What is our tool?

Our reverse auction tool (also known as procurement auction, e-auction, sourcing event, e-sourcing) is business-to-business procurement tool. In this tool, the role of the buyer and seller are reversed, with the objective to drive lowest purchase prices. Our tool provides the Real Time Online Portal to conduct a Reverse Action by Customer where invited vendors bids with the lowest possible prices to get the order.

Our tool is used as the last leg of sourcing and tendering process and helps to obtain the best price by encouraging competition among bidders on price. It is hosted by a single buyer and features two or more suppliers competing for business.

By our tool, buyer gets number of advantages.

It is very time efficient as the awarding decision can be taken in weeks instead of months
Reduces the time and cost incurred by procurement team for negotiations with multiple vendors
Provides an insight to the bidders on how competitive they are and indicates their ranking amongst their peers.
It reduces paperwork and increases transparency in the award process
Scientific and absolute method for negotiation
Sometimes, helps in breaking cartels

However we feel Reverse auctions should only be carried out for commodities which; are standard in nature or already understood by supplier well, have many suppliers thereby producing a competitive market, and for which quality is already established leaving only awarding decision based on price.

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