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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