Procurement's Secret to Saving Time and Money

Time is a precious commodity that today’s procurement leaders need, especially when it comes to making decisions that impact the bottom line. eAuctions are ideal for saving time and money by streamlining processes with automation and reducing prices with increased supplier competition. 

Advanced technology continues to build in more efficiencies that the minimize risk of human error as well as save time from manual administrative tasks.  eAuctions modernize the sourcing process for both indirect and direct spend, and they should be easy to use.

Our subject matter experts have put together a quick review of an ideal process for e-auction events: 

Preparation Phase

Create a template that can be used over and over. There is no need to recreate and reformat everything for each use. eAuctions enable the user to update the relevant information and execute immediately. Share templates among teams to ensure consistency and efficiency as the list of buyers grow. The single source of information streamlines the RFI, RFP and RFQ process and reduces potential costly errors. 

Negotiation Phase

Begin the negotiation process with a detailed questionnaire to keep buyers and sellers on the same page with clearly defined expectations. The questions, answers and relevant documentation are stored in a single platform for easy reference at any point during the negotiation. The electronic correspondence also eliminates the need for time-consuming and expensive face-to-face meetings. Negotiation timelines and accompanying costs are drastically reduced. 

Evaluation Phase

Review all relevant information on a single screen where responses are recorded as well as qualified and quantified based on preset values for easy evaluation. Focus on essential skills in a future-focused workplace to increase productivity and by eliminating tedious administrative work. The gift of time is invaluable.