Fifth Reverse Auction Event Yields 49 Percent Savings Against Budget for South Carolina
COLUMBIA, S.C., Nov. 10 /PRNewswire/ — When South Carolina’s Information Management Technology Office needed help procuring a contract for Commercial Driver’s License (CDL) manuals and driver handbooks, the State purchasing office knew exactly who to approach.
Since establishing a state contract in July 2009, the State of South Carolina has engaged Louisville-based BidBridge, a proven eProcurement services provider for the public and private sectors, for large capital expenditures. The successful events have yielded massive savings against budget.
To help organizations get the best price possible, BidBridge creates a dynamic purchasing environment by offering a secure, real-time electronic sealed bidding platform that allows suppliers to place multiple bids. The ensuing bid process provides entities with an alternative to the public sector’s traditional process of a one price per supplier response.
The 55-minute bid event took place between three suppliers, logging 30 total bids, 11 first place turnovers and 21 time extensions. First and second place vendors were separated by a mere .03 percent, indicating market value had been achieved on the new printing contract.
Since entering in to a state-wide contract with BidBridge, the State of South Carolina has saved 26 percent overall against budget for the events run. The five events have been spread across three other state entities: the Department of Motor Vehicles (DMV), Department of Transportation (DOT) and the state’s public television station, ETV.
“BidBridge’s work with the State of South Carolina stands as a testament to the countless applications reverse auctions have for the public sector,” remarked BidBridge CEO Jim Headlee. “Especially in a shaky economic rebound, making the most of public money is an important step for public entities towards a more efficient allocation of tax dollars.”
Founded in 2005, Louisville-based BidBridge provides e-procurement services to both the public and private sectors, including cities, towns, municipalities and the medical, educational and corporate sectors. Through its competitive sourcing and online procurement system, BidBridge assists its buyers in achieving true-market value for the goods and services needed for ongoing business operations. Significant cost reductions and procurement efficiencies have allowed BidBridge’s buyers to save millions of tax payer, corporate and investor dollars, ultimately producing a positive effect on compressed budgets.
For more information, please visit: www.bidbridge.com.