An auction is the process of selling or buying goods or services by inviting competing bids from multiple service providers or vendors. The competing participants may or may not know the identities or actions of other competitors. Auctions can be of two types: forward auctions and reverse auctions. While, in forward auctions, the bids increase during the auction, it decreases in the case of reverse auctions. Online reverse auctions are commonly used by procurement professionals seeking the best value deal.
Unified Procurement Platform
SMART by GEP® is a cloud-based, source-to-pay procurement software that delivers comprehensive spend, sourcing and procurement functionality in a single, unified platform native to cloud, mobile and touch technologies this would be below unified procurement platform