What is the Best Reverse Bidding Process and Strategy? Reverse bidding is the process by which one company bids against another to secure a specific item or service. Instead of buyers bidding on a product or service, suppliers gather to bid for a contract. This procurement process is becoming more popular in today’s competitive business […]
Reverse Bidding in 2023: What You Should Know Reverse bidding is a technology that’s been around for a while, but it’s gained popularity due to the advancement of accessible new technologies that have enabled companies to gain a competitive edge in their respective markets. It’s predicted that by 2023, over $10 Billion will be spent […]
How to Master Reverse Bidding: A Guide for Buyers For years, negotiations were performed by email or phone with a RFP (request for proposal) or an RFQ (request for quotation), which was a time-consuming and stressful process. The endless back-and-forth could take days, sometimes weeks or months to source the needed service or materials. However, […]
Nearly everyone is familiar with a “normal” auction, in which a vendor puts up a good for sale, buyers compete for it, and the highest bidder wins the good. However, in an ereverse auction, it is the exact opposite: a buyer makes it known that they need a good or service; instead, the vendors compete for […]
Getting to know the different types of reverse auctions can be tricky, however, if you or the supplier aren’t familiar with the process. A reverse Dutch auction is a type of reverse auction where the bidding works a little differently. The use of reverse auctions in procurement has gained popularity in recent years, particularly because […]
Even those who don’t work in procurement or purchasing are familiar with auctions, whether they’ve used bidding sites, gone to a live auction, or seen one played out on TV. This standard type of auction is known as a forward auction. What is a reverse auction? In a reverse auction, instead of bidding on what […]
As a procurement professional, you want to develop processes based on strategic sourcing and ensure proper supplier evaluation and selection. Many CPO’s don’t realize that a reverse auction strategy can play an important role in overall procurement strategy, allowing for access to a larger supplier base, more opportunities for cost savings, reduced cycle times, and […]
Your Guide to Reverse Auctions in 2022 A reverse auction can be a very important tool, and if performed correctly, can affect the supply chain in a positive way. So, what is a reverse auction? A reverse auction is just what it sounds like; it is the opposite of a regular auction. Instead of a […]
Reverse Auction Software Applications: What You Need to Know In all types of reverse auctions, the buyers and suppliers use cloud-based software for the bidding process. But, what does that exactly mean? Read on to learn more. What Is a Reverse Auction? A reverse auction is a type of auction where the buyer and seller […]
How to Get the Most from Reverse Auction Software What Is a Reverse Auction and What Is Reverse Bidding? A reverse auction is an important part of procurement as procurement is vital throughout the entire supply chain. Reverse auctions are becoming more widely used because of their advantages, even for suppliers. A reverse auction is […]