A recent study conducted by the Reverse Auction Research Center revealed that the federal government could save over $4 billion annually by running more commodity and simple service purchases through the reverse auction model. Reverse auctions is already used in some federal government agencies, but not all – and it has not even touched its full potential as a government purchasing best practice.
The Reverse Auction Research Center’s study identified 17 key government sectors in which reverse auction could yield the most savings, with the Department of Defense, Department of Veteran Affairs, and the Executive Branch coming in as the top three.
This quote from David Wyld sums it all up: “There are a lot of tough choices to be made in cutting federal spending, but one solution is a no-brainer: use more reverse auctions for simple buys.”
In light of the current financial difficulties our country is having, reverse auction implementation and expansion would provide much needed savings to our Nation’s bottom-line. eBridge believes that the implementation of reverse auction would provide valuable savings to any government sector willing to take leadership and utilize the technology. We hope to see this practice adopted increasingly in the near future as U.S. citizens and government officials realize its potential for incredible savings.
To see the article from Business Wire, click here