The process of auctioning involves buying and selling of services as well as goods. It involves offering such goods and services for bids and the person with the highest bidder gets to buy the service or good. The various meanings of an auction do revolves around the fact that the practice involves exchange based on some trading rules.Types Of Auction
This type of auction involves the buyer selling items to a supplier. Bidders have quote higher prices than the start price. One should note that the start prices is the lowest possible price. The supplier with the highest bid is the top rank bidder and the buyer can go ahead to offer the supplier a contract. Offering the contract depends on various factors such as the lead time, capacity, quality and value adding possibilities.
This second type of auction is the opposite of the forward auction. In this case, buyers are the ones who purchase items from suppliers. Awarding a bid depends on the price as the main determining factor. The bidding price for a reverse auction goes down instead of rising like in the case of the above type. The buyer will award the contract to the supplier with the lowest bidding price. Awarding the contract will also depend on the specifications and needs of the buyer such as value-adding capabilities, capacity, quality and lead-time.
Lotus Procure is the system, which is providing Live Auction process. You can create single item or multi items auction. The auctioning process will be live and you can decide the time frame of bid process. Every bid will be display at department's dashboard for auction and also sorted by the highest bid on top.
Bidder will also know the live bid changes. Every time when bid goes higher the highest bid will come up and bidder can see the changes in bid and he/she can make his/her bid right away.e-Auction Highlights: