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FreeMarkets OnLine How does FreeMarkets Online create value for its customers How is it different from existingtraditional models Cost savings through lower prices for sourced materials FreeMarkets enables the customers to achieve significant savings in procurement by creating a virtual marketplace in which multiple suppliers around the world can underbid each other in real-time There are five steps needed to achieve this which are handled by FreeMarkets Online for the customer oIdentify those parts of your sourcing where bidding among multiple suppliers makes sense oHelp the customer to write a detailed RFQ The better the RFQ the better the quality of the bids oIdentify screen and support potential suppliers The customer benefits from FreeMarkets Onlines broad experience and directory of potential bidders - more than a single company could handle because of the transaction costs In comparison to a bought bidding software which a company could distribute to its suppliers and help them with setting it up FreeMarkets Online offloads your departments by handling all support inquiries oOnce everything is prepared conduct the actual bidding process through the BidWare and BidServer software which runs in a secure network oAnalyze the bid process and compose reports for buyer and bidders Higher market transparency for buyer because of the higher number of potential bidders Traditional way Suppliers sales representatives sell directly to the client 61664 lack of information about the market at buyers side The traditional search for suppliers was restricted to the own economic area The cost for sales effort was on the supplier side only for the work of the sales representative FreeMarkets Online model building up a single channel to multiple suppliers No restriction of location for taking part in bids Besides that transaction costs for individual negotiations are eliminated as much as possible In the FreeMarkets
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