March 2018 Product Updates

March 2018 Product Update

Reverse Auctions Improvements

We made a variety of enhancements to our Reverse Auctions module. They run the gamut and include usability improvements to the UI, exposing more analytic data, and even improvements to the email notifications that accompany a reverse auction.

Vendorful Auctions Update

Perhaps the most significant improvement, however, was the introduction of a new reverse auction style: Ranked Reverse Auctions. In the Ranked style, the bidders can see their absolute rank, but cannot see the low bid, nor do they know how many other bidders are competing. It’s a compelling option for buyers who want to negotiate a competitive price, but who have material non-price considerations in making their selection. You can read more about different types of reverse auctions.

Vendor Management Usability

Our Vendor Management module was updated with some UI improvements that make things a bit more usable. Notable was the implementation of a “Base Template.” The Base Template allows you to configure attributes which will apply generally to all of your vendors. You can then build customizations on top of that base template.

For example, all of your vendors might need to provide an EIN (a business tax ID in the USA). This could be part of a Base Template. Then, your IT vendors and food services vendors alike would provide that information, but also be able to provide domain-specific information that you request.

In addition to that change, we’ve overhauled the UI to make it easier to access the information you need.

Vendor Management circa March 2018

To use any of these features yourself, sign up for a free Vendorful account.

Interested in being the first to know about new Vendorful features or just want to keep up on procurement news? Subscribe to the blog!