e-Reverse Auction

e-Reverse Auction

Reverse Auction is the best practice across corporate landscape to automate the negotiation process with suppliers and to drive the best market price of materials. ProcureTiger conducts real time, online reverse auction between a single buyer or organization and pre-qualified suppliers. Suppliers compete by presenting bids to the buyer for the supply of goods or services with prequalified and predefined specifications. ProcureTiger also offers Forward Auctions that serve a single seller offering goods/services for sale, with buyers competing to buy the goods/services by bidding the best price upward. You can use the forward auction tool for auctioning everything from autos, real estate, machinery, etc. The goal of ProcureTiger for the seller is to receive the most money possible for the goods/services being offered at the auction. A forward auction is utilized on a consumer end for sales of goods and services of all types.

Key Features of E-Auctions:

  • Unique login link and register ID for suppliers, reducing support requirements
  • Collaborative tools that connect the supplier and buyers on same platform
  • Simplified and transparent bidding process
  • Bidding performed in real-time environment resulting in a dynamic, competitive process
  • Configuration options to fit each negotiation scenario

Benefits of E-Auctions:

  • Increased efficiency in the market - the ability of the market to bring buyers and sellers from global arena together in an open environment
  • Increased buying and selling reach
  • Less chance of human error during bid transcription and importation
  • Cycle time reductions: Online auctions can be coordinated in a matter of days and conducted in an hour – saving weeks from the traditional offline process
  • Reap savings in terms of time, money, effort and human resource
  • Vendors/Suppliers get improved access to new markets and new competition
  • Suppliers get a level playing field in which small businesses can effectively compete
  • Immediate feedback and clarity to suppliers regarding their position in market relative to other suppliers
  • Better communication and data accuracy build more confidence in the buyer goal and stronger participation