Following is a list of frequently asked questions about RFQxpert's e-procurement solutions. What services does RFQxpert offer? What is a reverse auction? What are "purchasing specifications"? What are RFQxpert's custom solutions? What are the benefits of an online reverse auction versus the standard purchasing process? How much money can I save using reverse auctions? Can I have RFQxpert manage the auction process for me? How do suppliers benefit from using RFQxpert's online reverse auctions? What types of organisations can benefit from reverse auctions? Does my organisation need to integrate any technology into our existing infrastructure to use RFQxpert's solutions? What products can I buy using RFQxpert? Can I view a demonstration of RFQxpert's services? Who do I contact with a question or to request more information? How do I get started with RFQxpert? Answers 1. What services does RFQxpert offer? RFQxpert offers a variety of solutions that help businesses of all sizes and in a variety of industries reduce purchasing costs, save time and increase profits. Services include: Online Reverse Auctions Custom Solutions Training & Support 2. What is an online reverse auction? Online reverse auctions are an ideal way for buyers to reduce purchasing costs, streamline procurement and increase profitability when purchasing capital equipment, materials and services from suppliers locally and around the world. With online auctions, you initiate the auction by sending out invitations to participate, to selected suppliers. Suppliers log in and review the purchasing specifications for the request. Suppliers compete against each other in Web-based, real-time auctions to win your business, driving down the price in the process. 3. What are "purchasing specifications"? Purchasing specifications define the requirements for what you want to buy in a reverse auction, such as quantity, size, colour, dimensions, special features and more. They can take the form of a request for quote (RFQ), request for information (RFI), request for proposal (RFP), etc. 4. What are RFQxpert's custom solutions? These services are specialized purchasing solutions designed to meet unique industry requirements. More… 5. What are the benefits of an online reverse auction versus the standard purchasing process? In the standard purchasing process, a buyer sends out purchasing specifications (as an RFQ or RFI) and invites suppliers to bid on them. Suppliers normally return their bids by mail and buyers often wait weeks or months for all proposals to arrive before they can make a decision. Each supplier submits one bid and does not have the opportunity to adjust his or her pricing in response to other bids. With online reverse auctions, suppliers are invited to bid in Web-based auctions on a specific day and time. With this process, suppliers compete against each other in real time to win the buyer's business, driving down the price in the process. Once the auction is over, the buyer has all the information he or she needs to make an informed decision. The bidding process takes minutes or hours, instead of weeks or months. 6. How much money can buyers save using online reverse auctions? Studies prove that reverse auctions can save as much as 8% to 32% in purchasing costs. This savings does not take into account the added benefits created by streamlining the manual procurement process. Companies can save far more than the 32% in purchasing costs because reverse auctions significantly compress the bidding cycle and redeploy expensive overheads required in the traditional procurement process. 7. Can I have RFQxpert manage the auction process for me? RFQxpert procurement specialists can provide full-service solutions to guide you through the entire purchasing process-developing and managing purchasing specifications, identifying qualified suppliers locally and throughout the world, facilitating online negotiations and analyzing results. Or, you can choose to manage the entire process yourself! 8. How do suppliers benefit from using RFQxpert's online reverse auctions? Suppliers enjoy two main benefits: A fairer more competitive bidding environment Wider access to potential business opportunities Because reverse auctions allow suppliers to submit multiple bids in response to competitive pressure, they have more opportunities to earn your business than with a closed, single bid format. In addition, reverse auctions allow suppliers to see what other bidders are offering, or not, as you choose, providing a clearer understanding of what the market price is and allowing all parties to compete more effectively for the business. Suppliers who do not initially win your business are able to use what they learn through the reverse auction format to become more competitive in the future. Once a supplier registers with your RFQxpert, they are eligible to participate in future auctions. 9. What types of organisations can benefit from RFQxpert's purchasing services? Companies in every industry must minimise their cost of doing business to increase profitability and stay ahead of the competition. RFQxpert's solutions meet this challenge, whether a company manufactures computers or provides energy consulting services. Organisations in every industry benefit from the cost-savings and time-savings that RFQxpert delivers. This holds true, whether purchasing products that relate directly to the day to day purchasing requirements of your business, or, products that merely facilitate your day to day business. 10. Does my organisation need to integrate any technology into our existing infrastructure to use RFQxpert's services? With RFQxpert's Web-based auctions there's no special hardware or software to install, so setup is fast and easy. And because the auction software is easy to use, minimal training is required for your organisation to start realising immediate cost and time saving benefits. 11. What products can I buy or sell using RFQxpert's services? Almost any equipment, materials or services that you would purchase through the manual procurement process can be purchased using RFQxpert. Examples include asphalt, electricity, chemicals, fuel, contract services, machine parts, construction materials and more. 12. Can I view a demonstration of RFQxpert's services? Absolutely! To see how quickly and easily RFQxpert can make a positive impact on your buying or selling process, contact us to schedule an online or face to face demonstration at your convenience. 13. Who do I contact with a question or to request more information? At RFQxpert, we are always available to learn more about your procurement needs and discuss how we can help your organisation increase profitability by reducing purchasing costs. Contact us to learn how. 14. How do I get started? To get started, just contact RFQxpert and a sales representative will help you determine how RFQxpert's services will best benefit your organisation.