Reverse auction help

University Business, March, 2005 by Julie A. Varughese

SciQuest offers an easy way for colleges and universities to test the waters of reverse auctions, and save money on procurements. The company offers event-based packages in a pay-per-use model to realize the immediate and compelling savings that reverse auction tools can provide. The cost starts at $5,000 for a single-auction event; three single-stage auction events cost $12,500.

Events are fully managed by SciQuest professional services and include event selection and preparation, event creation, supplier management, event monitoring, and event reporting. The deal also includes a flat fee plus a capped supplier transaction fee. As an introductory offer, SciQuest will waive the 1 percent transaction fee until June 30. For more information, visit www.scicjuest.com.