Emerging Technology Eliminates the Need for the Traditional RFP
A request for proposal or RFP is the formal process of defining business needs, requesting detailed bids and qualifications from suppliers, and then finally awarding a contract. The process is designed to ensure customers are receiving full transparency as well as the best price for goods or services, however often the practice can become extremely laborious and time consuming to all parties involved.
Depending on the size and scope of your business need, the entire RFP process could take anywhere from one to six months, which is why, for many businesses and government entities, the rigorous RFP process is one of pure dread.
Luckily, the entire process became remarkably simpler with the invention of the reverse auction. Over the past few years, increasingly more businesses have begun utilizing the new technology to streamline the RFP process and save over 85% of employee time on average.
Most recently, local and state governments, including Texas, New Jersey, and Pennsylvania, created statues to allow these entities to make use of a reverse auction in lieu of the traditional RFP for the procurement of third party electricity and natural gas. Because the energy market features rapid and frequent price fluctuations, a reverse auction was found to be far more effective for procurement. These statues revolutionized how goods and services are purchased and has become the go-to method for procurement.
The Typical RFP Process (1-6 Month Process)
Define Business Needs
Write Formal RFP
Distribute RFP to Vendors
Follow-Up Round of Questions and Answers
Receive and Review Final Proposals
Conduct Interviews with Vendors
Review Contract Terms
The New RFP Process Using a Reverse Auction (1-3 Week Process)
Define Business Needs
Review Contract Terms with Vendors
Schedule and Run a Reverse Auction
Added Benefits of Utilizing a Reverse Auction for Procurement
Eliminate the Back and Forth
All vendors can participate simultaneously, ensuring that the lowest price is achieved while significantly reducing time.
Participation is Free You will never have to worry about out-of-pocket expenses to conduct an EMEX Reverse Auction.
Detailed Summary and Savings
To help make your decision easier, every auction comes with a detailed summary and cost comparison analysis.
Save Time and Resources Your time is valuable, which is why we ensure auctions only last for 5-10 minutes on average.
Full Transparency You will see every offer that is provided by all participating vendors.
Live Auction Replay EMEX provides you with a video recording of your auction event to ensure compliance for any regulatory audits.
After the auction, you can sign a new contract with your preferred vendor, wait for another time to run a new auction, or simply not contract at all. The choice is yours.
Equal Terms EMEX ensures that suppliers competing for your business offer identical products – meaning no post-auction surprises.
Using our proprietary reverse auction, EMEX helps businesses, government agencies, schools, and all types of organizations procure the lowest possible electricity and natural gas rates. Simply put: when suppliers compete, you win.
EMEX, LLC, a division of Mantis Innovation Group, is a national leader in energy procurement and reverse auction technology. EMEX transacts annually in hundreds of millions of dollars of electricity and natural gas products for business and government entities, making it one of the largest privately-held energy consulting and risk management firms in North America. EMEX’s reverse auction platform has created a strategic shift in how energy is bought and sold throughout the country and is now considered a best practice for energy procurement.