Following is a list of frequently asked questions about Hedgehog's eSourcing solutions.
- What services does HedgeHog offer?
- What is a reverse auction?
- What is a forward auction?
- What are “purchasing specifications”?
- What are HedgeHog's strategic global sourcing solutions?
- What are HedgeHog's custom solutions?
- What are the benefits of an online reverse auction versus the standard purchasing process?
- How much money can I save using reverse auctions?
- Can I have HedgeHog manage the auction process for me?
- How do suppliers benefit from using HedgeHog's online reverse auctions?
- What types of organizations can benefit from reverse auctions?
- Does my organization need to integrate any technology into our existing infrastructure to use HedgeHog's solutions?
- What products can I buy or sell using HedgeHog?
- Are there any products or services that are prohibited from being sold or purchased using HedgeHog?
- Can I sell excess inventory using HedgeHog?
- Can I view a demonstration of HedgeHog's services?
- Who do I contact with a question or to request more information?
- How do I get started with HedgeHog?
Answers
1. What services does HedgeHog offer?
As a full-service eProcurement partner, HedgeHog offers a variety of solutions that help businesses of all sizes and in a variety of industries reduce purchasing costs, save time and increase profits . Services include:
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2. What is an online reverse auction?
Online reverse auctions are an ideal way for buyers to reduce purchasing costs, streamline procurement and increase profitability when purchasing capital equipment, materials and services from suppliers around the world.
With an online auction, you initiate the auction by sending out purchasing specifications that detail what you want to buy. Suppliers compete against each other in Web-based, real-time auctions to win your business, driving down the price in the process.
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3. What is an online forward auction?
Online forward auctions are an ideal way to sell capital equipment, materials and services, such as when you need to liquidate excess inventory.
With an online forward auction you initiate the auction by letting buyers know what products or services you want to sell. Buyers compete against each other in Web-based, real-time auctions, driving up demand and price as they bid.
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4. What are “purchasing specifications”?
Purchasing specifications define the requirements for what you want to buy in a reverse auction, such as quantity, size, color, dimensions, special features and more. They can take the form of a request for quote (RFQ), request for information (RFI), request for proposal (RFP), etc.
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5. What are HedgeHog's strategic global sourcing services ?
Strategic global sourcing solutions are services in which HedgeHog acts as your representative to:
- Locate and qualify suppliers in India, China, Europe, Brazil, Canada, the United States, Mexico, and other countries
- Monitors production and product delivery
Click here for more details…
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6. What are HedgeHog's custom solutions?
These services are specialized purchasing solutions designed to meet unique industry requirements. More…
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7. What are the benefits of an online reverse auction versus the standard purchasing process?
In the standard purchasing process, a buyer sends out purchasing specifications (as an RFQ or RFI) and invites suppliers to bid on them. Suppliers normally return their bids by mail and buyers often wait weeks or months for all proposals to arrive before they can make a decision. Each supplier submits one bid and does not have the opportunity to adjust his or her pricing in response to other bids.
With online reverse auctions, suppliers are invited to bid in Web-based auctions on a specific day and time. With this process, suppliers compete against each other in real time to win the buyer's business, driving down the price in the process. Once the auction is over, the buyer has all the information he or she needs to make an informed decision. The bidding process takes hours, instead of weeks or months.
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8. How much money can buyers save using online reverse auctions?
Studies prove that reverse auctions can save as much as 8% to 32% in purchasing costs. This savings does not take into account the added benefits created by streamlining the manual procurement process. Companies can save far more than the 32% in purchasing costs because reverse auctions significantly compress the bidding cycle and redeploy expensive overhead required in the traditional procurement process.
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9. Can I have HedgeHog manage the auction process for me?
HedgeHog procurement specialists can provide full-service solutions to guide you through the entire purchasing process—developing and managing purchasing specifications, identifying qualified suppliers locally and throughout the world, facilitating online negotiations and analyzing results. Or, you can choose to manage the entire process yourself with our self-service software.
For more information, see our service options descriptions.
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10. How do suppliers benefit from using HedgeHog's online reverse auctions?
Suppliers enjoy two main benefits:
- A more fair, more competitive bidding environment
- Wider access to potential business opportunities
Because reverse auctions allow suppliers to submit multiple bids in response to competitive pressure, they have more opportunities to earn a buyer's business than with a closed, single bid format. In addition, reverse auctions allow suppliers to see what other bidders are offering, providing a clearer understanding of what the market price is and allowing all parties to compete more effectively for the business. Suppliers who do not initially win a buyer's business are able to use what they learn through the reverse auction format to become more competitive in the future.
Once a supplier registers with HedgeHog, they are eligible to participate in future auctions. Using HedgeHog is a great way for suppliers to identify new business opportunities and find new customers.
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11. What types of organizations can benefit from HedgeHog's purchasing services?
Companies in every industry must minimize their cost of doing business to increase profitability and stay ahead of the competition. HedgeHog's solutions meet this challenge, whether a company manufactures computers or provides energy consulting services. Organizations in every industry benefit from the cost-savings and time-savings that HedgeHog delivers.
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12. Does my organization need to integrate any technology into our existing infrastructure to use HedgeHog's services?
With HedgeHog's Web-based auctions there's no special hardware or software to install, so setup is fast and easy. And because the auction software is easy to use, minimal training is required for your organization to start realizing immediate cost- and time-saving benefits.
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13. What products can I buy or sell using HedgeHog's services?
Almost any equipment, materials or services that you would purchase through the manual procurement process can be purchased using HedgeHog. Examples include asphalt, electricity, chemicals, fuel, contract services, machine parts, construction materials and more.
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14. Are there any products or services that are prohibited from being sold or purchased using HedgeHog's services?
Yes. The sensitive and highly regulated nature of a few products prevents them from being sold or purchased using HedgeHog. Please contact HedgeHog for details.
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15. Can I sell excess inventory using HedgeHog?
Yes, HedgeHog's online forward auction services are ideal for selling excess inventory. Click here for more information about online forward auctions.
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16. Can I view a demonstration of HedgeHog's services?
Absolutely! To see how quickly and easily HedgeHog can make a positive impact on your buying or selling process, contact us to schedule an online or face-to-face demonstration at your convenience.
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17. Who do I contact with a question or to request more information?
At HedgeHog, we are always available to learn more about your procurement needs and discuss how we can help your organization increase profitability by reducing purchasing costs. Contact us to learn how.
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18. How do I get started?
To get started, just contact HedgeHog and a sales representative will help you determine which of HedgeHog's services will best benefit your organization.
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