Study: Army Saves $150 Million Through FedBid Reverse Auctions
A new study of the Army Contracting Command’s (ACC) procurement process by Dr. David C. Wyld, the Robert Maurin Professor of Management at Southeastern Louisiana University, shows that the ACC was able to save taxpayers $150 million since 2007 through use of FedBid’s fully-managed online marketplace.
Dr. Wyld, who is a member of FedBid’s Board of Advisors, has posted the study on his website, http://www.reverseauctionresearch.org.
Federal procurement use of FedBid, the fully-managed reverse auction-driven online marketplace has proven year-after-year to deliver significant efficiencies. In fact, various defense agencies handled an estimated $820 million in purchasing through FedBid between 2010 and 2011, and reported savings of over $107 million.
Fast Facts from the ACC Study
- Since 2007, the ACC has saved almost $150 million on over $1 billion worth of reverse auction-based acquisitions.
- FedBid reverse auctions produced an aggregate savings for the ACC of $41.7 million in FY2011 alone as compared to the Independent Governmental Cost Estimate (IGCE) for those same goods and services.
- ACC savings (11.5% in FY2011 and 9.9% over the most recent four fiscal years – FY2007-FY2011) present a more precise, defensible savings percentage than any other review of federal agency reverse auction use published to date.
Dr. Wyld and Luther Tupponce, Chief Administrative Officer of FedBid, are available for interviews – please contact Will Holley at firstname.lastname@example.org or 202.551.1457.
ABOUT: FedBid, Inc.
FedBid® is the fully-managed online marketplace, revolutionizing how the government and businesses buy products and services. By creating a new world of ‘FedBid-able’ buying and selling, where the principles of opportunity, transparency and competition prevail, FedBid empowers and energizes its customers, giving them the confidence to take control of the purchasing and sales process, and freeing them up to focus on moving their organization forward. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID.
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Released: JULY 24, 2012