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.