Launching a Reverse Auction

Regardless of its complexity, each auction goes through 4 phases:

1. Creation – the process of configuring the event to be published and made available for the identified suppliers
2. Publishing – inviting the suppliers to bid
3. Monitoring – closely surveying the event, ensuring supplier attendance, quoting, and deadline adherence
4. Closing- centralizing offers, distribution to interested parties, and evaluation of the most advantageous offer.

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