Running an e auction is nothing new but it seems embedding this tool as part of our day to day working still has not happened – below on what you need to do make your auctions deliver great results

 

• Be clear and public on your ethical standards - build trust

• Suitabilty analysis - is it right for e auction? - Keep reviewing this throughout the sourcing process

• General rule - everything can go though an e auction

• Have water tight specifications plus pricing / market knowledge

• Get Stakeholders on board - this will help supplier conditioning

• Robust auction strategy - ie time, location, lotting, type of auction

• Play out your auction , be comfortable what the supplier will view on the day , what the outcome maybe, your plan for the 7 days after the auction has finsihed

• Resolve all technical questions / queries before the auction starts

• Train your suppliers , give them insight into the tool , how they need to plan and fell comfortable

• Check suppliers are "good to go"

• Supplier conditioning is vital pre and during the event

• Set the auction time period to be no longer than 30 minutes unless highly complex, as the suppliers will get bored and effect competition

• Aim for the "Winner is the Winner " - Be fair!

• Provide the suppliers with immediate feedback when the event closes

• Thank them for taking part - you want them to be advocates in the market palce for future events

 

 

Good luck and great business !

Top tips on successful e auctions