Reverse Auction Software
Conduct fully electronic Reverse Auctions
Drive pricing down by bringing the supply chain together in a dynamic pricing environment with our user-friendly auction sourcing tool. Leverage multiple auction strategies in your reverse auction events to get the lowest price possible on your targeted goods or services.
Reverse Auctions don't need to be difficult
Without the proper tools, you will likely find yourself frustrated and overwhelmed with your current reverse auction process.
- You are frustrated with the rigid auction creation process
- You aren't getting enough suppliers in your auctions
- Your current reverse auction platform isn't integrated with your supplier management system
- Your suppliers are frustrated by having to use multiple systems
- Your suppliers hate paying fees to participate in reverse auctions
You can continue to battle these issues...
Or you can unleash your potential
Here's how
A better, faster way to conduct reverse auctions
Improve Competition
Competition is maximized by leveraging multiple auction strategies such as automatic auction extension & bid decrement rules.
Reduce Errors
Comprehensive validation ensures your system has quality data, including automatic error checking of supplier responses prior to submission.
Save Money
A dynamic bidding environment naturally creates intense competition which can drive pricing down and boost cost savings.
Increase Visibility
Real-time graphing and bid notifications ensure that everyone is aware of the pricing environment and spurs the user to action.
THE Do-it-yourself Auction Platform
The Reverse Auction module provides a dynamic pricing environment where suppliers compete for business in real-time. Easy-to-use event creation and management tools offer one of the industry’s only cloud-based “do-it-yourself” auction platforms
EASY AUCTION CREATION
Easily build standardized auction templates and libraries. Clients maintain control of auction terminologies such as auction types, naming conventions, and display settings.
- Single or Multi-line item
- Reverse Auction RFP capabilities
- RFI/RFQ capabilities
Easily Target and notify suppliers of relevant Auctions
Built-in outreach tools offer a multitude of options to communicate solicitation information using commodities, categories, diversity, and geographical area.
- Notify Qualified Suppliers by-invitation-only
- Notify One or More Commodity Groups
- Notify a targeted supplier list
- Notify by geographic region
Leverage Multiple Auction Strategies
During the sourcing event, a variety of current pricing and competitive information can be displayed to participating suppliers encouraging competition. Based on your type of auction, suppliers can be presented with current low pricing information or simply informed if they are the current “best” bidder. Also available are auction preview, reserve pricing display options, bid decrement rules, and automatic auction extension functions that accommodate a variety of sourcing strategies.
- Pricing Display Options
- Bid Decrement Rules
- Automatic Auction Extension Functions
- On-Demand Spend Analysis
Gain Insight into your sourcing data
Being a data-driven solution, our solution is packed with actionable analytics. Leveraging data helps ensure that you are making the best sourcing decision possible and allows you to have confidence in the choices you make. The strategic sourcing data is neatly compiled into easy-to-read reports that can quickly be exported and distributed to key stakeholders.
Real-Time Graphing Provides Full Visibility
Procurement professionals monitor supplier activity in real-time, watching as suppliers compete and update their pricing throughout the event. A dynamic graph is displayed, revealing the event’s bidding activity.
Demonstrate Procurements Value
Traditional sourcing methods can make it difficult to demonstrate all the value provided by your procurement team. Clear and comprehensive reports allow you to easily demonstrate procurement's value while using real data to back it up.
Eliminate Bottlenecks
Quickly identify auctions where vendor outreach may be limited, vendor participation is low, or when vendors get stuck in certain stages of the auction process.
Strategic Sourcing Software
POWERFUL TOGETHER AND SEPARATELY
Packed with powerful esourcing tools, Ion Wave’s strategic sourcing software makes it easy for procurement teams to get the most out of their purchasing and spend management. Choose from our suite of products to build the perfect sourcing solution for your team.
- Easy To Use
- Quick Implementation
- Phenomenal Support
SUPPLIER MANAGEMENT
SUPPLIER MANAGEMENT
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ELECTRONIC BIDDING
ELECTRONIC BIDDING
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BID EVALUATION & SCORING
BID EVALUATION & SCORING
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CONTRACT MANAGEMENT
CONTRACT MANAGEMENT
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REVERSE AUCTION
REVERSE AUCTION
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