Reverse Auction
Reverse Auction is a unique feature that is commonly found in procurement software which enables users to obtain goods or services from a pool of suppliers at a significantly reduced cost. Unlike traditional auctions, where the highest bidder wins, in a reverse auction, the lowest bidder gets the chance to supply the goods or services to the buyer. This bidding process creates a competitive environment, forcing suppliers to offer their best prices in order to secure the deal. The process of a reverse auction is simple and efficient. The buyer posts
