A workflow management and online reverse auction system includes a non-transitory computer readable medium storing a program. The program causes a computer to execute steps of posting electronic part details for a part to be sourced to an online reverse auction site, and receiving electronic bids including prices for supplying the part to be sourced through the online reverse auction site from a plurality of suppliers. The program also causes the computer to execute steps of selecting a chosen supplier from the plurality of suppliers based on the electronic bids, and providing an option for the chosen supplier to extend an initial supplier agreement duration by accepting an additional supplier agreement term beneficial to a buyer.