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e-auctions

Should subscription-based SaaS solutions be a CAPEX or an OPEX decision making DOA?

In one of my earlier roles as a Business Head during the annual budget approval process I learnt one of the simplest yet a profound insight which I have always used in the businesses that I ran and today I am evangelizing all the decision seekers for a major hurdle faced by them, a bottleneck, a discouragement to the improvement/ transformation/ digitalization projects.

e-auctions

Pioneering Procurement in Fashion: Leveraging Cutting-Edge Tech to Boost Bottom Lines

In the dynamic world of fashion, staying ahead is not just an advantage; it’s a necessity. The key to success goes beyond crafting the next big trend or launching an alluring marketing blitz. It’s about revolutionizing procurement—a strategic pivot that’s enabling fashion houses to unlock new profit avenues. The introduction of sophisticated procurement solutions is setting the stage for the industry to harness opportunities once deemed elusive, establishing a model for other sectors to emulate.

e-auctions

Autonomous Procurement for Businesses

Autonomous procurement refers to the use of advanced technologies, such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), to automate and streamline various aspects of the procurement process. The goal is to enable procurement functions to operate more efficiently, make data-driven decisions, and enhance overall effectiveness without heavy reliance on manual intervention.

e-auctions

Negotiation and Procurement with Virtual Assistants

In the realm of negotiation and procurement, the advent of virtual negotiation assistants powered by artificial intelligence (AI) has ushered in a new era of efficiency and effectiveness. These digital tools are expected to leverage advanced algorithms and machine learning capabilities to provide invaluable support to both buyers and sellers, transforming the way business transactions are conducted and driving mutually beneficial outcomes.

e-auctions

The decision-making paradox !

The decision making in core functions i.e. Operations, Marketing and Finance is significantly different from the support function say IT, Digital. In one of my previous roles, one rupee change in the sale price per unit meant Rs 16 crore impact in the bottom line and we would have very often marketing decision taken ( at least 4-5 times/ month) for an average Rs 10/ ( mostly reduction ) each time impacting adversely Rs 160 crore in the bottom line, at a time.

e-auctions

Revolutionizing Procurement: The Power of Procurement Analytics

In the fast-evolving landscape of procurement, organizations are increasingly turning to data-driven solutions to gain a competitive edge and streamline their operations. Among the array of technological advancements, procurement analytics stands out as a powerful tool that not only transforms traditional procurement processes but also plays a pivotal role in strategic decision-making.

e-auctions

Diversity and Inclusion in Procurement: Building an Inclusive Supply Chain

In the ever-evolving landscape of modern business, the concept of diversity and inclusion has transcended its role within human resources and corporate culture, extending its reach into every facet of organizations. One area where this shift is particularly impactful is in procurement.

e-auctions

CPOs-the unsung heroes!

For most industrial companies, the Procurement of goods and services constitute over 65-75% of the revenues. For most companies, CPOs shouldering the above responsibility do not even find mention in their leadership teams displayed in public domains leave alone as “ key management people ( KMPs)”.

e-auctions

Navigating Tomorrow: The Harmonious Symphony of Human and Artificial Intelligence in Procurement

In the ever-evolving landscape of procurement, the integration of artificial intelligence (AI) is not just a technological leap; it's the orchestration of a harmonious synergy between human ingenuity and machine intelligence.

e-auctions

Are the true pain points articulated well by the customers ?

It is so intuitive to think that why would someone not state the true pain while seeking a solution. Most strategic initiatives do not capture the true pain points specific to the organisation.

e-auctions

Fostering Innovation by Navigating the Procurement Landscape with Collaborative Strategies

In the ever-evolving terrain of procurement, the paradigm has shifted from transactional engagements to strategic partnerships.

e-auctions

Is the perceived bottleneck in adoption of digital tools real ?

Someone said that we always have a higher opinion about our own capability and lower opinion on others almost without loss of generality at home, amongst friends, at work etc.

e-auctions

The Future of Procurement: Trends and Predictions.

Explore the future of procurement with key trends and predictions, including data-driven decision-making, sustainable procurement practices, technology integration, supplier diversification, and agile methodologies.

e-auctions

Why do Digital Initiatives often fall short of expectations ?

Understanding the challenges and solutions for digital initiatives, including comprehensive sponsorship, alignment with strategic vision, provider selection, change management, and compensation norms. ProcureEngine is highlighted as a tool to address these challenges and pave the way for successful digital transformation.

e-auctions

Digital Procurement-Catalyst for Business Transformation

In an era where innovation propels industry, the landscape of procurement is undergoing a seismic shift. The advent of simple eProcurement platforms like procurEngine isn't merely revolutionizing individual processes; it's fundamentally transforming the way businesses operate in a globalized, hyper-competitive marketplace.

e-auctions

Spearheading Procurement Transformation

In the rapidly evolving landscape of modern commerce, procurement methodologies stand as linchpins of efficiency and cost optimization. Among these, the strategic integration of reverse auctions and standardized specifications emerges as a beacon, revolutionizing the ethos of procurement practices for astute industry leaders.

best procurement practices

4-Steps to get Best Prices in e-Auctions

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.

contract management sourcing

6 – B2B Negotiations Trends to Watch in Upcoming financial Year

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.

Negotiaton Strategy

8-Benefits of Digital Reverse Auctions You Should Know About

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.

contract management sourcing

8-Reasons Why e-Auctions Are Gaining Popularity in B2B Negotiations

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.

contract management sourcing

Superlative Procurement Tool: Supplier Management Software

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.

Negotiaton Strategy

Best e-Auction Platform for Procurement Professionals

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.

Negotiaton Strategy

7- Reasons Why Suppliers Love to Negotiate on e-Negotiations 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.

best procurement practices

Digital Transformation in procurement using e-Auctions

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.

best procurement practices

Future of B2B Supplier Negotiations - e-Auctions

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.

Negotiaton Strategy

5-Reasons why vendors love to negotiate on e-Negotiations platforms

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.

Negotiaton Strategy

Advantages of e-Auctions for Businesses

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?

Negotiaton Strategy

Why do leading organizations prefer to negotiate with suppliers using e-Auctions?

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.

Case Study

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.