The world's best cloud reverse auction and forward auction application generates 6% more savings than negotiations supported by email, spreadsheets, and documents.Watch Demo
Could you provide feedback to a group of suppliers about the competitiveness of their offers, accept revisions, provide feedback, accept revisions, provide feedback again, accept revisions again, and keep repeating this process 100 times in less than one hour using spreadsheets?
By replacing email and spreadsheets with unlimited real-time feedback, sourcing practitioners using reverse auctions and forward auctions generate 6% better savings than their peers.
Prior to K2 Sourcing, Blockbuster requested sealed bids from 5 contractors. The bids resulted in offers 15% higher than their budget. Normally they would move to cheaper flooring, lighting, fixturing, etc. to meet the budget. Instead they contacted K2 Sourcing. After a discussion about strategy and risk, Blockbuster moved forward with a K2 Sourcing managed reverse auction.
Though clients typically use the system to capture the initial bids, K2 Sourcing applied the sealed bids previously submitted. During the reverse auction, the 5 participants placed 99 counteroffers in 55 minutes. The 15% over-budget situation turned into a 16% under-budget celebration.
Cloud Source Advanced reverse auctions and forward auctions reduce sourcing cycle times by 50%. RFP's and negotiations that traditionally took 3 months can be executed in 6 weeks.
Imagine you're spending $100,000 per month on a category. Say you could capture 10% savings ($10,000 per month) after a three-month negotiation. The reverse auction would capture the $10,000 in 6 weeks thereby increasing your savings by $15,000.
Research shows many sourcing practitioners are uncomfortable negotiating or have not received formal negotiation training. In either case, the result is lost savings.
Reverse auctions and forward auctions avoid the anxiety commonly associated with negotiations, limit bias, and reduce the impact of personality thereby allowing anyone to generate results that can beat even your best negotiators.
All suppliers receive the same exact feedback at the same time. One of our practitioners from the FAA said it best, “The process is so transparent I can't imagine a contested bid.” Cloud Sourcing Advanced allows for prequalification of suppliers and provides risk mitigation tools so you can run great reverse auctions that are equitable and fair.
Maintain reverse auctions and forward auctions in one easily accessible database. Search and share information with your associates. Learn from past questions and prior responses to improve your go-to market strategy. Stored on our cloud server, hard-earned knowledge is kept safe and secure for years.
Like Excel, the system is very comfortable and easy to learn. There is no software to implement. Mobile and desktop compatible, all that is needed is Internet access. Supported by training videos, email, and phone, deployment is quick and easy.
The world's best cloud reverse auction and forward auction application generates 6% more savings than negotiations supported by email, spreadsheets, and documents. The application reduces cycle times and negotiaphobia.
Supplier Registration and RFI Automation for Onboarding, and Sharing Information
Essentials + RFQ, RFP Automation Covers Everything from Spot Buys Through Complex Proposals
Complete + Reverse Auctions that Make All Team Members Top Performing Negotiators
You have definitely outdone the other auction companies.
Easiest negotiation the team has seen.
Never expected the savings to be so great.
The process is so transparent it is hard to imagine a protested bid.