
The Top 4 Differences Between Reverse Auctions and Bidding Reverse auctions, when conducted properly, can be a massive success as part of procurement management. The role of reverse auctions in strategic sourcing has diminished in recent years but is seeing a comeback in 2020 as companies look to find more savings in the pandemic. With […]
How to Optimize the Reverse Auction Process Just like it sounds, a reverse auction is the opposite of that of a regular auction. If you’re wondering, “what is an e-reverse auction?” it is a step in the procurement process where sellers compete against each other to sell you their product or service as opposed to […]
What Is a Good Reverse Auction Procurement Strategy? Even those not involved in procurement or purchasing, are familiar with how a regular auction works. A seller has something they are trying to sell, and a buyer bids on the item. Typically, multiple potential buyers (bidders) bid on the item, and the highestbidder “wins” the item. […]
How to Win a Reverse Auction Many companies and corporations turn to reverse auctions instead of forward auctions (which is another name for a typical auction, such as you’d see in real life or on a traditional bidding site). A reverse auction has its own unique set of features to master, and many of those […]
What Is a Soft Auction & Why Might it Be Better for You? If you’re using procurement software, you’re most likely running some RFP management software, or in more general terms, eRFx. The “x” allows you to use the technology to have the request be for something beyond a proposal—you can request a quotation, information, […]
How a Reverse Auction Can Benefit Your Budget Getting involved with online auctions has given your business a wide range of benefits. You feel like you have a better grasp of the products and services you obtain for your company, as well as opening up a whole new avenue so you can reach potential clients […]
5 Things You Didn’t Know Could Be Reverse Auctioned Image Credit: pon.harvard.edu Have you considered the power of reverse auctions for your business endeavors? Modern businesses and organizations have many, many more options on the table when sourcing products and services today, but few truly explore the length and breadth of possibility before settling on […]
The Science Behind the Reverse Auction: How to Get the Most Out of Your Money [et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”4.4.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”] As businesses struggle to survive and thrive, one option many procurement departments opt for nowadays is e-procurement through reverse auctions. In reverse auctions, the typical […]