Toronto, Ontario / August 18, 2022 – A significant proportion of the overall demand for goods and services is attributed to public procurement. According to the OECD, public procurement accounts for approximately 12% of the gross domestic product (GDP). BestAuction and Tenders2bid (T2B) have agreed to build better interface for companies willing to participate in public tenders in India.

In the past, procurement has always delivered the best results when conditions were stable, and requirements were clear. Predictable demand volume allowed procurement to manage a predictable process and establish a contract that would last 2-3 years. Then the process would start over again

BestAuction joins the DMZ’s Bootcamp! Currently, the platform hosts over 150 reverse auctions and more than 56K potential clients’ datasets.

Over the last period, the role of procurement has transformed rapidly. The need to improve supply chain sustainability and affectivity and of course, to boost profitability mostly, has turned procurement into a vital part of the company that can save a lot of money.

I never believed that we could get such great savings on a single service. We have found that by being able to confront several suppliers, we can compete with a company that not only suits us best, but also offers an unbeatable price.

The goal of most organizations is to reduce costs through streamlining procurement processes. The introduction of electronic applications into the procurement process opens up opportunities for significant cost reductions. The introduction of electronic reverse auctions is currently one of the most popular forms of electronic procurement processes. Many organizations declare the introduction of electronic reverse auctions is saving them from 10 – 20% of their costs.

The current Covid-19-crisis has tested our readiness to manage the whole procurement process from the very beginning till the end and to cope in this disruptive and constantly changing business environment. The situation is changing rapidly and the spread of the virus around the world has created so many problems not only in this fields of activities.

Billions of people are being affected by the new COVID-19 pandemic, setting off an unprecedented global health crisis.

Procurement outsourcing constitutes a growing dimension of corporate procurement strategy.