Reverse auctions are becoming increasingly important as part of the strategic sourcing process. Inviting selected suppliers to bid for your business can have a real impact on the bottom line.
cloudBuy eAuction manages the whole auction process. It makes it simple to set up online auctions which are intuitive to use by both buyers and suppliers, meaning that little training is required. Auctions can be open to all verified suppliers or focused on specific groups. Buyers and sellers can monitor their auctions in real time via an online dashboard. This is accessible in the office and on the road via tablet and smart phone.
The cloudBuy eAuction dashboard features a bidding timer which counts down until the auction ends. All parties can see the competitive bids as they are made via graphical and tabular displays. Suppliers execute their bidding strategy online, choosing when and how much to bid in relation to their competitors, until the auction ends and closes to inputs.
The system also documents the auction process and keeps an audit trail to ensure your organisation can answer any retrospective queries or challenges.