Key Capabilities to Uncover the Best Value
Multiple auction styles
Supports English Reverse, English Forward, Dutch Ticker, Japanese Ticker and other auction types.
Real-time updates
Manage and monitor auction activity, calculate results and access information in real-time.
Awarding
Complete the auction cycle by awarding contracts to one or multiple suppliers, either automatically or discretionally, with a complete audit trail.
Supplier performance
Quickly implement agreements, track cost savings and monitor supplier performance.
Customer Success Stories
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QAD Integrates with BMW Group’s Systems and Processes
The manufacturer of luxury vehicles benefits from increased supplier collaboration, effective sourcing events and reduced supplier risk.
KION Group AG Transforms Global Procurement with QAD SRM
The leader in industrial trucks and supply chain solutions leveraged QAD SRM to reduce RFQ creation time by 90% and costs by 32%.
Next Steps
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Frequently Asked Questions
What is an electronic auction?
An electronic auction is an online bidding event where multiple suppliers compete in real time to win a buyer's business by submitting bids for goods or services through a digital platform. This dynamic process allows for immediate price negotiation and helps buyers secure competitive pricing.
What are the common types of auctions?
Procurement professionals have several types of auctions at their disposal. The reverse auction is the most common in procurement; in this format, suppliers compete by offering progressively lower prices for goods or services until the buyer chooses the bid that offers the best value. In contrast, a forward auction operates like a traditional auction where buyers incrementally bid up the price, and the seller awards the item to the highest bidder. Another option is the Dutch auction, which begins with a high price that steadily drops until a bidder accepts it. The Japanese auction sees the price increase incrementally, with suppliers dropping out as they can no longer meet the rising price. Finally, in a sealed bid auction, suppliers submit their best and final offers confidentially, unaware of what their competitors have bid. The buyer then evaluates these hidden bids against specific criteria before making their selection.
Can suppliers collaborate directly during an auction event?
Yes, suppliers can collaborate to ensure timely access to needed information. This is supported with a secure space for real-time communication, data sharing and streamlined interactions between your business and suppliers—helping to boost efficiency and strengthen supply chain collaboration.