Q: How does a university purchasing department turn a routine purchase into an event worthy of a champagne celebration?
A: When you save over $200,000.
Penn State University recently conducted a reverse auction using Procurex and saved over $200,000 on audio-visual equipment. The equipment included Epson projectors, Extron switching equipment, WolfeVision document cameras, Sharp projectors, Crestron communications equipment, and other cabling and connection equipment.
This is real money that could go to save jobs, fund scholarships, manage tight budgets, buy lab equipment, new sports equipment, or a thousand other priorities.
Most people wouldn't get too fired up about buying audio-visual equipment, but reverse auctions can change the game in big ways!
Check out the stats:
Category: Audio-Visual Equipment
# of items: 12
# of Suppliers invited: 10
# of Suppliers who bid: 9
Event duration: 40 minutes.
Extended Start Price: $1.003 Million
Extended Low Bid: $784 K
Savings: $219K
Not a bad day's work! Go Nittany Lions!
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