e-Auctions are one of the most effective ways to negotiate with suppliers. They get savings anywhere between 4-17%. Your e-Negotiation is a platform for your organizations to create best procurement practices, unbiased negotiations resulting in the best prices – always.
B2B Negotiations went through plenty of changes in the last few years with increased IT penetration in this field. The advent of smart, intelligent and easy-to-use e-Negotiations platforms have already disrupted this arena, yet it is far from getting standardized again. Negotiation is expected to go through big changes now with the advent of Industry 4.0.
A Reverse Auction is an event, conducted physically or electronically, where technically equal or equivalent sellers compete commercially in a fixed time frame to obtain the best procurement practices, business, and prices decrease in each bid as per the rules defined by the auctioneer or the buyer.
E-Auctions have seen extensive acceptance in business-to-consumer (B2C), consumer-to-consumer (C2C), and business-to-business (B2B) environments. Many researchers are studying B2B auctions that involve much larger portions of the economy than B2C and C2C and have direct implications on firms’ performance.
How do you manage your supplier performance effectively - to your suppliers’ delivery performance, adherence to the contract terms and conditions and conduct, with you and your organization. Secondly,, how actively, you manage the relationship with them? When things go wrong with your suppliers or when you want to boost up your suppliers' performance, you need an effective way to handle the situation.
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.
E-auctions are probably one of the most widely used e-Commerce concepts in today's time. It can be understood as a practice of conducting online competitive bidding auctions whose transactions take place on an electronic marketplace. In these e-auction portals products and services cost of ownership is finalized.
Supply chain digital transformation brought many benefits to procurement and technology teams. This provides various solutions to make supply chain management more efficient than multiple solutions. Expense Optimization is as effective as e-auction software. These auctions are almost reversed to make sure that a particular contract offers its product and delivery.
Sales would have been simple and easy if customers walked right away and purchased the goods or services. This would imply that consumers have only one purpose in mind - which is purchasing despite the previous experience.
Earlier negotiation processes involved multiple disciplines including game theory, psychology, communications, law and what not. But as times have changed and everything has shifted towards the digital world - e - negotiations have completely dominated and ruling over the domain.
Nothing beats the experience of buying or selling personal use products and services online in today's time - the advantages of buying and selling on the internet are enormous. However, have you ever explored the world of e-Auctions for your business?
As technology has become user friendly, everyone has become used to ordering things online and having them delivered to the doorstep. The use of the latest tools and platforms has made it easier for businesses to connect with their prospects.
One of our clients negotiates freight for a large number of international locations quarterly. They create a simple staggered English Reverse Auction - where each location opens for bidding one-by-one for 2-minutes and gets bidders to fight it out to become L1. In about 2-3 hours, they get firmly negotiated freights for about 70 international locations. This is followed up by a work-flow based approval from the relevant department heads. The organization is consistently saving 8-21% in their contract for the past 3 years using procurEngine.
One of our clients used Dutch Auction to finalize a large EPC contract, where the difference in the offered prices of different contractors was too high. They got 11% savings in less than 21 minutes of bidding.
A leading chemical company, who also extensively uses ProcurEngine for their business negotiations, achieved 7% extra savings by configuring a quick and easy bid with the help of procurEngine’s streamlined portal.
A leading EPC Company configured an e-Auction for huge quantities of fasteners for a project. Owing to simple e-Auction of procurEngine’s methodical platform, six aggressive bidders got them 13% additional savings from their targeted prices.
A leading manufacturing company uses procurEngine’s RFQ negotiation module to finalize all their contracts very effectively. Instead of sending email enquiries, preparing comparative statements and updating multiple revisions - the team relies on procurEngine - which, as an efficient assistant, does all that - with practically no effort. The team focuses solely on getting the best deals.
In one of the large scrap sale cases, there were 11 qualified bidders for 60 MT of SS Scrap. A simple bid using procurEngine’s user-friendly portal got them 12% higher rates than their target.
Chemical Industry, Speciality Films, Cement Sector, Realty, EPC, Manufacturing, Renewable Energy, Textiles and so on…
