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| What did that steak REALLY cost your company? |
Why do you need to have an experienced, trusted partner to conduct your reverse auction operations? Just ask the folks at Best Buy! Fascinating story from the Minneapolis Star Tribune about how the retail giant was duped through collusion among its suppliers and improprieties with its procurement managers (not to mention a lack of oversight and vetting from its auction-service provider). Read the article below:
http://www.startribune.com/templates/fdcp?1276458571236
Yep, it was fun times for Best Buy managers (golf, steaks and strippers, all courtesy of their vendors!), and great profits for dubious suppliers who shipped substandard parts and even empty boxes to the Big Box retailer. And yet, the reverse auction process STILL saved the company millions of dollars! Imagine if it had been done right?
Obviously, this is why you must have a trusted reverse auction provider who can conduct the necessary oversight before, during, and after the e-procurement takes place. Great cautionary tale for why follow through is very important in e-commerce!
David
From the Reverse Auction Research Center: http://reverseauctionresearch.blogspot.com/
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