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 Auction Software
    Reverse Auction Software

    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 can continue to battle these issues...

    Or you can unleash your potential

    Here's how

    auction sourcing tool with auction process

    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.

    auction sourcing tool
    electronic bidding notifications

    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.

    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.

    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.

    Reverse Auction Graph
    Reverse Auction KPI

    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. 

    supplier management software & vendor management software

    SUPPLIER MANAGEMENT

    SUPPLIER MANAGEMENT

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    Electronic Bidding Software & RFP software

    ELECTRONIC BIDDING

    ELECTRONIC BIDDING

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    RFP Evaluation software with software evaluation tools

    BID EVALUATION & SCORING

    BID EVALUATION & SCORING

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    contract management for sourcing

    CONTRACT MANAGEMENT

    CONTRACT MANAGEMENT

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    reverse auction software

    REVERSE AUCTION

    REVERSE AUCTION

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    IWT Single Sign-On (SSO)

    SINGLE SIGN-ON

    SINGLE SIGN-ON

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    Man using strategic sourcing software

    Ready to leverage Reverse Auction Software?

    Frequently Asked Questions

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