E&I Procurex Contract


Contract Number:
RFP or Project Number - Name:
683518 - Reverse Auction Services
Agreement Type:
Contract Effective Dates:
12/01/2020 - 11/30/2024

Procurex offers a cloud-based reverse auction software platform developed and led by purchasing and procurement professionals with extensive strategic sourcing expertise. E&I members receive valuable eRFX tools and services to collaborate with qualified vendors and realize cost savings through reverse auction events.

Utilizing this contract opens new opportunities for cost aggregation and capturing of spend. Full-service reverse auctions bring transparency, cost compression, and speed to the bidding process while ensuring members work with quality vendors. Procurex becomes an extension of your procurement team, collaborating to find the best vendors to fit your needs, meeting your non-cost factors, at the best available prices.

Contract Highlights:
  • Two flexible model options to conduct a bidding event based on your needs
  • Non-price factors can include E&I supplier, quality, special certifications, diversity, sustainability, years of experience, execution rate, delivery times, interview process, and more
  • Identify purchases to put through the reverse auction or renegotiation process
  • Normalize specifications to level the playing field for suppliers
  • Manage supplier communication and training
  • Procurex manages the entire bid process, including hosting and managing the auction event and post-auction follow-up
  • Capture cost savings while considering non-price factors with two-step RFP process
    • Step one: Vendors submit responses on your non-price criteria. A shortlist of acceptable vendors is completed.
    • Step two: Reverse auction with shortlist vendors to obtain the best prices from the most qualified supplier.

Watch: The 6 Myths of Modern Reverse Auctions in Procurement

More Information

If you would like more information, submit this form and your E&I Member Representative will be in touch with you shortly.