Description
Learn how to use reverse auctions to improve price transparency and reduce acquisition time.
As the global pandemic gripped the world and dramatically altered everyones lives, the vulnerability of supply chains has revealed itself, impacting the daytoday experiences of ordinary citizens. As a consequence, procurement and supply chain professionals are front and center critical actors in ensuring business continuity and even survivability of large swathes of the population. As the economy reboots, there is a reframing of the relationship between buyers and sellers. Each is critically important to the survival of businesses. With margins under unprecedented pressure, buyers cant pay too much, and sellers cant sell for too little. There must be balance in the marketplace for both parties to remain in business, or neither will survive. The Reverse Auction is a tool that uses market dynamics to find this equilibrium by driving the best price possible between buyer and seller based on competitive dynamics rather than salesmanship. You might not know that Reverse Auctions dramatically shorten negotiating cycle times while providing suppliers with valued transparency? And with the right software, they are surprisingly easy to execute. Supply chain expert Dr. Randy Mauldin, USMC (ret.), CPSM and procurement software CEO David Wadler will teach you how to use reverse auctions to improve price transparency and reduce acquisition time, allowing you to get the best value for every dollar your business spends.
Date: 2020-07-27 Start Time: 1:00 PM ET End Time: 2:30 PM ET
Learning Objectives
* You will be able to describe the process for configuring and running a reverse auction.
* You will be able to explain the merits of running a reverse auction.
* You will be able to identify opportunities to save money via reverse auctions.
* You will be able to review the results of realized savings opportunities.