If you re not involved, you re going to get burned.
Some companies say they plan to take a wait and see attitude and get involved in the future.
The problem is, by the time you make the decision, you re already behind, because it will take at least a year or two to get up to speed once you make the decision. Reverse auctions and exchanges. We are careful to use only preapproved suppliers, Meisel emphasizes. This is an ethical issue as much as anything. We tell all of our suppliers in advance of an auction that all participants are approved and capable of getting our business.