Historically, the sale and purchase of any item was time-consuming, expensive, and loaded with risks, especially in the case of highly valuable products and machinery. The key to a successful auction process is to seamlessly integrate and include all the users, rules, and procedures of an auction within a single framework. The emergence of technologies such as artificial intelligence to improve the bidding process is one of the major upcoming trends seen in the online auction market. Vendors in this space are bringing about changes in the auction game and are announcing the release of AI-based platforms to enable optimization and automation. The rising adoption of technological advancements, including AI combined with the ease of bidding through online auctions, will see the market grow at a higher rate over the forecast period.
For events such as charitable fundraising, online silent auction event management applications which manage the complete process are being developed for hassle-free auctions. Right from selling tickets, to online and mobile bidding, silent and live auctions, raffle prizes and user-defined auction formats, these solutions free organizers from managing the redundant tasks giving them time to focus on the more essential functions. AI integrated software is shortening negotiations with transparent bidding, which in turn are advancing supplier relationships and maximizing savings by managing the end-to-end procedures in reverse auctions.
Tools for e-procurement initiating reverse auction are being launched for new contract purchases, spot buys, replenishment, aggregation, and collaboration with other organizations to save time and money. They are providing auctioneers with the resources to maintain their websites and conduct online auctions with the same level of control as they do offline.
Often, organizations have a large number of options needed to be ticked off the checklist before conducting an auction. For such cases, software that streamlines the wholesale process is being developed to provide real-time notifications to the auctioneers where they have the facility to auction their products irrespective of the location from their mobile phones, tablets or desktops. A suite of tools is also being introduced in the market to seamlessly connect the buyers and suppliers with regards to requests for information, proposals, and quotations or reverse auctions.
Auction software, which acts as both websites and bidding platforms, or can be integrated with an organization’s existing website is proving to be a boon for auctioneers as they streamline businesses and take sales to a whole new level. As a plethora of new software and frameworks make their way into the auction landscape, it is imperative that CIOs are aware of the latest technology and the innumerable benefits that each product has in store for them before making a final choice. A distinguished panel of CIOs, CEOs, VCs, and, analysts, together with CIO Applications’ diligent editorial board have listed some of the most prominent solution providers in the industry. This edition will give you an outlook on CIO Applications’ “Top 10 Auction Software Solution Providers - 2019” and the capabilities that they have to offer.