An auction can be a highly effective sourcing tool, if used right. Can your sourcing team get the desired results from auctions?
With GEP SMART, you can create an auction in the same way you create an RFP and enable real-time bidding to organize an auction. You can pre-qualify your suppliers with a questionnaire using GEP SMART’s Supplier Information Management, and then select qualified suppliers to initiate a Request for Information (RFI). As all your sourcing events are linked together, you get the flexibility to decide the best sourcing strategy for achieving specific goals.
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Do More with GEP SMART Unified Source-to-Pay Software
Spend Analysis
Understand spend quickly and easily. Move from line-item to enterprise-wide with a click. Optimize savings opportunities based on your sourcing strategy
Savings Tracking
Gain real-time visibility into your cost-savings initiatives and their impact. Eliminate redundancy and error from data capture, tracking and measurement
Sourcing
Quickly identify, evaluate and qualify new suppliers. Streamline your RFX-to-award cycle, achieve best-value agreements whenever you source
Contract Management
Reduce the time, effort and paper used to create, manage and monitor contracts. Boost contract utilization and increase spend compliance
Supplier Management
Monitor thousands of suppliers; use scorecards, surveys, alerts, status and summary reports; track, measure and optimize supplier performance
Procure-to-Pay
Boost adoption, increase spend under management with a consumer-like purchasing experience; improve compliance and reduce the req-to-pay cycle time
Frequently Asked Questions
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.
