Vendorful: Smarter sourcing for buyers and vendors

Recent Posts

4 Ways Reverse Auctions Can Revolutionize the Procurement Process

Posted by Peter Bonney on Oct 16, 2018 8:50:00 AM

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.

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Topics: Reverse Auctions, Procurement

5 Things that Highlight the Value of Reverse Auctions

Posted by Peter Bonney on Sep 25, 2018 9:00:00 AM

Many companies are leveraging reverse auctions as a way to save money. However, cost savings are just one benefit that reverse auctions can provide.

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Topics: Reverse Auctions

Which Type of Reverse Auction Should You Be Using?

Posted by David Wadler on Jul 26, 2018 10:15:00 AM

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 driving factor in choosing a supplier. Indeed, sometimes cost and quality can be inversely correlated. Taking a holistic approach where cost is a key consideration will deliver better outcomes. But that’s for another blog post….

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Topics: Reverse Auctions

3 Ways Reverse Auctions Can Drive Better Business Value

Posted by David Wadler on Jun 7, 2018 8:45:00 AM

We’ve dedicated quite a bit of time speaking to the virtues of the RFP process. Indeed, if you’re sourcing any complex good or service, running a Request for Proposal, is a great way to gather and evaluate the data the will ultimately support the decision you make. While running a comprehensive sourcing event makes sense in many scenarios, there are other situations where price is the overriding criterion. If that is the case, and the product/service being sourced is steeped in commodity rather than complexity, you might have a good candidate for a reverse auction.

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Topics: Reverse Auctions