Procuregenie’s BullsEye Auctions represent an innovative feature within guided sourcing that adds both a visual and real-time dimension to English reverse auctions. These auctions are designed to enhance transparency, drive competition, and provide suppliers with instant feedback on their bids. The BullsEye Auction feature uses three distinct colors to convey the competitiveness of supplier bids:
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- Yellow Color: This color is associated with bids that are considered close to winning or the best bid. In other words, when a supplier’s bid is marked with the Yellow BullsEye icon, it indicates that they are very close to securing the auction.
- Light Blue Color: When a bid displays the Light Blue BullsEye icon, it signifies that the bid is close to becoming the best bid. Suppliers can easily identify that their offer is competitive and nearing the top position.
- Dark Blue Color: Bids marked with the Dark Blue BullsEye icon represent all other bids that are not in the winning or close-to-winning range. These bids are typically higher than the leading offers.
Real-Time Bid Ranking: Enhancing Transparency and Competition
Procuregenie takes transparency and competition to the next level by introducing real-time bid ranking in BullsEye Auctions. Here’s how this added feature works:
Last 5 Minutes Ranking: In the final five minutes of the auction, suppliers are provided with real-time rankings of their bids. This means that suppliers can see exactly where their bids stand in relation to other participants just before the auction concludes.
How Real-Time Bid Ranking Benefits Procuregenie Users
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- Supplier Empowerment: The real-time bid ranking empowers suppliers by giving them a fair and transparent view of their standings in the auction. With this information, suppliers can make more informed decisions in those critical final minutes.
- Enhanced Competition: When suppliers know where they stand, they are motivated to submit their most competitive offers. This additional level of competition benefits buyers by potentially driving prices down to achieve the best possible deal.
- Buyer’s Advantage: Buyers benefit from a more competitive bidding environment. With suppliers striving to improve their ranks in the closing moments of the auction, buyers have a greater chance of securing the best price for their procurement needs.
Utilizing Real-Time Bid Ranking in Procuregenie’s BullsEye Auctions
To utilize the real-time bid ranking feature in BullsEye Auctions on Procuregenie:
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- Enable the “BullsEye Auction” option when creating a guided sourcing event.
- Customize the values at which each of the BullsEye colors (Yellow, Light Blue, and Dark Blue) will be displayed for each lot or item in your event.
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- During the last 5 minutes of the auction, real-time bid ranking information is shared with participating suppliers, allowing them to gauge their standings.
- Monitor the increased competitiveness and potentially improved pricing outcomes in your Procuregenie auctions.
Conclusion
BullsEye Auctions with real-time bid ranking in Procuregenie offer a powerful combination of transparency and competition. With color-coded BullsEye icons and the added feature of last 5 minutes ranking, both suppliers and buyers are equipped with the tools they need to make informed decisions and achieve the best possible outcomes in guided sourcing events. This feature is a valuable addition to the Procuregenie platform, facilitating fair and competitive procurement processes.
