Schering-Plough Shaves Meeting Costs with Online Auctions

In order to find the best vendors to handle the 1,300 meetings it holds each year, Schering-Plough Corp. now uses online reverse auctions. These are fixed-duration online bidding events in which multiple suppliers compete for a buyer’s business. “Reverse auctions have proven to drive pricing to true market values and have reduced negotiation time,” says Donna Solazzo, Schering-Plough’s manager of global strategic sourcing.