How eAuctions have improved over the years | Unit4
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How eAuctions have improved over the years

Over the years, e-auctions have developed into a bidding approach with wide applicability and acceptability in the procurement industry. This is borne out by the usage statistics.

We have seen dramatic increases in e-auction usage including more than 100% increases in events consecutively since 2017. Several factors have led to this increased adoption, acceptance and usage:

  1. eAuction software platforms are significantly more advanced with advanced functionalities for processing information and feedback.
  2. Much more information is available to make e-auctions better including standardized processes that emphasize bidder inclusions, information and transparency.
  3. New strategies have been developed to make e-auctions work well in new areas such as limited supplier competition, factoring for non-price variables, switching charges, and alternative e-auction formats such as Japanese and Dutch.
  4. Non-savings benefits such as compliance, audit trails and greater overall efficiencies have encouraged e-auction usage. 
  5. Statistics and intelligence are now widely available to help users identify likely categories for based on current market trends and what’s been successful for others
  6. New categories in services, transportation and others have become hotbeds for e-auction activity.
  7. Process improvements have made it easier for bidders to participate which means more savings for buyers.
  8. It used to be that an event needed to be perfectly suited for an e-auction. Now, more companies are using e-auctions by default. 

Changes in technology have opened up the accessibility and adoption of e-auctions. eAuctions should be used by all organizations as an important part of their overall eRFx program. While they’re not suitable for every project, they’re appropriate a lot more times than most people think.

Ready to learn more?

Unit4 eAuctions by Scanmarket provides advanced functionality for online supplier negotiations, with a seamless user experience. To see how our software can boost your efficiency up to 60% and save you 12% compared to traditional negotiation processes, check out our dedicated product page here.

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