Reverse auction option

Reverse auction option in Procurement & Supplier Management helps teams run a connected RFQ & Sourcing workflow with approvals, audit trails and reporting.

How This Feature Works

1. Requisition, Department raises PR with budget check, manager approval workflow.
2. RFQ & quote comparison, Send RFQ to multiple suppliers; capture quotes; compare side-by-side; auto-recommendation.
3. PO issuance, Convert winning quote to PO, e-mail to supplier, track acknowledgement.
4. GRN at delivery, Goods received; quality check; partial / full receipt.

Business Outcomes

• Cut maverick spend 30–50% with mandatory PR-PO flow
• 5–12% savings via competitive RFQs and supplier scorecards
• Eliminate overpayments with three-way match
• Audit-ready procurement trail

Related Features

Send RFQ to multiple suppliers • Side-by-side quote comparison • Supplier portal for self-quote submission

Industries That Use This Feature

Education • Healthcare • Retail • Manufacturing • Logistics