When a private southern college needed new residence hall furniture, they worked with eBridge to bring 5 buyers to the auction, who placed 176 bids in 24 minutes! With a spread between 1st -2nd place of 1.05% and savings over 28%, the college was able to pick the student’s favorite furniture from a vendor, who consequently was not the lowest bidder, for far less than their original budget.
A South Carolina School District saved over $12,000 on new musical instruments with the help of eBridge’s reverse auction platform. The auction had over 130 bids in just 40 minutes including 95 extensions. There was heated competition among the 3 participating suppliers for first place, which lead to 58 first place turnovers.
A school district in Hawaii was looking to procure new furniture for its classrooms and library. The district partnered with eBridge to find the right supplier at a great price. eBridge helped the schools save a total 36% on furniture using its reverse auction process. The auction consisting of 6 suppliers and had 134 bids, including 23 first place turnovers. The final spread between first and second place bidders was only 0.0004% which let the school know they got true market value.
A school district serving 24,000 students in South Carolina recently ran their school food request for proposal (RFP) through eBridge and achieved estimated annual savings of 10% or $500,000. The incumbent food distributor was awarded the contract. This was an extremely complex RFP because there was far more involved with buying food for children than just lowering the cost. The school district took time to identify acceptable brands for every product category in the RFP specifications. eBridge worked closely with the district to build an RFP that took quality standards into account, while building a bidding format that encouraged competition among the vendors. A reverse auction was conducted and the vendors lowered their bids a total of 34 times to compete for the district’s $5,000,000 annual contract.
A private University recently partnered with eBridge on bid number 7. The bid was for all required furnishings for their new dormitory. The supplier list was originally restricted but the University was pleased to include many of the additional companies eBridge brought to the process. The simple response process allowed for a tight turnaround, which was a must since all furniture has to be ordered, manufactured and delivered for an April 2014 install date. Six companies were quickly identified and approved to participate. The bid event was extremely competitive bringing 362 bids with 38 first-place turnovers. The low bid price came in approximately 33% below the anticipated budget. The University is now reviewing the spec responses, bid pricing and furniture samples to determine which company offers the best overall value.
After learning of the great success several other local universities were having with reverse auction bidding, this CA University decided it was their turn! They partnered with eBridge to run a reverse auction for their purchase of dorm room furniture. For the live competitive auction, suppliers were required to bid a lump sum total for the entire scope of service (included: purchase of furniture, delivery and handling, installation as well as removal and relocation of existing furniture). Immediately following the live auction, suppliers had 3 hours to electronically submit their unit pricing, giving a complete breakdown of the final lump sum bid placed during the live auction. During the 25 minute auction, 4 suppliers placed 41 bids resulting in 5 first-place turnovers. The spread between 1st and 2nd place was 0.32% with an estimated savings of $19,800 or 12.5%.
eBridge hosted two separate reverse auctions for the University’s three (3) year contracts for Copy Paper and Ink & Toner purchases. Eight (8) suppliers competed for 67 minutes on the Ink & Toner, placing 71 bids while Seven (7) suppliers competed for the copy paper placing 53 bids during the 43 minute auction. The high-low spread for both auctions came in under 2% —- again reflecting true market value. Together, both auctions will save the University $1.2 million or 16% over the three (3) year contract periods.
By inviting 4 other campus locations to participate in their 2nd reverse auction with eBridge, this University more than doubled their bid volume making it a much more attractive bid for participating suppliers. Several of the campus locations felt they were already getting the best possible price but still wanted to participate. Six suppliers were excited to compete for the University’s business placing 309 bids with 39 first place turnovers during the 74 minute event. The high-low spread between 1st and 2nd place was 0.83% proving true market value. The auction produced a total savings of $65,500 or 15% under budget, again proving this technology and process works. They are reviewing their largest purchases and identifying which will be the next good fit.
An Arizona University partnered with eBridge, on their 2nd event, for the purchase of 91 Panasonic Projectors. The purchase price included a 4-year factory authorized warranty. Of the 8 participating suppliers, one was not approved through their corporate office to participate in a reverse auction. eBridge offered the option to enter their “one-and-done” bid, which is similar to the traditional paper process of submitting one bid. The supplier did not miss the opportunity to gain the Universities business and participated by entering their final bid. During the 53 minute competitive event, 106 bids were placed with 24 first place turnovers and a spread of 0.13% between 1st and 2nd place, showing true market value.
A southern state recently ran paper and ink toner annual purchase contracts through eBridge. All government entities in the state will be able to purchase off these state contracts and the value is expected to be in excess of $7 million. The bids were extremely competitive, showing the significance of reverse auctions in achieving true market value for the buyer. In the end, the low bidders were separated by less than 1% on every key lot. Specifically, in one lot (valued at $1 million), first and second place were separated by only $23 after lowering their bids multiple times. There has been a significant increase in the price of paper over the last year, due to rising fuel costs. Despite that increase, the state will be paying less for 8 ½ x 11 copy paper under the new contract than it did under the old contract, which was run using traditional methods. Initial estimates are that the state saved at least $500,000 by utilizing the eBridge reverse auction.
An east coast university partnered with eBridge to establish a print contract for new materials for the 2011-2012 school year. The university engaged the use of eBridge’s reverse auction technology, but also the team of purchasing professionals to help create specifications and identify the right purchases for the process. This bid was comprised of two line items.
eBridge’s team worked with the purchasing team to establish neutral specifications and would allow multiple suppliers to bid on this project. One specific requirement was that suppliers be within a 300 mile radius of the university to ensure timely delivery.
During the live bidding event, the four suppliers placed 14 total bids. First place changed hands 10 times. First and second place were separated by a mere $500. The final low bid was 15% below the university’s budgeted amount.
Today eBridge ran an event for a university hospital to purchase LCD TV’s. The televisions will outfit patient rooms in the new medical facility at the university. Prior to the bidding event, the buyer received a sample of the televisions each vendor was bidding on to make sure the electrical adaptors fit the wiring of the rooms.
The buyer approved 11 suppliers to participate in the event. During the bidding event the suppliers placed 196 bids total. First place changed hands 55 times, with first and second place being separated by a mere 0.15%, indicating true market value was found. At the conclusion of the one-hour fifteen-minute bid, the final low bid was 30% lower than the university’s estimated budget.
Yesterday eBridge ran a bid for a school district in Illinois and saved them 27% on their budgeted price. Our faithful operations team sourced five copy paper suppliers and four of them bid in the auction. The suppliers bid a total of 99 times and first place changed 27 times.
A neighboring school system put out a bid for copy paper through the traditional paper bid process where suppliers may only submit one bid in order to win the business.
The school system that purchased the copy paper through the paper bid process paid $29.50 per case and our client paid $27.43, which is a savings of 7%. See, the paper bid does have a purpose. Its purpose here was to serve as a reference point.
The real savings is through eBridge and our reverse auctions. Have a great weekend!
eBridge just did an auction for some elementary school furnishings. A west coast school district needed 300+ game rugs along with game kits to play on the rugs. We reviewed the specs for the rugs and decided our process would be of great benefit to the school district.
Six rug suppliers bid over 100 times in the action and first place changed twenty-two times. Successful once again! We saved the school district a little more than 11% off their budgeted price. We’d like to save you the same amount if not more…so run an auction with us!
Have you bought any computers lately? Last Thursday a Michigan school system saved approximately 13.5% on their purchase. Combined there were a total of 52 personal computers to be purchased, both laptops and desktops.
eBridge brought 4 suppliers to the table. First place turned over nine times and the clock extended 22 times. This Michigan school system used our platform to save substantial funds that can now be used in other avenues.
You may not be in the market to purchase computers but our platform is far from limited. We’ve done anything from chickens to heavy equipment. So keep us bookmarked for any of your future purchases where savings is paramount.