Lotus Procure is a system that can automate all the tendering activities. One can refer to the system as an e-Tendering System, e-bidding system, e-procurement…
It is typical of large and/or global firms like yours to hire the services of a procurement company. This is to be able to effectively manage the complexities of the process involved in procurement activities, which are even multiplied by the number of regional and/or international offices you have. But more than this, you rely on the expertise of a procurement company to ensure standardization in all your corporate procurement policies.
Reverse auction the word itself states the reverse of auction. Auction is a process in which the person interested in buying a good bid for the same, in this the price of the good goes on increasing until the person with highest bid takes the good. In Reverse Auction, many sellers of goods and services compete amongst themselves for providing goods and services that a buyer requests for.