Reverse Auction (RA)

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Reverse Auction (RA)

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The Reverse Auction is an essential part of business-to-business procurement. It is a type of auction where the auction procedure gets reversed and the supplier with the least quotation wins the project supply for items or services.

RA is carried out for the purchase of raw materials, processed goods, project’s essential components and different type of services. Reverse Auction works best when it comes down to the price negotiation between the suppliers and thus, we have clear comparison of the bids that results in quick and better decision making.

How does it Work?

  • Create an auction by entering title, description, date & time, and other details
  • Prepare a questionnaire and set criteria for supplier’s evaluation
  • Add a list of items you want suppliers to bid for
  • Attach any document (if required)
  • Select supplier(s) you want to take a part in auction

What You Can Achieve Using RFI?

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