Reverse Auctions as a Support Mechanism in Flexible Supply Chains

Abstract

The Internet offers buyers a number of solutions for automating purchasing activity through e-procurement mechanisms. Some of these solutions have yet to prove their worth, requiring long lead times to implement and achieve payback benefits. Online reverse auctions are a tool which can be rapidly adopted and which are producing price reductions for direct and indirect purchases. They also offer process benefits to participating buyers and suppliers. As supply chains learn to become more flexible and responsive in the face of shorter product life cycles and faster-changing markets, auctions offer a viable mechanism for situations where there are many suppliers and product complexity is low. They also offer an early payback for electronic marketplaces and exchanges.

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