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 ?
These results indicate that organizations that have initiated e-procurement or e-sourcing are more focused on strategic tasks within the procurement function than organizations without this technology.
When it comes to store brands, e-sourcing, which automates sourcing through an online process, can be much more than just a means of securing better pricing.
She has set herself the challenge of making it past the finish line before her colleague, Richard Leslie, the company's e-sourcing solutions manager.
"Source42 has discovered businesses often do not know how the public sector process works or even in many cases how to fill in the mountain of forms they are often faced with." Chaired by Sir Roger Jones, entrepreneur and former Welsh Development Agency chairman, Source42 has developed an e-sourcing platform which it says is capable of making sizeable savings for purchasers.
"We were utilizing a best-in-class 'e-sourcing' program and methodology for general procurement that had historically been used for raw materials and commodity procurement," he says.
For example, the Kentucky Council of Area Development Districts recently formed a partnership with an e-sourcing company to create the Area Development District Online Procurement Services (ADD-OPS).
That view is echoed by Steve Tucker, managing director of e-sourcing consultancy Intersources.
E-sourcing is a relatively new alternative to traditional procurement that allows these seemingly incongruent priorities to co-exist, while actually enhancing the process.
Many schools, Like Penn, are investing heavily in e-sourcing, which is the process of inviting potential suppliers to bid online on contracts.
SynerDeal managing director David Bricknell said: "Successfully managing the first e-auction under the open procurement procedure for a local authority establishes SynerDeal's e-sourcing credentials in the public sector."
The authority has used the internet e-sourcing process to choose a supplier of copier paper for the whole organisation, including colleges and more than 50 schools - and could now make savings of more than 20 per cent on its six-figure spend.
LTP Trade plc, a global provider of e-sourcing solutions for companies seeking to source funding/risk cover for trade finance, has launched its new trade finance e-sourcing application, LTP Trade Edge.