Our reverse auction as a managed service puts you in full control.
This company saved over $300,000.00 on a single major purchase.
First, our team of sourcing experts will create an online RFI where we will help you qualify potential vendors by asking them to respond your particular products, specifications and service levels. After we receive their responses, you will be able to score them and make your selection as to which vendors you would like to invite to bid for your business. Once you have made your vendor selections we will then upload your RFP, set up the event schedule and invite them bid on your business. We will provide online training for those that qualified. Each vendor will then begin biding against each other ending with the lowest price and terms they would be willing to take for the product or service.
However, price isn’t the only consideration in a reverse auction. Reverse auctions are used by buyers to find vendors with whom to work. Buyers can compare price, experience, quality and reputation in making a final award.
Through LGX and our reverse auction managed services, you can reduce costs, streamline supplier interactions and compress negotiation cycles when purchasing capital equipment, materials, and services from vendors around the world. Last year our advanced procurement technology delivered an average cost savings of 18% and reduced purchasing cycle times by 40%. Our technology improves the resource-intensive procurement process by enabling you to electronically track and record all communication with suppliers and archive bid documents for future reference and use.
Benefits include:
• Streamlined negotiation processes
• Sourcing projects completed in 40% to 60% less time
• Creates a highly competitive environment
• Reduced procurement costs
• No Software to purchase or IT involvement
• No financial or direct cost to client
• Vendors compete for your business
• Fully Transparent Audit Trail