Reverse auction

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Reverse auction

An auction where the role of buyer and seller is reversed. The buyer advertises a need and sellers compete to provide the product or service. Generally the seller with the lowest bid wins the auction.
References in periodicals archive ?
Powered by the award-winning, SaaS-based CombineNet ASAP advanced e-sourcing platform, procurement teams can more easily tackle larger and complex spend categories, increase their spend under management, and optimize supplier award decisions for their business.
10) Using e-sourcing to conduct a forward auction offers an enhanced pool of potential buyers, a speedier process, and bidders who see the amounts bid as the auction moves forward.
We are determined to see procurement teams using efficient e-Sourcing technology to automate and speed up virtually every competitive interaction with suppliers -- be it RFI, RFP, RFQ or e-Auction -- and regardless of the type of commodity, item or service they are sourcing," says Zycus VP of Global Marketing Anurag Dixit.
New Event Creation Wizard - provides an intuitive workflow with contextual, survey-based guidance throughout the process of creating an e-sourcing event, including options for RFI, sealed-bid RFP, and multiple E-Auction event types.
We are happy to become a member of the ASTRA2Connect family", said Arthur Chivulescu, Executive Manager at E-Sourcing.
High percentage of customer renewals involving expanded agreements adding more users and subscriptions to CombineNet's Best Practices Center services for supporting e-sourcing projects.
With the program, we will be working with industry-expert partners focused on delivering a world-class e-Sourcing solution to their clients.
We are very honored that our customers have taken the time again to express their satisfaction with the benefits achieved from CombineNet's advanced e-sourcing offering," said Rich Wilson, Chief Executive Officer of CombineNet.
By leveraging Intesource s robust and flexible e-sourcing platform and its full-service approach to e-sourcing, procurement professionals can quickly and easily run more sourcing events in more categories of spend maximizing the total value of the supply chain throughout the organization.
CombineNet encourages attendance by its customers, with rich content for executives in strategic sourcing, spend management, and procurement, as well as hands on users of the CombineNet ASAP advanced e-sourcing software product.
This release is significant as it becomes the first "intelligent" e-sourcing platform in the industry.