Reverse auction (RA) was introduced by mjunction as a primary service for e-sourcing. RA service strives to deliver value to our clients and is a preferred choice for companies which invest heavily on price discovering processes in terms of resource-effort & time. The associated service delivery system (including our platform) undergoes detailed planning procedures & interventions to ensure that the correct market forces are included in e- bidding processes.
Through RA we have initiated a real time dynamic auction between a single buyer and a group of pre-qualified suppliers. These suppliers in order to win the business of supplying goods or services to the buyer try and compete against each other by submitting successive lower priced bids over the internet with the help of a specialized software.
These bids are entertained for a specified period of time which is usually about an hour but brief extensions are permitted if the bids keep pouring in beyond the time limit.
Over the years we have grown in every respect - services, people, reach, infrastructure and revenue. As we continue to grow and add value to the supply chains we serve, we have broadened our horizons beyond the world of steel and metals.
We thus felt that the time was ripe to give ourselves a new name, a new identity to reflect our metamorphosis. So we heralded the new year with a new brand name and logo, and we have become mjunction services limited from metaljunction services limited. Other business units under the mjunction umbrella continue to have identities of their own.
Though our name has changed, and our horizons widened, our values haven't. We will continue to bring greater efficiency, convenience and transparency to even more supply chains in the future with the innovative use of IT and the Internet.