Auction Services provides a mechanism to support this strategic sourcing. Suppliers can also respond dynamically in a reverse auction-bidding event. By managing the selection of possible suppliers, Commerce One.net establishes an actual market price for goods or services and supports the best possible match to the buyer's requirements. This cumbersome process involved many manual tasks and hand-offs. Auction Services can reduce the cost of sourcing goods, improve overall process efficiency, and establish true market prices for goods and services.
Sellers maintain better control of the liquidation by defining the minimum price and terms.
As part of the registration process, new trading partners are checked for company background and credit history to ensure low-risk trading relationships. Third, market rules and business rules defining business auctions are much more sophisticated. Most consumer auctions are traditional ascending or forward auctions with little ability to modify anything but the most basic auction parameters. That is why Commerce One.net Auction Services offers a wide choice of auction designs and business rules to support individual sourcing and trading requirements. These descriptions must be standardized so they can be retrieved and recognized easily by parties submitting offers and bids.