Out of the gates with no fear

Add comment November 6th, 2006 David Bush - Iasta

Don’t let any one fool you into thinking reverse auctions are “soooo 2003″. Just last week, Iasta helped a new client with their FIRST online bid, a reverse auction that blew out the doors on the traditional thinking of start slow and safe. Some of the metrics that were interesting included:

• Reverse Auction for recruitment services which was preceded by an e-RFx
• 110 lots with 46 qualified bidders
• Live event supported with real time Excel spreadsheet integration
• 8,201 bids submitted over ~2 hours

That is one serious online bidding event. I would not recommend this type of event very often (or ever) but the fact that it went off well, was a very impressive feat. Many pundits out there want to leave the usage of reverse auctions to the past and are looking to discuss the next big thing. There are very strong qualities that can be found in additional functionality through e-Sourcing software but never forget that reverse auctions still work, even if they are now considered “old school”.

Entry Filed under: General, Reverse Auctions, Supply Management Best Practices, Technology