Xtenza's e-auctionmate
eAuctionmate is a web-based reverse auction product aimed for the auctioneer to get the lowest bid for items to be purchased from suppliers. CONCEPT A Forward Auction is where the seller gets the highest possible price for the item to be sold and the buyers outbid each other by bidding higher than the others. A Reverse Auction can be conceptualized as the exact opposite of a forward auction. In a reverse auction, the buyer gets the lowest possible price for the item to be purchased and the sellers outbid each other by bidding lesser than the others. ROLES Auctioneer Company who is Conducting or Sponsoring the Auction ( Buyer ) Auctionee Companies / Suppliers who participate in the Auction ( Seller ) TYPES Closed Auction A Type of Reverse Auction where the identity of participants ( Suppliers ) is not visible to each other. Only current lowest bid is visible to suppliers. Open Auction A Type of Reverse Auction where the identity of participants is visible to each other. PROCESS The auctioneer will maintain a list of all the items (Item master) he buys with the item profile. Each item shall have the list of all the suppliers and the suppliers profile. All the suppliers must be registered with the supplier information. Features & Benefits The Auctioneer can categorize suppliers as follows • New Suppliers • Approved Suppliers • Preferred Suppliers • Disqualified Suppliers • The auctioneer can invite the suppliers for reverse auction choosing one of the above categories of suppliers. • The suppliers will receive e-mail with details of the reverse auction and the date and time of auction. The suppliers can click on the link in the email and go to the web application and confirm if they are participating in the reverse auction. • Invitation will not be sent to disqualified suppliers. • The suppliers can obtain the technical specifications and drawings from the auctioneer at a specified day before the auction. All questions on the technical specifications must be clarified before a specified date. The auctioneer can specify the last date for the technical clarifications. The technical clarifications given to any supplier will be posted on the site for the benefit of other suppliers, so that all suppliers will have the same information with reference to the specifications. • It is very important that the technical specifications must be very transparent and clarified to all the suppliers so that they will bid for the same items. • Pre-alerts will be sent at specified day and time before the auction to the suppliers reminding them about the Auction. • The suppliers log into the reverse auction web site on the specified day and time with their user name and password and bid for the item. • Once the reverse auction is over, the bid summary is prepared by the application.
