Reverse Auctions: The Way Everyone Wins
The Simple Economics of Live Pricing - Reverse auctions help organizations successfully realize cost-savings without sacrificing quality and supplier relations. For years, they have been a vital piece of the strategic sourcing suite. Despite this, many enterprises have yet to use reverse auctions to their greatest potential. In some cases, sourcing professionals haven't explored the benefits of reverse auctions and as such have not embraced the methodology. Others have - often valid - concerns about the process. The reality, however, is that using reverse auctions for the right categories drives better business value.
To better understand enterprise reverse auctions, we surveyed over 100 sourcing, procurement, and finance professionals from around the world. After compiling their experiences and opinions, we emerged with several conclusions about reverse auctions - from the business world's perception of them to their wide-ranging capabilities.