Transforming the traditional auction process with technology as the pivot
Offline auctions in a digital-first world are a flawed process. Organizers and participants face several roadblocks – ranging from transparency issues to participation challenges. EffiGO’s eAuction optimizes the buying process through an active online auction mechanism.
Transforming Auctions is the Need of the Hour
While conducting offline auctions, organizations face many challenges. Whether it is insufficient participation, the objective mismatch between the organization and bidders, or dealing with legal and regulatory guidelines, delivering the best value is difficult. And most importantly, ensure and showcase that the auction process is transparent and fair. For organizations to scale up and outperform their peers, transforming their auction process is imperative.
Reasons to Take the Online Solution Route
- Taking the entire auction process online means ease of all participants and a faster procurement cycle
- There’s better control of negotiations and implementing different auction strategies and types based on specific needs for each event
- Ability to benefit from a layer of analytics that improves auction strategies and output, enabling better savings
With EffiGO’s robust eAuction module, you can optimize sourcing and scale up the savings.
A Transformed Auction & Its Tangible Benefits
- Auction Management
- BOQ Bidding via Microsoft Excel and Comparison
- Bid Transformation
- Unregistered Suppliers
Auction Management
- Relaunch auctions with ease and convenience in case you are not satisfied with the results
- No need to raise a purchase request again
BOQ Bidding via Microsoft Excel and Comparison
- Let suppliers submit their bids via Excel sheets defined by you
- Get a system generated comprehensive comparison of your Bill of Quantity (BOQ) with the quotes collected, ranked with the lowest bidder (L1) highlighted across categories
Bid Transformation
- Include other cost factors specific to the supplier in the bid transformation option
- Allows an Apple to Apple comparison
Unregistered Suppliers
- Inbuilt workflow that lets unregistered suppliers take part in auctions without needing to onboard them thereby increasing competition without slowing down the sourcing process.
Bankable Features And A Better Auction Process
- Integrate sourcing inputs and outcomes to your ERP
- Customizable auction negotiations – 700 + permutations of doing negotiations
- Multi-lot/single lot/multi-item configuration
- Bid tracking and reporting
- Multiple variants of auctions – English (US & UK), Dutch, Japanese, etc
Highlighting Customer Success Stories
FAQs
What is an eAuction and how does it work?
An eAuction, or electronic auction, is an online platform that enables buyers and suppliers to participate in a virtual auction, rather than a physical one. It allows for real-time price negotiations, where suppliers can bid against each other for a specific product or service. The platform typically has a set of rules and parameters that govern the bidding process and provide transparency for all participants. The eAuction solution works by leveraging technology to streamline the auction process, automate bid evaluation and selection, and provide data and analytics to aid decision making.
What are the benefits of using an eAuction over a traditional auction?
The benefits of using an eAuction over a traditional auction include increased supplier participation, enhanced productivity, improved decision-making, and reduced procurement cycle time. eAuctions provide a transparent and fair process, which eliminates the need for tedious commerce activities and follow-ups. Additionally, they enable real-time data exhibit and insights of live auctions as suppliers bid, and allow for total control and flexibility over the auction process. With eAuctions, organisations can respond more quickly to changing market conditions, increase efficiency, and optimise sourcing fully, resulting in improved cash flow and tangible savings.
Can the system handle different types of eAuctions such as reverse auctions, Dutch auctions or Yankee auctions?
Our eAuction system can handle different types of auctions, including reverse auctions, Dutch auctions, Japanese auctions, Yankee auctions, and more. Each type of auction has a specific set of rules and parameters that govern the bidding process, and the eAuction platform can configure the auction strategies accordingly. The platform also allows for lotting tactics, extension rules, safety nets, and a slew of other complex features to ensure a successful auction.
Can I set rules and parameters for my eAuction, such as minimum bids or bid increments?
The platform enables buyers to set rules and parameters for their auctions. Buyers can define the minimum bids, bid increments, and other parameters that govern the bidding process. The platform also allows for intelligent and auto-configurable auction strategies, which provide flexibility and control over the auction process.
Can I track the progress of my eAuction in real-time?
Real-time tracking of auction progress is available. Buyers can monitor the auction progress, view the bids submitted by suppliers, and adjust the auction parameters in real-time. The system also allows for on-platform and transparent communication with suppliers during the live event.
Can the system handle bids from multiple suppliers simultaneously?
Yes, you can easily handle bids from multiple suppliers simultaneously. The platform enables buyers to invite qualified suppliers to participate in the auction, and suppliers can submit their bids in real-time. The system automatically evaluates the bids based on the defined rules and parameters and provides comprehensive reports and analytics to aid decision-making.
