A B2B platform for conducting online negotiations that leverage upon the centralized industry knowledge bank and optimize the purchase objectives of the clients. E-auctions help in eliminating the curse of distance between the buyers and sellers, increase transparency and price discovery.
This is a simplified process of sourcing which helps in identifying best sources of supply, better negotiation with suppliers, and global compliance with contracts. We possess an updated vendor database which is used to assist customers in identification of suppliers and fostering a healthy competition.
First, we identify auction items and formulate bidding rules which includes; quantity on offer, maximum quantity allowed per bidder and reserve price. Then we identify, evaluate and pre-qualify the bidders based on rules defined earlier. We communicate the potential bidders to ascertain interest in bidding, we also convey bidding rules and regulations and confirmation for the same. The auction date, participants and duration is finalised. We ensure the smooth operation of the auction event and post event provide a summary of the event, cost savings, comparative chart and other details necessary for decision making.
The eAuction supports both reverse and forward auction:
Types of auctions:
Our clients have also used our Dutch auction service where a seller offers up an item for bid at a very high price. The initial price is much higher than the item’s value. The price is lowered in increments until a bidder chooses to accept a price which is favourable to him in terms of savings. A comprehensive BOQ is prepared which will help in providing a fair estimate of the costs, and hence result in even pricing of the materials among the suppliers and reduce disparities.
Clients who have engaged IIR Solutions for e-auctions have benefited from:Our ability to handle multiple auction services simultaneously which ensures no crash reports or reduction in the speed.
Conducted single National Level Logistics Event value up $100Mn.
Our complete understanding of the client requirements and provision of customized service which gives them freedom to choose the service.
An option for the suppliers to add multiple line items for single products individually or as part of a package (Conducted a 260 line items event, with over 80 Online bidders)
Efficient and capable support team that has handled single event value up to $450Mn.
Scalable, robust technology platform helps to Increase Savings and Improving Profitability
Acceleration of Procurement projects: Reduce Requisition to PO time by up to 66%
Identify and negotiate with Additional Suppliers,
An open market, suppliers Bid Against Each Other rather than blind quoting
Save Time, the actual negotiation can take just a Few Minutes rather than weeks
80 auction type combinations backed by our Tested Robust Technology
Complete Audit Trail of negotiations is captured & a Documented report submitted to clients
Reach large pool of buyers and benefit from fast liquidity.