Product Release Notes
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July 2025, Release Note
MESH
July 31, 2025
6:27 am
Procurement (SRM)
Reverse Auction- New Feature added for Buyers
We’re excited to introduce the Reverse Auction feature for Buyers, designed to enhance strategic sourcing by enabling real-time competitive bidding among suppliers.
What is Reverse Auction?
A reverse auction allows buyers to invite multiple suppliers to bid against each other in real-time, driving the price downward. Unlike traditional RFQs, the lowest bid wins – or ranks highest – based on pre-configured criteria.
Reverse Auction – Features & Benefits for Buyers
Key Features:
- Real-Time Competitive Bidding
Invite multiple suppliers to bid live, driving competitive pricing in real-time. - Set Target Pricing and Rules
Define target price, auction duration, and visibility settings (e.g., lowest bid, rank only). - Supplier Notifications & Reminders
Automated email or in-app alerts to keep suppliers informed and engaged during the auction. - Live Dashboard
Monitor all supplier bids, time left, and rank in a real-time dashboard. - Auto-Ranking
System automatically ranks supplier bids based on price. - Audit Trail & Bid History
Complete visibility into all bid submissions and updates during the auction.
Benefits for Buyers:
- Cost Savings
Drive down prices through competitive supplier participation. - Improved Supplier Engagement
Create urgency and competition that encourages faster and more responsive supplier behavior. - Time Efficiency
Complete negotiations in minutes or hours instead of days or weeks. - Transparent Sourcing Process
Ensures fairness and clarity by giving all suppliers equal opportunity to bid. - Better Decision-Making
Real-time data and analytics help you choose the best supplier not just by price but by responsiveness and engagement. - Standardized Negotiation Format
Structured bidding reduces back-and-forth email negotiations and manual quote comparisons.
How to Use Reverse Auction – Guide for Buyers
Step 1: Create a Reverse Auction
- Go to the Procurement module >> Reverse Auction in your dashboard.
- Fill in required details like:
- Part(s) to be quoted
- Estimated Annual Usage (EAU)
- Target price
- Auction timeline
- Select “Suppliers” to participate in Auction.
Step 2: Configure Auction Settings
Once Reverse Auction is enabled, configure the auction parameters:
- Annual Estimated Usage – Initial usage annually.
- Target Price – What you’re aiming to achieve
- Auction Duration – Set time limit (e.g. 30 mins, 1 hour)
- Auto Bid Visibility – Show lowest bid & Show Bid ranking
Step 3: Invite Suppliers
- Select from your existing supplier list or add new ones.
- Send invitations – the system will notify suppliers automatically with auction details and access instructions.
Step 4: Monitor the Auction in Real-Time
- Use the Live Auction Dashboard to track:
- Number of bids
- Supplier rankings
- Time remaining
- Bid values
Step 5: Review & Finalize
- Once the auction ends, review:
- Final bids and rankings
- Supplier participation
- Bid history and timing
- Export results if needed.
- Select the winning supplier or shortlist for further evaluation.
Invited Auction - Supplier Features & Benefits
With the new Reverse Auction feature, buyers can now invite their suppliers to participate in real-time competitive bidding. This feature introduces a more dynamic and transparent quoting process for both parties.
What’s New for Suppliers?
- Suppliers can now view all Invited Auctions from their valued customers under a dedicated “Invited Auctions” section in the platform (For Suppliers).
- This central location helps suppliers quickly identify open auction opportunities and respond within the set timelines.
- Real-time bidding allows suppliers to compete more strategically and increase their chances of winning business.
Key Benefits for Suppliers:
- Better Visibility
Easily track all auctions you’ve been invited to—no more scattered communication. - Efficient Bidding
Submit and update bids instantly through a streamlined interface. - Stronger Buyer Relationships
Timely participation and competitive pricing can help you stand out to key buyers. - Direct Invitations from Buyers
Suppliers receive direct auction invitations from buyers via email or the platform, including auction details and timelines. - Secure Auction Access
Suppliers can log in to a secure portal to view and participate in auctions relevant to them. - Real-Time Bidding Interface
Submit and update bids in a real-time interface with immediate feedback (based on bid rankings ). - Bid Visibility Options:
- View lowest bid
- View own rank
- Time Notifications & Auto-Extend Awareness
Countdown timers and auto-extend functionality help suppliers stay engaged and act quickly. - Audit Trail of Bids
Suppliers can view their own bid history for reference and compliance. - User Friendly – Mobile App
Suppliers can participate from any device, ensuring accessibility even when on the move.
Benefits for Suppliers:
- Fair and Transparent Bidding Process
Equal opportunity to compete based on pricing and terms. - Increased Business Opportunities
Ability to win new contracts and build relationships with buyers through competitive pricing. - Real-Time Feedback
Instant visibility into how competitive their bid is, helping refine strategy on the spot. - Faster Deal Closures
Avoid long negotiation cycles – auctions are time-bound and decisions are made quickly. - Historical Bid Insight
Ability to learn from previous auctions and optimize future bids. - Build Buyer Trust
Professional and timely participation can help strengthen supplier credibility and visibility with buyers.
How to Use Invited Auction – Guide for Suppliers
The Invited Auction feature allows suppliers to participate in real-time competitive bidding when invited by buyers. Follow these steps to get started:
Step 1: Access Your Invitation
- You will receive an email notification or in-platform alert when a buyer invites you to a reverse auction.
- Go to the “Invited Auctions” section in “For Suppliers” Module to view all Active, Upcoming and Completed auctions.
Step 2: Review Auction Details
- Click on the auction to view:
- Part details, Quantity, Target price and special requirements with documents
- Auction start and end time
Step 3: Participate in the Auction
- At the scheduled time, click “Auction Tab” from the auction details page.
- Use the real-time bidding interface to submit your initial bid.
- Update your bid as needed, keeping an eye on:
- Your current rank
- Remaining time
Step 4: Submit Final Bid
- You can continue bidding until the auction timer ends.
- Some auctions may have auto-extension if bids are placed in the last five minutes.
Step 5: Post-Auction Follow-Up
- Once the auction ends, the buyer will review all bids and follow up with the selected supplier.
- Suppliers will be notified with the Summarized Auction report with your Rank on each part and Lowest Bid Price for each part.
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