"Seamless and Seasoned Expert Auction Implementation"

There are two categories of auction management; tasks that are performed in advance of the auction to prepare for the event, and those tasks that are performed during the auction event. The auction protocols, war room set-up, data management, bidder manuals, and administrative manual are performed prior to the start of the auction. The backup data entry procedure, back up data entry training, onsite management, software and network management, delivery of the winning bids, and the final report are all implemented during the auction.

Auction Protocols

Expert auctions, like other markets, have to be opened, closed, and reconciled in order to function.

Detailed auction protocols are developed to ensure that everyone on the auction administration team clearly understands their roles and how to interact with all of the event participants. Preparing the protocols has the added benefit of requiring the team members to anticipate problem areas in advance of the auction.

The auction protocols detail the roles and responsibilities of each member of the administration and initiation team. Responsibilities are broken down by tasks that occur prior to the auction, at the beginning of each day, at the beginning of each round, during each round, at the conclusion of each round, at the end of each day and the end of the auction. The auction protocols may also contain a list of other protocol documents such as the backup bidding procedures.

War Room

A War Room is a physically secure room equipped with computers, communications, audio visual equipment, a conference table, whiteboards, fax machines, and workspace. It enables the auction team, the client, or regulators to gather in a single location to monitor the progress of the auction. A War Room makes it possible to have all of the auction data, management tools, and personnel conveniently located for timely and thorough analyses and decision making.

Data Management

Optimal Auctions can generate and manage data that will be used by bidders to formulate bids.

Bidder Participation Manual

The Bidder Manual contains all the information a bidder will need to participate in the auction and to bid using the OptimalCommerce^TM Software platform.

The first section of the Bidder Manual provides information about the products or services being bought or sold. A detailed description of the each lot, any restrictions on participation, and sometimes the starting prices of the auction are included.

The second section contains the Bidder Friendly Rules (should be hyperlink to the BFR in the Bidder Promotion section).

The third section contains information on the auction process including where to logon to the software, how to use or modify the user ID and password given to each bidder with their completed application.

The fourth section contains information on what primary and backup computer and communication systems are recommended for bidders.

Lastly, the manual contains detailed descriptions of each tab and screen within the software application and provides examples of biding screen sequences that bidders might anticipate. The examples are provided both to familiarize bidders with how the software functions, the tables with product and pricing information they will see during the auction, and detailed examples of how both common and uncommon aspects of the rules are implemented.

Read about the Features of the OptimalCommerce^TM Software platform.

Administration Manual

The Software Administration Manual contains all of the information the Auction Administrator needs to operate the software before and during an auction.

First, basic information on how to access the software, logon instructions (user ID and password), and the computer and communications requirements are provided. The section on the logon includes the complete login procedure including the url, authentication process, user profile, and password change function. The equipment section includes details on acceptable browser versions, modem speeds, computer processing speed and redundancy for all critical components.

Second, an explanation of the auction interface includes detail on the Primary Navigation Bar, the Status Bar, the Control Navigation Bar, and the Activity Area. There are detailed instructions on how to use the schedule mode including scheduling rounds, viewing the schedule, how to read the schedule, adding and deleting rounds, modifying the schedule, scheduling errors, understanding the phases of a round, and how to Pause and Resume the auction, and annulling the round. There is also information on real time reports, end of round reports, reports to other users, and end of auction reports and how they are to be interpreted. The section on Bidding Rules contains all of the soft-switchable parameters available prior to the start of the auction and those available after the start of the auction. These include the clock parameters (round phase durations) and price increments/decrements and how to change them. The section on Products explains how to add, delete, and modify products and the information about each product. Similarly, the section on User Profiles explains each class of user and their access privileges. There are instructions on how to add, delete, and modify users.

Third, a glossary is included.

Backup Data Entry Procedure

Backup data entry procedures are necessary to accommodate those bidders or initiators who are unable to enter data electronically using either their primary or secondary communications or computer equipment. The document provides an overview of the process used for online data entry and how data are entered on behalf of users in case they face technical difficulties. The procedure document details the following; a list of the equipment needs, staffing needs, a procedure for answering the data entry hotline, a user authentication procedure, a data entry procedure, and a confirmation procedure to ensure that the correct bids have been entered.

Backup Data Entry Training

The backup data entry team must familiarize each team member with the procedures and the software interface. They also need sufficient command of the auction rules to be able to understand if a question is an easy or hard rules question so it can either be referred to a tier 2 support person or directly to the auction manager. Backup data entry personnel must learn how to conduct technical support for typical data entry problems related to minor communications or equipment failures.

In addition to the training, the event itself must be coordinated. Practice data should to be entered into the software, users created, schedules created, and staff identified in advance of the auction.

On-Site Management

Participant behavior is monitored and analyzed to make sure that it is competitive during the auction.

Software & Network Monitoring

Optimal Auctions monitors all of the functional software elements within the OptimalCommerce^TM Software platform and the network elements in the hosting environment. We have a comprehensive alarm and resolution procedure that anticipates major software or network failures before they occur. We consistently update and test our software and the production environment to ensure that our platform is stable and secure.

Deliver Winning Bids

At the conclusion of an auction it's important that all parties clearly understand what they purchased or sold in an auction.

Final Report

Optimal Auctions will assist in the development of a final report to certify that the software and auction process were executed correctly.