During my 40+ years serving in various leadership roles at public universities from the farthest points east to west and many places in between across the USA, one of my greatest challenges has been finding ways to boost efficiency without incurring greater cost or extensive system overhauls. Reverse auctions are known to deliver significant savings throughout a wide number of industries—all while simplifying sourcing and contracting processes. FedBid—leader in the reverse auction industry—offers great opportunities for our higher education colleagues to efficiently save precious resources.

To stay on the cutting-edge of technology and progressive business, a growing number of schools and higher education institutions are looking into the benefits of reverse auctions for procuring goods and services. 

In the past, organizations in the public sector have practiced procurement through more traditional means, like one -price-per-supplier response. But today’s procurement strategies don’t always adhere to best practices that can help organizations drive prices closer to market value. While the concept is not a new one, many organizations have been lax to adopt a procurement platform that features reverse auctions as its core component