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Reverse Auctions: Current Issues and Opportunities

Learn how to use reverse auctions to improve price transparency and reduce acquisition time.

As the global pandemic gripped the world and dramatically altered everyone's lives, the vulnerability of supply chains has revealed itself, impacting the day-to-day experiences of ordinary citizens. As a consequence, procurement and supply chain professionals are front and center - critical actors in ensuring business continuity and even survivability of large swathes of the population. As the economy reboots, there is a reframing of the relationship between buyers and sellers. Each is critically important to the survival of businesses. With margins under unprecedented pressure, buyers can't pay too much, and sellers can't sell for too little. There must be balance in the marketplace for both parties to remain in business, or neither will survive. The Reverse Auction is a tool that uses market dynamics to find this equilibrium by driving the best price possible between buyer and seller based on competitive dynamics rather than salesmanship. You might not know that Reverse Auctions dramatically shorten negotiating cycle times while providing suppliers with valued transparency? And with the right software, they are surprisingly easy to execute. Supply chain expert Dr. Randy Mauldin, USMC (ret.), CPSM and procurement software CEO David Wadler will teach you how to use reverse auctions to improve price transparency and reduce acquisition time, allowing you to get the best value for every dollar your business spends.

Runtime: 87 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Setting the Context
    • Strategic Sourcing Overview
    • Understanding RFX
    • Running RFX

What Is a Reverse Auction

  • Why Use One? When Is It/Isn't It Appropriate?
  • Types of Reverse Auctions
  • Game Theory
  • Target Costing Theory and Finding a Market Equilibrium

Running a Reverse Auction

  • Setting up the Rules of Engagement
    • Pricing Ceilings and Decrements
    • Lots and Line Items
    • Time Allotment and Overtime
  • Understanding Quiet Time
  • Practice Runs

Conclusion

  • More Resources
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on July 27, 2020.

Call 1-866-352-9540 for further credit information.

  • ISM 1.25
     
  • Participants who successfully complete this program will receive 1.25 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Randy Mauldin

Randy Mauldin

Jack Quinn Solutions

Dr. Randy Mauldin

  • 20-year Veteran, United States Marine Corps
  • Planned, developed, and managed global supply chains for military operations
  • Trained procurement professionals to pass Certified Professional In Supply Management Certification from ISM, since 2010
  • Founder of Supply Leaders Academy, RFX Academy, and CPSM Training Boot Camp
  • Recently created the Supply Chain Resilience Program in response to COVID-19 pandemic
  • Doctorate of business administration degree, Argosy University Sarasota
  • Can be contacted at 877-680-0494 or [email protected]
David Wadler

David Wadler

Vendorful, Inc.

  • Currently co-founder and CEO of Vendorful, Inc. a procurement software company
  • Vendorful was featured as SpendMatters "50 Companies to Watch" in 2020
  • Was co-founder and CEO of Twistage, Inc., a software company that was acquired by Lexmark International
  • General manager for rich media and cloud products for Lexmark
  • First-hand experience with both software development and procurement
  • A.B. degree in economics, Brown University
  • Can be contacted at 646-893-7392 x1002 or [email protected]
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407479
Published 2020
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