Reverse Online Auction Software
Implementation of a reverse auction tool itself has numerous advantages. EnavAuction is designed to revolutionise the reverse auction process by providing complete transparency and control, and enhanced security features that can prevent the occurrence of fraudulent bids.
Reverse Auction (Buyer) Software Feature
- Provides market transparency which reveals the true market price of the service or product.
- The software reduces human-prone error since the entire process is automated. The ability to run preliminary price rounds and the ease of online editing help narrow down on errors before the auction commences.
- The buyer can gain knowledge of the price and quality of similar products as all the bids are submitted in a common format contained within a single tool.
- Allows the buyer to tap into the global supplier base, including the suppliers in low cost countries thus enabling him to obtain the best price and quality for his requirement.
- Simplifies bid collection and bid comparison and centralises all the data for easy query and display.
- The buyer can narrow in on a vendor in hours thus allowing the company to spend more time on other high value activities such as spend analysis, strategic sourcing and award optimization. The process is highly efficient when compared to the traditional offline process.
- Successful reverse auctions immediately reduce the cost of acquisition (that would otherwise be paid) for each item successfully auctioned.
In a forward auction environment through EnavAuction, the buyer has certain advantages that can prove to be beneficial for him during the decision making phase.
- Smart investments can be made as goods can be purchased at market prices through competitive bidding.
- At EnavAuction, the buyer knows that the seller is bound to sell the product. All he has to do is outbid the highest bidder.
- Auctions reduce time to purchase and eliminate long negotiation periods
- The price is determined by the buyers and not the seller. Hence the buyer is paying for the price decided by the demand owing to high quality of the product.
Frequently Asked Questions
Why should I use a reverse auction?
A reverse auction is a system of software used to negotiate the best offers. E-auction run by your organization in just one minute with fair requirement and quality compression with several suppliers./p>
Why should I use Enaviya’s auction system?
The secure online e-auction software developed by Enaviya is packed with all the features required for B2B auctions and no other similar software provides the same value. Established investment returns boost outcomes over traditional approaches by 20 per cent.
What is a reverse auction?
Our reverse auction system is a competitively bid web-based service to interested vendors. A suppliers bid their best prices within a set period of time. The platform helps manage the bids, and the sellers bid for the item on the listing.
How do we get our vendors to participate in auction system?
The company needs to share a list of preferred vendors. We educate them about the process and train them to use the auction software, and handle the outbound contact to remind vendors about the auction.
How can I watch the auction?
You will access the auction online by logging into our secure environment for auction. You can see every vendor there, their presentation, and watch as successive bids are submitted.