Bestauction.com

BestAuction is a cloud-based eAuction platform offered by BESTONLINEAUCTION Inc. According to the vendor, it aims to streamline the buying and selling of goods and services for small and medium-sized businesses (SMBs). The platform caters to various professions and industries, including procurement managers, supply chain analysts, finance managers, manufacturing companies, retail companies, construction companies, IT and tech firms, consulting agencies, event agencies, and building companies.

Key Features

Cloud-based eAuction: According to the vendor, BestAuction is a cloud-based platform that allows users to access eAuction functionality from anywhere with an internet connection. Users can participate in auctions, submit bids, and monitor progress in real-time.

Digital Collaboration: The vendor states that BestAuction enables users to initiate digital collaboration with new suppliers and partners worldwide. It aims to facilitate communication and negotiation, expanding business networks and opportunities.

Transparent Purchasing Process: The vendor claims that BestAuction promotes transparency in the purchasing process by providing clear insight into spend and supplier performance. Users can track and monitor procurement activities, budgets, and contract details.

Efficient Procurement Cycles: According to the vendor, BestAuction accelerates the procurement process, aiming to reduce the time required for order and delivery processing cycles. Users can streamline sourcing and award decisions, potentially saving time and resources.

Cost Savings through Reverse Auctions: The vendor claims that BestAuction leverages reverse auctions to achieve potential cost savings. Suppliers can compete and bid for contracts, potentially driving price compression and resulting in savings ranging from 8-38%.

Multivariate Auctions: According to the vendor, BestAuction supports multivariate auctions, allowing users to consider multiple criteria beyond price. Users can evaluate suppliers based on factors such as quality, delivery times, and payment conditions.

Automated Tasks: The vendor states that BestAuction automates simple tasks within the procurement process, aiming to reduce the administrative burden. Users can benefit from automation in bid collection, evaluation, and documentation, potentially freeing up time and resources.

Global Supplier Network: According to the vendor, BestAuction provides access to a global network of suppliers, expanding options for buyers. Users can connect with suppliers from different regions and countries, facilitating international procurement.

Real-time Monitoring and Analytics: The vendor claims that BestAuction offers real-time monitoring and analytics capabilities to track and analyze procurement performance. Users can access data on bidding activity, savings achieved, and supplier performance for informed decision-making.