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What is auction software?

Auction software is a digital platform that allows buyers and suppliers to place bids, enabling rapid and effective negotiations based on real-time price and volume.

Featuring real-time collaboration and advanced buying analytics, auction — or eAuction — software  enables live viewing of bids, with in-the-moment context. Procurement organizations can set custom bidding parameters and make them available to suppliers too, so that everyone may bid on contracts fairly. eAuctions ensure that suppliers’ names remain masked and private.

A unified platform such as GEP SMART™ facilitates eAuctions as routine sourcing events where users can simply create an auction, just like they would create an RFP, and enable real-time bidding.

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GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.

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