Organizations are increasingly using reverse auctions to procure products and services more efficiently. In a reverse auction, vendors compete to offer the lowest price for a customer's specified requirements. The process begins with the customer sending requirements to the reverse auction provider. Eligible vendors then bid against each other online to offer the best price. The customer can choose the winning bid based on either price or compliance with requirements. The reverse auction provider then tracks order fulfillment and maintains asset inventory records for the customer.

1. www.rev-auc.in REVERSE AUCTIONS

2. Traditional Procurement Procedure Traditionally, we procure products and services based on our knowledge acquired through Google search, Facebook friends, Vendor interactions etc. The requirement is communicated to the vendors. The vendors propose the products and services available with them. You have to go through many rounds of discussions on phone / meetings to bring all vendors to a common platform. Once the Bill of material is finalized, then starts the commercial proposals. Many rounds of discussions and meetings again for finalizing on the vendor and the asked price. All this requires a lot of valuable time and efforts and still you may not be assured that what your vendor proposed is authentic. This is the reason, why Organizations worldwide are switching over to Reverse Auctions… Reverse Auctions: Reverse Auctions enable customers to buy the right product /Services at the right prices. In addition to this you save your valuable time and efforts. Reverse auction compliance and price submission is designed based on customer’s requirements and is customizable.. Subsequent slides will give you a detailed description of the procedure…..

3. Reverse Auctions Procedures 1. Customer sends a mail to reverse auctions (admin@rev-auc.in) stating requirements 2. Customer receives an “Compliance Form” from rev-auc.in 3. Customer approves the Compliance form 4. Compliance form sent to Vendors by customer 5. Vendors respond to the compliance form 6. Reverse Auction date and time declared 7. Vendors go online and bid their best prices 8. Customer decides to go for L1 category or the best compliance 9. Order released to vendor 10. Order logged in with rev-auc.in 11. Rev-auc starts tracking the delivery with the vendors. 12. On delivery and installation rev-auc takes confirmation from customer 13. Warranty details and asset inventory maintained by Rev-auc (Customer will get timely reminders and commercials for renewals etc)

4. Reverse Auctions Request

5. Reverse Auctions Compliance

6. Reverse Auctions Online Bidding

7. Reverse Auctions Order Login

8. Reverse Auctions Inventory Monitoring