What are the benefits of an online process versus the standard procurement process?
In an online web-RFQ or reverse auction, vendors are invited to bid in a web-based auction in real-time. In this process, vendors compete against each other to win the business. Because vendors can see the price they are competing against immediately, they have the opportunity to aggressively pursue business for themselves. They have more opportunities to earn a buyer’s business then in a closed format. This format is best used in places where competition is truly based on price rather than value added services, delivery, or quality.
