|RFP or Project Number - Name:
683518 - Reverse Auction Services (Amendment #1)
|Contract Effective Dates:
12/01/2020 - 11/30/2022
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.
- Two flexible model options to conduct a bidding event based on your needs
- Non-price factors can include E&I supplier, quality, special certifications, years of experience, execution rate, MWBE businesses, delivery times, sustainability, interview process, and more
- Two-step RFP process captures cost savings while considering non-price factors
- 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.
Procurex works with E&I members to:
- Identify purchases to put through the reverse auction or re-negotiation process
- Normalize specifications to level the playing field for suppliers
- Manage supplier communication and training
- Manage the entire bid process
- Host and manage the auction event
- Handle post-auction follow-up
This negotiated contract was the result of E&I RFP #683518.
Watch: The 6 Myths of Modern Reverse Auctions in Procurement
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