What is e-Procurement?
It is an end-end Internet based Tender Management Solution that involves indent management, RFP creation, Bid submission, Bid opening & evaluation, vendor selection and finalization and vendor management including e-Auction and contract management.Read More “What is e-Procurement“
What is e-Auction?
E-Auction is a web-based application to sell or buy assets or goods over Internet through real-time competitive bidding.
How many types of e-Auctions are there?
There can be many variants of e-Auction. Typically five variants are prevalent – Reverse e-Auction (English Ties/ No Ties), Sealed Bid e-Auction, Price e-Auction, Rank e-Auction, Forward e-Auction (English Ties/No Ties)
How to select an e-Auction type?
Selection of e-Auction is typically based on requirements and business objectives. Each e-Auction type can serve difference purposes and it is best left to consultants like C1 India to consult and suggest best way forward.
What are the benefits of e-Auctions?
E-Auction not only helps in ascertaining value and floor price of the asset but it also reduces the administrative costs and lowers the negotiation cycle time. It also improves consistency, facilitates transparency and creates fair competition.
Where all can e-Auctions be used?
E-Auction is used in several industries such as Oil and Gas, BFSI, Coal & Mining, Construction, Telecom & IT, Transport for purchasing and selling assets. Some of our prestigious clients have also purchased audit services successfully through e-Auctions and registered savings in excess of 50%.
What is Reverse e-Auction?
It is an e-Auction type where one buyer is willing to buy. The sellers bid against each other by reducing the bids to secure the buyer’s business.
There are two kinds of Reverse e-Auctions
a. English Ties: Two bidders can bid for the same price
b. English No-Ties: No two bidders can bid for the same price
What is Forward e-Auction?
It is an e-Auction where one seller is offering an item for sale, with multiple buyers competing to win the item by bidding the price upward. It can also be of two types- English Ties and English No Ties.
What is sealed bid e-Auction?
It is a type of auction process in which all bidders simultaneously submit sealed bids to the auctioneer, so that no bidder knows how much the other auction participants have bid. In this type of e-Auction, bidder does not need to counter and bids only once.
What is Price e-Auction?
It is a type of auction process in which all bidders simultaneously submit bids to the auctioneer, and each bidder knows how much the other auction participants have bid. In this type of e-Auction, bidder counters the price bids submitted by other bidders multiple times
What is Rank e-Auction?
It is an interesting type of auction process in which all bidders simultaneously submit bids to the auctioneer. Here the price is not shown and the bidders compete on rank.
What all features do e-Auction application by C1 India have?
C1 India’s e-Auction engine is award winning and industry leading application with security features such as PKI enabled, SSL enabled, strong encryption, time stamping and audit logs. The application also provides multilingual & multicurrency interface along with SMS,e-mail alerts and dynamic-web forms.
Which clients and industries does C1 India serve?
C1 India takes pride in serving some prestigious clients such as Sultanate of Oman, Govt of Andhra Pradesh, Ministry of Information & Broadcasting, BPCL, Genpact, ACC, HPCL, Union Bank of India, HDFC Bank, Hero Moto Corp, State Bank of India, EIL, BHEL, Bank of Baroda, Punjab National Bank and many others.
How can banks use e-Auctions?
Who’s who of the banking world is using C1 India’s Forward e-Auction engine for selling of Non Performing Assets. State Bank of India, Punjab National Bank and HDFC Bank to name a few have been working with C1 India for years.
What is the experience of C1 India in e-Procurement?
C1 India is an industry leader in e-Procurement space since 2000 and is a pioneer in providing e-Procurement solutions on SaaS model. We have implemented some of the world’s largest e-Procurement systems such as the one for Sultanate of Oman. We are also the first company to roll out a statewide e-Procurement project in India.