Developed with the aim of becoming an efficient support tool for the digital transformation process in the judicial sector, the Online Auction Management Software of OSP Group has been showing positive impacts on asset management & organization activities.
The role of online auctions
Asset auctions are one of the most important activities in the asset management field, with complexities due to the diversity of auctioned assets, scale and participants. Currently, direct auctions are probably no longer the best choice because:
- The cost of organizing and participating is expensive;
- The activities of recording and processing information and documents are limited, causing impediments for management and inspection activities;
- The organizers and participants have obstacle to grasping information, especially during the organizing process;
- There is a risk of fraud, price suppression, especially coercion and threats against participants to manipulate auction results.
At times like these, online auctions become an alternative method, helping to overcome the limitations of traditional auctions.
Online Auction Management Software Solution of OSP
Based on the actual needs of Asset Auction Organizations, OSP has developed an Online Auction Website Solution, connecting the Auction Information Page, Mobile Application and Online Auction Management Software. OSP’s Online Auction System development is based on the following principles:
- Simplify operations;
- Intuitive display interface, easy to observe;
- Fast data processing speed with high accuracy;
- Ensure information security at the highest level;
With OSP’s Online Auction Software, organizing and participating in auctions for the responsible unit, people with the auctioned properties or participants will now become simple and convenient.
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Functions of the Information Page and Mobile Application:
The Information Page and Mobile Application will be a “manual” providing information and regulations related to auction activities in a fast and complete manner.
- With these two platforms, people with the need to sell assets will no longer have to go to auction organizers to carry out procedures and prepare documents as before. Everything now can be done online. In addition, people with the asset are granted the right to monitor the progress of the auction.
- Similarly, registration and participation in auctions can be done on the website and mobile application platforms. In particular, OSP’s solution provides an electronic signature feature to complete the minutes at the end of the auction.
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Functions of the Auction Management Software System
The hidden price management software is a subsystem dedicated to center leaders, auctioneers, staff, and auction companies, occupied a series of outstanding features:
Developing and managing databases
The software system will record and store information on asset sale registration, participation registration, information page content, auction results, etc. The organization’s staff can search and exploit data to serve specific work requirements.
Planning and organizing auctions
To ensure the ability to conduct multiple auctions simultaneously, the software supports the organization’s leaders in assigning personnel and monitoring work before, during and after the auction. Meanwhile, the auctioneer can perform professional tasks such as checking and screening documents; publishing regulations on the Information Page, Mobile Application… to prepare and conduct the auction.
Performing statistics and reporting
The statistics and report feature will assist the leaders of the auction organization to grasp the volume and quality of work at the unit, thereby giving accurate and timely instructions. To do this, the system will compile statistics and reports according to the fields selected by the users, such as statistics by asset type, starting price; by auction form; by auctioneer or by desired time period.
In addition to the prominent functions mentioned above, OSP’s Online Auction Management Software as well provides a series of features: system administration, catalog management…
At present, OSP’s Online Auction Management Software has been deployed at The Property Auction Service Center of Da Nang City and is still under research for upgrading.
As one of the pioneering digital transformation solutions in auction management based on high-tech platforms in Vietnam, OSP’s Online Auction Software is no doubt helpful for organizers, centers and participants performing their work in a more efficient and logical way.
