Sealed Bid - Safeguarding Integrity... and Your Savings
A sealed bid is a sourcing process through which no information about the received bids is revealed until the event ends.
The term "sealed bidding" is derived from the offline world where bids are submitted in sealed envelopes, stored in a secure location, and then opened and read aloud at a specific date and time in a public forum.
The secure location is designed to protect against any inside leak, and the transparency of the public forum is designed to prevent cooperation between the bidding parties.
Sealed Bid is Prokuria's feature that guarantees a clean, unbiased sourcing process. No one, including the buyer, can see any information regarding any bid. The results are revealed to the buyer only when the event ends.
Starting this process is easy and fast. Just click "Yes" in the Sealed Bid drop-down:
The supplier does not see any rankings or informational messages concerning his bid's rank compared to the competition. Here, take a look:
During the sourcing event, the system hides the information concerning the suppliers' bid for all the users.
Only when the event is finished it reveals everything, and you make an informed decision, highlighting the best offer, and allowing you the possibility to review all the answers to your questions.
1. Use a sealed bid to prevent "bid-rigging". Usually the larger the project, the bigger the temptation;
2. Use a sealed bid to guarantee a fair competition for all involved parties, thus increasing your savings;
3. Reveal the results at the end; this removes the possibility of any kind of subjective intervention and knowledge leaks that could put you at risk of not receiving your best possible quotes;
4. In a large organization, a decentralized purchasing process makes it harder to track spending and compliance with ethical procurement policies.