Reverse & Forward Auctions Enjoy the limitless possibilities of online auctions.
Most electronic procurement solutions today focus on automating the requisition-to-payment process for indirect goods and services based on pre-negotiated contracts between buyers and sellers. However purchases of direct and indirect items and services often require dynamic sourcing from known and unknown suppliers, based on unique purchasing requirements like availability, lot sizes and pricing.
The C1 India Auction services capability allows buyers to post requests for quotation ("RFQ") to an open or closed group of suppliers. It allows suppliers to respond dynamically in a reverse auction-bidding event. It thus helps with supplier selection, bid management and realizing the true market price for goods and services. The Auction services support:
Forward Auction: Suppliers auction off excess inventory and dead assets.
Reverse Auction: Buyers post RFQ for goods and services.
These auctions can further be held as open or sealed auctions. As price is not the only factor for deciding purchase, C1 India also provides the option to use multi variable auctions in which several parameters may be defined and weighted in accordance with their importance in the buying or selling decision.
Auction services are available either as a stand alone software solution or as part of C1 India Auction services.
Auctions Value Proposition
Enhanced participation in the bid process due to the ready availability of qualified trading partners
Facility to conduct open / closed open auctions
Simple, comprehensive and user friendly solution
Remote bidding leading to lower transaction costs
Demonstrated reduction in the cost of goods purchased due to increased participation
Significant reduction in the time taken to sell goods due to increased number of trading partners
Shorter negotiation cycles because of reduction in paper work and easier communication
Additional sourcing capability for hard to find items
Efficient channel for disposal of surplus inventory / assets
