What to Consider When Choosing an Auction Management System?
May 19, 2021
If you are in the auction or trade industry and are looking to upgrade your current auction management system (AMS) to use in your business, you need to consider a few things before you make your choice. It would not be wise to invest in one and overhaul your current management system only to find out later that there is another management platform that’s more suitable to your needs. You would not want to contend with being short-changed by an AMS when you could have specified the perfect option for you from the start.
First Things First: What You Need to Know About Auction Management System
Whilst live, on-site auctions, are great as they allow buyers to see the auctioned items in person and inspect these items closely, many auctioneers have been forced transition to online-only auctions in the past year due to the COVID-19 pandemic and the restrictions on holding large gatherings. With this transition comes the need for auction companies to implement their own web-based auction platforms.
In simple terms, an auction management system is an online application enabling users to present lots for auction whilst delivering a seamless user journey for bidders and buyers.
Having an integrated AMS presents plenty of advantages that were otherwise not available for on-site bidding events. More and more companies are seeing these benefits and are becoming more discerning about the kind of AMS they require in order to stay ahead in the game.
What Great Auction Management Systems Should Be Like
The best auction management systems are comprehensive cloud-based platforms that allow auction companies to control their online auction portals or websites without the need to worry about their software or their infrastructure. Cloud-based systems are more flexible and more accommodating to growing businesses.
Additionally, the most comprehensive of these platforms are the ones founded or designed by auctioneers and industry experts who know all aspects of the auction business and have incorporated all of these aspects into a single system. These auction management applications boast a host of powerful and easy-to-use features. These tools would make them a one-stop shop for auctioneers, art galleries, real estate agents, estate sellers, liquidators, equipment and machinery dealers, and other businesses that make use of the auction method.
Auctioneers increasingly need an AMS that offers capabilities like targeted marketing, product cataloguing and stock control, consignment management, logistics and inventory management, live auction events, invoice generation, real-time bid tracking, and payment processing, among others.
Needless to say, good management system platforms can accommodate and support an assortment of technologies. These are software applications that you would need to perform a wide variety of tasks and functions and to interact with applications used by your bidders at the front-end. As such, look for an AMS that utilizes API or an application programming interface that would define interactions between these multiple software applications.
What’s more, good AMS also have the buyers and bidders in mind. Not only do they accommodate the needs and requirements of auction companies, they should also offer consumers convenience. Easy navigation, user-friendly cataloguing of items, and even accurate visual presentation of the products should be integrated. These platforms should also make online bidding events a seamless and enjoyable process for consumers in order to encourage them to come back in the future.
Other Important Considerations for an Auction Management System
When you are shopping around for the best AMS for your business, it is also imperative to investigate data security. Make sure you go with a provider that promises safe and secure data management and bidder registration process and stores these data in an ISO-certified data center. You should also look into GDPR compliance.
Aside from data security, your AMS should be able to protect you as a business. Find out if your AMS of choice utilizes smart analytics and provides you reporting on a buyer’s bidding and spend history. It should also allow for pre-auction checks on a bidder’s credit and debit card automated deposit, pre-authorization and bidding limits, and post-sale payment request emails to successful bidders.
Your AMS should also give you and your customers options as far as payment partners are concerned. The payment app that comes with your AMS should be able to support, accept, and process payments done through various banks and third-party payment solutions.
It is also essential to know how your AMS provider would be able to support you throughout the different phases of your business growth and throughout any technological setbacks. Know if your provider has a team large enough, and agile enough, to react to any eventuality, quickly and effectively, as well as handle all AMS-related problems. Is the team also equipped to implement changes in your system, or in your processes, as your business grows? In other words, scalability is key, your AMS should not be something you outgrow as you evolve, It should also grow alongside its clients.
Why Artisio AMS is the Right Fit for You
With, Artisio AMS is one of the best and most agile auction management solutions available on the market today. Artisio has years of experience working in the auction sector and therefore understands the need for companies to adapt existing technologies to meet their current and future business goals. Artisio developed its intelligent and high-performance cloud based AMS with a clear understanding of the auction sector’s specific requirements.
Artisio AMS is a powerful tool for tracking, monitoring, and analysing everything relevant to your business, in real-time. It provides enterprise-level support for companies working in multiple locations around the globe and can even support transactions in multiple currencies.
It is a complete front to back AMS and boasts a fully integrated stock management solution, a safe and secure bidder registration and data management, and a powerful auction creation capability with fully customizable sales. You can facilitate live and timed auction events or sale days regardless of the type of sale, wherever you are in the world, and in whatever language and currency you are using. Everything is customizable.
What’s more, all user data are stored in an ISO27001- and ISO27018-certified data center.
Check Artisio AMS’ full-service offerings here.