How to Create and Manage an Auction in a Request
If you're looking to switch on an auction into your request, you'll need to activate the "Activate auctioning" functionality during the creation process on the "General" step.
By enabling this feature, you'll unlock several additional settings designed to optimize the auction rules. Here's a list of these settings:
1. Prolonging Time
This feature allows the request to automatically extend if a new best offer is submitted by a supplier within a specific timeframe that you define. The extension only occurs if the changes are made by a supplier holding the "Rank 1" position. The extension time should be specified in minutes.
2. Show Ranking
Enabling this option displays the supplier's ranking in comparison to other quotes. However, the supplier will not be able to see the identities of their competitors or the details of the competitors' quotes.
3. Show Lowest/Highest Bid
This feature allows suppliers to see the lowest/highest bid (unit price) submitted. For compliance reasons, at least five suppliers must be invited to the auction. If fewer than five suppliers are invited, this functionality will be automatically deactivated.
4. Show Full Ranking
With this option, suppliers can view the full list of offer prices. However, the suppliers' identities will remain anonymous.
5. Minimum Decrement/Increment
This setting requires suppliers to lower or increase their bids by a specified minimum amount. You can choose to set this decrement or increment either as a percentage or in currency. The default currency is EUR, so if you want to have other currencies in the drop-down menu, please make sure needed allowed currencies are selected on General tab in Currency section.
6. Allow Ceiling Quote/Floor Price
This feature allows you to set a ceiling quoter floor price for each product. Once enabled, you can define the ceiling quote/ floor price on the "Items" tab in the "Supplier Price per Unit/UOM" column for each product.
Additional Tabs After Publishing
Once the request is published, several additional tabs will become available, providing more in-depth insights and data:
- Rank Tab: Displays the ranking and prices of all invited suppliers for each product.
- Report Tab: Contains detailed information regarding the auction, including the historic price per unit, leading price per unit, savings per unit, and total savings for each product.
- Bid History Tab: Provides a charted history of bids from suppliers for each product, including their prices, rankings, and the time they submitted their bids. You can also edit (using the 'pencil' icon) or delete (using the 'bin' icon) bids if necessary.
Additionally, you can choose when the information on the page should be updated.