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8MSaaS provide tools such as Spend Analysis, Purchase Plan/Request (PR), Quick Quote (RFQ), Formal Tender (RFI/RFP/RFQ), Contract Management, Purchase Order Management and Supplier Management for sourcing and procurement processes. Reverse e-Auctions play a key role when it comes to ensuring that you are being quoted the current market price for the goods and services you are procuring and also improve supplier relationships due to increased transparency. Mainly used for procurement spend related to indirect goods and services, auctions can play a critical role for potential buyers in streamlining the bidding process, increasing transparency and compliance between the buyer and suppliers involved. Additionally, sourcing goods or services using the 8MSaaS Reverse e-Auction bidding format can generate significant cost savings, thereby adding bottom line value to your overall procurement spend.
Reverse e-Auction can be a useful tool for spend management in many industry verticals such as:
The following is the common Reverse e-Auction process:
Savings generated via Reverse e-Auction are only good if those savings are realized. To ensure that you capture the savings generated by implementing the Reverse e-Auction procurement strategy, be sure to follow through on your award as well as proactively track all purchases made, to fully realize the reverse auction supply chain benefits.
There are many benefits of Reverse e-Auction as listed below: