For the Board of Control for Cricket in India (BCCI), it was the first time that they used eAuction for the award of media rights for all non-IPL matches of the Indian cricket team in India, but for mjunction services limited, India’s largest B2B eCommerce company, it was just yet another step in its journey towards making price discovery efficient and transparent.
In the last 17 years, mjunction has transformed supply chains and processes of some of the most crucial sectors in a nation’s economy – steel, coal, oil and gas fields, foodgrains, ocean vessel chartering and telecom spectrum – to name a few.
With this bidding platform, the first ever eAuction for a major sporting property, mjunction helps bring in transparency and capture the market price for professional sports, a new and uncharted segment. With cricket media rights attracting international attention, mjunction has played a key role in designing and implementing a fair, transparent and equitable solution.
mjunction CEO Mr Vinaya Varma said, “Our team co-created the most suitable bidding mechanism after several rounds of talks with BCCI officials, and the bidding platform was made completely convenient, intuitive and transparent.”
BCCI comes close on the heels of a number of other equally big and nationally important entities that mjunction has touched – the latest being the Government of Bihar, which opted for eDistribution of coalthrough mjunction, bringing in transparency in distribution of coal to MSMEs. Bihar follows the governments of West Bengal and Maharashtra, who have successfully implemented this process.
eDistribution, of course, comes much after mjunction pioneered eAuction of coal in 2005, transforming and disintermediating the entire coal supply chain.
The telecom spectrum auctionis another case in point. Spectrum auctions are being conducted since 2015 by mjunction through an efficient and transparent auction mechanism.
It used the Simultaneous Multiple Round Auction (SMRA) methodology, under which all the offerings were opened simultaneously, and were subsequently closed together, to enable the operators to switch across the offerings in real time. mjunction successfully managed this complexity, first in 69 offerings across 4 bands and 22 circles in 2015 and then in 126 offerings across 7 bands and 22 circles in 2016.
mjunction has also brought in much-needed transparency to the allocation of oil and gas fields under the Ministry of Petroleum and Natural Gas. It has developed an eBidding portal for the Directorate General of Hydrocarbons (DGH) which will enable eBidding, eEvaluation of bids, and eAllocation of oil and gas fields. This platform will aid in transparent allocation of the country’s natural resources, and help the country to reduce its oil import bill by $8 billion annually, as per Petroleum & Natural Gas Ministry officials.
DGH is the nodal agency under the ministry of Petroleum and Natural Gas for allocation of oil and gas fields to interested bidders for exploration and production activities.
Bidding for 55 oil blocks opened on January 19 this year where oil exploration majors from India and abroad are participating. Bidding will be on till May 2.
The latest offering from mjunction is eProcurement on Cloud, which takes care of the entire procurement cycle from raising of purchase request to execution of the contract. Around 70,000 vendors over 97 categories is part of mjunction’s database, which a client can use anytime for increased participation. In fact, mjunction also offers a supplier performance rating system, which helps clients to choose the vendors. Availability of a 24×7 helpdesk with automated call tracking software and grievance management tool is an integral part of this new offering.
mjunction’s offering enables integration with any third party system including ERP as well as data sanitisation and master data management. Availability of data encryption mechanism and safekeeping and capturing of audit trail data even by mjunction’s database administrator is an added advantage. In order to provide holistic services, mjunction offers a shared service centre which takes care of clients’ non-strategic low-value buys.
As mjunction assists crucial big-ticket and nationally important supply chains and processes to fulfil their objectives, it plays a key role in the government’s digitisation drive. Years of experience in the electronic auction domain makes it an expert in recommending the correct strategy to capture the market price while bringing in much-needed transparency and minimising executive discretion.