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Fedbid: Revolutionizing Procurement in The Federal Government

Reverse auctions are now a proven tool to help acquisition professionals in the public and private sectors save money and time in procurement operations. The Washington Post details how the FedBid online marketplace works to save federal agencies – and more importantly – taxpayers on over a billion dollars of goods and services procurements annually.

Great article from The Washington Post on our friends at FedBid, who are doing their part to revolutionize the way the federal government buys goods and services. This piece provides a good overview of how their reverse auction based online marketplace works (”a reverse eBay”) and how it delivers value to federal agencies – and significant savings to the taxpayers. 

As FedBid President Glenn Richardson put it: “We’re talking about a significant change in the paper-intensive, labor-intensive processes of government contracting.” And this change is big – as in Fiscal 2010, government agencies made more than $1 billion in purchases through the FedBid online marketplace.

You can read the complete Washington Post article by clicking below:

FedBid gives procurement a reverse eBay

The article goes on to profile FedBid’s work with U.S. Customs and Border Protection (more to come on the front very soon from us here at The Reverse Auction Research Center {http://www.reverseauction.com/}). 
If you are in a decision-making role in a government agency – federal, state, or local – this provides an “Exhibit A” of how reverse auctioning can work to save money and time for your agency (and taxpayers love to see stories of how government executives are making more efficient and effective use of their resources in these uncertain economic and budgetary times). If you’d like to learn more about how to make reverse auctions a strategic part of your procurement operations, contact us today here at The Reverse Auction Research Center (http://www.reverseauction.com/).

Biography

David C. Wyld (dwyld.kwu@gmail.com) is the Robert Maurin Professor of Management at Southeastern Louisiana University in Hammond, Louisiana. He is a management consultant, researcher/writer, and executive educator. His blog, Wyld About Business, can be viewed at http://wyld-business.blogspot.com/. He also serves as the Director of the Reverse Auction Research Center (http://reverseauctionresearch.com/), a hub of research and news in the expanding world of competitive bidding. 

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