Reverse Auction Best Practices: Practical Approaches to Ensure Successful Electronic Reverse Auction Events
Procurement organizations have been running electronic reverse auctions for years. Nevertheless, the use of auctions has not yet reached full potential. We’ve all heard the objections—and every objection stems from valid concerns. However, if your goal is to conduct fair and open competition among your supply base, reverse auctions can be an effective tool for bringing transparency to sourcing.