While many are familiar with the concept of e-auctions, few are leveraging its full potential, especially when it comes to simple, one-off sourcing needs.
The traditional approach to e-auctions often involves a company owning its e-auction tool, which is ideal for repetitive or intricate auctions. This method requires a comprehensive setup, including the establishment of a detailed supplier base, and often entails significant upfront investments in terms of time and resources.
However, there exists a more agile alternative: utilizing external e-auction sites designed specifically for straightforward, sprint-type auctions. These platforms come with two distinct advantages. First, they take on the responsibility of managing the sourcing and bidding process, ensuring a seamless experience for clients. This means organizations can bypass the intricate setup phases, diving straight into the procurement process.
Secondly, and perhaps more notably, these external sites already host a vast repository of suppliers. Thousands, in some cases. Thus, businesses no longer need to painstakingly build or curate their supply base before launching an auction. It’s like walking into a bustling marketplace, ready-made for your specific needs.
See our top 20 free advice for rapidly reducing supplier costs