It connects the dots for all parties involved; suppliers have clear specifications of the job at hand, while buyers can undertake due diligence on suppliers and the auction as a whole. Equipped with this, companies can leverage reverse auctions to maximize cost savings and increase business impact.
Reverse auctions have been proven to positively impact the bottom line.wcadmin2019-01-29T19:21:04+00:00
By sourcing goods and services in this way, companies can specify exactly what they want and allow vendors to vie for their business, which typically leads to a decrease in purchase prices. Companies can save 10-20% or more when they use reverse auctions for their method of procurement.