What is FedBid?
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FedBid, Inc. provides FedBid® online procurement Services, including Reverse eAuction and associated support services, through The Buyer-Driven Online Marketplace® at www.FedBid.com. Focusing primarily on federal, state and local government agencies and associated prime contractors, FedBid is the leading online marketplace for public sector acquisition of commodities, from computer products, security gear and office supplies to tools, laboratory supplies and equipment. To date, thousands of procurement professionals at dozens of public sector and commercial organizations have used FedBid to procure billions worth of commodities and simple services.
FedBid's Value Proposition
FedBid dramatically improves efficiency and transparency in the public sector procurement process. Utilizing Internet technology, FedBid helps the public sector Buyer manage an ever-increasing workload by automating the notification, competition and documentation aspects of that process. FedBid's value lies in its ease-of-use, speed and efficiency, ability to provide comprehensive information and documentation, and in its ability to help ensure procurements comply with the Federal Acquisition Regulations (FAR). In addition, FedBid's risk-free transactional fee approach not only eliminates upfront investment, license fees or maintenance costs by Buyers or Sellers, but it also provides Buyers with guaranteed results.
For Buyers, FedBid:
- Saves Time - With automated feeds to FedBizOpps and an easy-to-use interface that can be used without regard to geographic location and without implementation or training worries, FedBid saves time and frees up Buyer resources for complex procurements
- Stretches Budgets - By saving money and providing guaranteed results, FedBid helps Buyers do more with less money
- Improves Procurement Documentation - FedBid provides complete, detailed information for each procurement, including all Sellers contacted and all Bids and No Bids received
- Improves Regulatory Compliance - FedBid delivers regulatory compliance, price reasonableness and process transparency to help Buyers eliminate waste and misuse of taxpayer dollars
- Increases Small Business Utilization - By improving opportunity access, FedBid has facilitated award of over 80% of all dollars to small businesses
By helping to ensure Buyer regulatory compliance, FedBid facilitates a fair and open procurement process, resulting in fewer sole-sourced awards, providing easy access to the public sector marketplace and leveling the playing field for businesses of all sizes. With push notification, FedBid improves opportunity awareness and lowers sales costs, enabling Sellers to pursue increased numbers of business opportunities. In addition, as with Buyers, FedBid Sellers are able to save a substantial amount of time over the length of the Buying process, thereby increasing the number of procurements in which they can participate, whether through FedBid or otherwise. For Sellers, FedBid:
- Improves Opportunity Access - FedBid centralizes information and, using Seller-defined criteria, proactively contacts Sellers when opportunities arise
- Reduces Costs per Sale - FedBid enables Sellers to use minimal resources to pursue each opportunity and compete for business
- Saves Time - FedBid makes it easy to compete through a single, user-friendly, web-based portal that can be utilized anywhere in the world with Internet access
- Improves the Competitive Process - FedBid facilitates a regulatory-compliant, fair and open procurement process that levels the competition playing field for Sellers of all sizes
How Buyers Use FedBid
Buyers use FedBid to compete requirements through either an 'Invitation for Bids' process or to compete the price evaluation aspect of a '2-step' request for proposal procedure. Buyers conduct procurements through FedBid by soliciting offers from interested commercial Sellers that are registered in the CCR, including from among:
- Multiple-award schedule contract holders
- "Agency specific" multiple-award contract holders
- Specifically created Seller Communities
- All available Sellers for "Open Market"/commercial purchases
What Buyers are Buying through FedBid
- Computer Hardware and Software
- Security Supplies and Equipment
- Industrial, Laboratory, Facilities and Automotive Equipment
- Office Supplies and Furniture
Buyers' Return On Investment (ROI) Using FedBid
To date, Buyers have consistently achieved double-digit average NET savings on the prices paid for commercial items by using FedBid. FedBid delivers tangible net savings immediately because Buyers and Sellers can access FedBid's user-friendly marketplace from anywhere in the world with Internet access. FedBid requires no special software or investment from Buyers or Sellers, and its online system complements existing legacy financial and procurement systems.