Reverse auctioning is an innovative procurement technique in which a buyer sources a product or service by hosting an online bidding event and inviting multiple sellers to compete against one another. This competition drives down prices and ultimately results in the best possible deal for the buyer. The buyer sets out their budget, descriptively lists their requirements, and then encourages potential suppliers to bid for the opportunity. During the auction, suppliers can view each other’s bids and adjust their own accordingly in real-time. Reverse auctioning is fast, efficient, and cost-effective – meaning buyers can enjoy significant savings on the products and services they need.