Due to internal software integration, the company solicited two vendors of these highly specified machines. During the auction event the two suppliers place one lowering bid each, for a total of 4 bids throughout the course of the 30 minute bidding event. Although the bid was not very active by eBridge reverse auction standards, the customer was floored by the results.
Because this is a community bank, any savings and efficiencies the bank creates in procurement directly affect its ability to enrich its local community. At the conclusion of the event, the customer was very pleased. But don’t take it from us! Here’s what the chief procurement officer had to say:
“That was some really cool stuff today. I know Jim thought it could have been more exciting but believe me, we were thrilled. I can’t imagine how an “exciting” one would be…I’m touting this as a $400,000 savings. Covers my salary for several years. Thanks again!”