Reverse Auctions, also known as “on-line bidding” or “ERA”, are a means of buying items or services against a published and well-defined specification where pre-selected sellers are invited to bid in an electronic auction.

For the self-service solution, AuctionTool offers the auction tool to help get clients started with the flexible, easy-to-use tool. 

Negotiations between buyers and suppliers are a necessary part of strategic sourcing to establish and maintain value-added supplier relationships. However, they are time-consuming and labor-intensive. With procurement professionals making buying decisions on multiple factors beyond price, negotiations can sometimes take months to complete which can delay the realization of savings.

The Auticontool solution enables both downward and upward auction events that let procurement teams bring the entire negotiation process online for virtually any good or service.

This technology shaves weeks off the negotiation process by making it a one to two hour, invitation-only, timed event that can be run and managed in any part of the world.

Moreover, the Auctiontool's real-time bid visibility, total cost functionality, and instant messaging communications intensify competition. The result: dramatically reduced sourcing cycle times, increased savings and more informed, equitable buying decisions.