Best e-Auction Platform for Procurement Professionals
What if you are the one seeking the best outcome in a negotiation in which multiple suppliers are vying to secure your business? Then let an effective e-Negotiation tool assist you to achieve your goals! After many face-to-face negotiations rounds, procurement managers are increasingly choosing to let the e-Auction be the last step in the process to get the best outcome of the negotiations.
To make use of the e-Auctions effectively, they must be used in the right way. It provides greater value and transparency to the sourcing process. The procurEngine e-Auction is another event in your sourcing process, where it makes the best use of real-time bidding. There is no need to log in to separate platforms. ProcurEngine gives you complete control over your e-Auctions, enabling you to achieve the best value of your sourcing.
In this article, we will explain what e-Auctions are, what types they have, and how you can take advantage of them and get great deals from them.
Basic Understanding of e-Auction:
An e-Auction involves the organisational buyers buying or selling (or inviting bid) for the products or services over an internet platform. A very wide variety of products and services can be negotiated this way, and the buyers have access to multiple suppliers. This is a highly efficient and effective means of negotiating in a quick manner
Reverse e-Auctions, configured by buyers, facilitate online activities between buyers and sellers located at different locations, so they are also known as virtual auctions. Online auctions typically have one to ten days to complete and are offered worldwide 24/7, with starting bids high and decreasing steadily according to the market demand
There are many reasons why online auctions have become widely accepted as a business model:
- No fixed time constraint
- No location limitations
- Highly intensive social interactions
- An enormous number of buyers and sellers are available
- Encourages a high volume online business
E-auctions have business-to-business (B2B), business-to-consumer (B2C), and consumer-to-consumer (C2C) variants. These business models are continuously evolving to meet market requirements, such as eBay, webstore, online auction, procurEngine etc.
Key features
- eRFQ Management: For bid solicitations and quote comparisons – commercially and technically, you can create bid requests, share bid details, ask queries etc.
- Online Auctions: Hosting and managing online auctions in which participants and members can buy, sell, or bid on things.
- Online Bidding: Online bidding will allow participants to place bids from anywhere within the given time frame.
- Live e-Auction: Your business can benefit from real-time auctions.
- Approval Cycle: After the event is completed, take approval from the competent authorities in your organisation as per the defined DoA.
- Supplier Performance Management: Complete control and visibility of your suppliers’ performance
Benefits
- A Centralised Platform: A centralised cloud-based platform facilitates better communication between all concerned parties through the use of e-Auction software which is loaded with the latest versions at any point in time.
- Cost-Effective Reach: These websites help businesses build the identity and brand of their auction website. They make e-Auctions more environmentally friendly and cost-effective. In addition, complete auction details are available online, so buyers can target as many suppliers as they wish
- Global Audience: Software like this allows organisations to host online auctions accessible worldwide. Since international participation is possible, these auctions have a higher fundraising potential.
- Simplest Platform: Bidders enjoy a stress-free bidding experience thanks to the most advanced e-Auction platform that is extremely easy to use – for both buyers and sellers. Support teams are also available to facilitate the e-Auction tasks more efficiently.
Considerations when purchasing e-Auction software
- Ease of Operations: The simplicity of the platform defines its adoption – not only to the educated buyers but also to the not-so-informed suppliers. The simpler the platform, the more successful it is.
- Types of e-Auctions Offered: English e-Auction, Japanese e-Auction, and Dutch auction are the three most common types. These auctions each have their requirements and are different from each other. You can strategize your negotiation requirements based on product or service category and then share details with the prospective suppliers.
- Functional Support: You or your suppliers may need support before, during or after the e-Auctions. It is most important to ensure that your e-Auction partner is sufficiently equipped to handle all such queries at very short notice.
- Strategic Support: This is a very fast-evolving field with a lot of newer technologies and ways coming to negotiate better. Your team may need to be trained on different strategic perspectives. The platform you choose must be familiar with your nature of business and should be able to provide strategic inputs to upgrade.
Using a state-of-the-art platform
procurEngine is an eBusiness product by AgileApt Solutions Pvt Ltd, a young and dynamic company with high growth ambitions. AgileApt strives to create a diverse and inclusive work environment that promotes openness, transparency, and growth.
Our simple yet most extensive range of digital negotiation solutions incorporates RFx, eAuctions, and Dynamic Counter Offers to deliver value in a fast and audit-compliant manner. The following strategies are some of the ones covered in eAuctions based on case studies:
- The eAuction process is step-by-step with auto-saving functionality, users will have easy access to the participation screen for increased usage
- Utilise RFQs, eAuctions, and Dynamic Counter Offers on procurEngine to create value for your organisation.
- Customization options help you improve negotiation performance.
- Providing a dynamic rating system that you can utilise to understand your suppliers at a multi-person level within your organisation.
An intuitive design
Simple and Effective
procurEngine was developed to simplify B2B transactions related to procuring goods and services. It is easy to configure different types of events within minutes. Organisations have seen a 3X increase in adoption of their responsive and intuitive user interface compared with similar complex solutions.
Notable Features
B2B buyers face unique challenges as they negotiate, participate in post-negotiation activities, and collaborate with suppliers. ProcurEngine solves these challenges for them. We set ourselves apart from competitors through our unique features like ⋋-Factor to facilitate the smooth comparison of e-Negotiations between uneven vendors, our robust eNFA approvals based on DoA/SOA, and our supplier portal for seamless collaboration.
Unparalleled Support
If any business is to succeed with e-Negotiations, it must first become a reality for all buyers and then show its value to their organisation. ProcurEngine ensures that the buyer remains focused on creating value while adhering to compliances with their quick onboarding, training sessions and prompt application support.
Fostering Trust – In Process
The e-Negotiation capabilities on ProcurEngine enable buyers and sellers to build mutual trust. The streamlined business process becomes transparent and win-win for all – thus fostering a culture of trust.
Conclusion
As a result, eAuctions can be effectively conducted by letting procurEngine handle the work for you. To achieve the best results from an e-auction platform, procurement managers increasingly choose to let face-to-face negotiations precede the e-auction if it consists of a face-to-face negotiation round.
It allows you to use real-time bidding in your procurement process, so you don’t have to log into separate tools. This gives you complete control of your sourcing process, allowing you to maximise the value of your sourcing.
To know more about e-auction related services, click here: https://tinyurl.com/4zdwab8j .