Reverse Auction (e-Auction) to Reduce Acquisition Costs

The reverse auction, also known as e-auction or ERA (Electronic Reverse Auction), is a tool focused on cost reduction when acquiring goods and services.

In a reverse auction, suppliers compete in real time to award the business. ITbid includes six types of reverse auctions:

• Price-Visible Auction
• Rank-Visible Auction
• Multi-product, rank-visible Auction
• Multicriteria by relative points, rank-visible Auction
• Multicriteria by absolute points, rank-visible Auction
• Dutch Auction

In the price-visible auctions the supplier sees the best offer at all times, while in the rank-visible auctions the supplier only knows about his offer position or rank. The ITbid's reverse auctions also include other features:

• Weighting (bonus-malus) for each supplier
• Auto extensions to beat the bids made at the very end of the auction
• Multicurrency bids for suppliers that come from different economic zones

See a demonstration video or download a case study about reverse auction.