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
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Be clear and public on your ethical standards - build trust
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Suitabilty analysis - is it right for e auction? - Keep reviewing this throughout the sourcing process
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General rule - everything can go though an e auction
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Have water tight specifications plus pricing / market knowledge
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Get Stakeholders on board - this will help supplier conditioning
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Robust auction strategy - ie time, location, lotting, type of auction
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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
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Resolve all technical questions / queries before the auction starts
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Train your suppliers , give them insight into the tool , how they need to plan and fell comfortable
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Check suppliers are "good to go"
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Supplier conditioning is vital pre and during the event
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Set the auction time period to be no longer than 30 minutes unless highly complex, as the suppliers will get bored and effect competition
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Aim for the "Winner is the Winner " - Be fair!
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Provide the suppliers with immediate feedback when the event closes
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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
