In President Obama’s recent State of the Union address he reminded Americans of the  impact new technology has in keeping American strong and competitive in the global marketplace.

“Thirty years ago, we couldn’t know that something called the Internet would lead to an economic revolution. What we can do — what America does better than anyone else — is spark the creativity and imagination of our people…In America, innovation doesn’t just change our lives. It is how we make our living.”

Reverse auctions are part of this “economic revolution” created by the use of the Internet for business commerce.  In today’s competitive marketplace, organizations must stay on the cutting edge of technological innovation to stay ahead of their competition and remain profitable.  According to a recent study by CAPS Research, reverse auction users save between 10-20% on goods and services purchased through process and reduces the purchasing cycle time by as much as 40% over traditional procurement practices.

eBridge recently ran a reverse auction event for a city government.   At the conclusion of the event, the buyer stated, “I believe in every organization’s history, a window of time becomes available when you must make seemingly radical change to rise to a higher level of performance.  eBridge’s reverse auction process has provided incredible value to our organization and enabled us to do just that. “

Is your organization using reverse auctions?