Drive Down Costs in Real Time with Auction Management

Manage auctions in real-time and watch prices change as suppliers compete, ensuring you get the best value. Go beyond simple price comparisons and use live bidding to improve your procurement process.


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    Why Use Auction Management?

    ProcureKey’s Auction Management helps you find the best prices through real-time bidding. Imagine suppliers trying to lower their prices, saving you money and getting you better deals. This isn't just about saving money; it's about making your sourcing a weapon to win with a powerful sourcing software solution.

    How The Module Works

    Define Auction
    Establish clear rules, key pricing criteria, and pre-qualify participating suppliers.
    Invite Suppliers
    Send exclusive auction invitations to your selected, pre-qualified vendor pool.
    Enable Live Bidding
    Empower suppliers to submit competitive bids in a real-time environment.
    Show Bid Ranking
    Enable suppliers to see their bid rank, encouraging competitive pricing.
    Automate Award
    Automatically identify the lowest, compliant bid at the close of the auction.
    Streamline Contract
    Seamlessly integrate the winning bid into your existing procurement workflows.

    Maximize Savings & Efficiency

    Bulk purchases, standardized products, high-cost procurement scenarios.
    Eliminate lengthy, one-on-one negotiations and guarantee the best possible market price.
    Construction, Manufacturing, Government Procurement, and Retail industries.

    This Is How Our Module Helps

    A construction company needs 500 metric tons of steel and 1,000 bags of cement. Instead of traditional negotiations, they host a Reverse Auction.
    Initial Budget: $500,000
    Out Come – The buyer awards the bid to Supplier B, who offered the lowest bid of $420,000 during the reverse auction.
    Supplier B updates and bids $420,000 (Final Lowest Bid)
    Lower costs, supplier competition, and faster procurement
    Supplier A
    Steel Price - $480,000
    Supplier B
    Steel Price - $470,000
    Supplier C
    Steel Price - $455,000
    Final Savings
    $80,000 (16%)

    Features You'll Love

    Real-Time Competitive Bidding
    See vendors compete in a live auction.
    Rank Visibility
    Suppliers see their rank but not exact bids.
    Gentle Extensions
    Auction extends with new bid, ensuring fair chances.
    Flexible Formats
    Supports both English and Dutch auctions.
    Auction Models
    Forward Auction (highest bid wins) & Reverse Auction (lowest bid wins).
    Customizable Rules
    Set bidding increments, reserve price, and auction duration.

    Other Essential Features

    Centralized Sourcing Platform
    Separate Vendor Portal
    Bid Confidentiality Controls
    Access & Role-Based Controls
    Audit Trails & Log Management
    Smart Bid Evaluation
    Customizable Templates & Workflow
    Personalized Preferences
    Real-Time Notifications
    Questionnaire Repository
    Dashboards & Real-Time Tracking
    Detailed Reporting & Analytics
    Multi-Language Support

    Integrated Modules for End-to-End Control

    Supplier Management

    Build Stronger Relationships: Streamline onboarding, communication, and performance tracking.
    Reduce Risk, Ensure Compliance: Stay ahead of certifications and regulatory requirements.
    Data-Driven Decisions: Gain insights into supplier performance with easy-to-understand dashboards.

    Purchase Requisition

    Automate Your Spending: Simplify requests, approvals, and budget tracking.
    Gain Real-Time Visibility: See where your money is going, every step of the way.
    Control Costs, Improve Efficiency: Streamline your entire purchasing process.

    The Results Speak for Themselves

    "ProcureKey exceeded our expectations, saving us $90,000 this year. We're keeping vendors honest and streamlined our communication. It's user-friendly and we love it!" - Charlton, MJH Life Sciences

    Works With What You Use

    Works with SAP MM, Oracle Inventory, or your own databases.
    Sends bids to ERP systems (like SAP S/4HANA, IFS).
    SharePoint, Teams, Power BI
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      Explore Our Other ProcureKey Modules

      RFQ Management
      Streamline your RFQ process and accelerate bid cycles with Simplified RFQ Creation
      Itemized Bid Management
      Break down bids, compare costs line-by-line, and make data-driven decisions.
      Competitive Bidding & Auctions
      Run reverse auctions, optimize sourcing, and drive down costs.
      Supplier & Data Management
      Onboard suppliers, manage compliance, and control access.
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