negotiation

4 Ways Reverse Auctions Can Revolutionize the Procurement Process

Reverse auctions can revolutionize your procurement process

The premise of reverse auctions is simple—buyers who want suppliers for a specific product or service ask suppliers to submit bids online. To win the bid, suppliers must then compete with the lowest cost, over a defined period of time. This new process has naturally attracted the attention of procurement teams. And those teams have …

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Which Type of Reverse Auction Should You Be Using?

Types of Reverse Auctions

Advancements in technology have allowed procurement teams to introduce new sourcing strategies and practices. A reverse auction, for example, can automate and streamline the sourcing process to increase cost efficiency without requiring months of negotiation. Before going further, we want to acknowledge that cost should not, in the vast majority of situations, be the sole …

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