Create New Event Options

RFQ vs. Auction Events

Currency Selection

Timezone Selection

Rounds Option (RFQ Only)

Bidding Option (RFQ Single Round Only)

Parametric Bidding Option

Upon clicking 'Create Event' from the 'All Events' screen, you'll see the following pop-up window.

Figure 1: Create New Event

RFQ vs. Auction Events

You have the option to either create an RFQ or Auction event. By default, the event is on the 'RFQ' option. Click on 'Auction' to change it to an auction event.

The primary difference between an RFQ event and an auction event is that, during an auction, all participating bidders are typically online at the same time. Sourcing Optimizer can therefore provide real-time feedback - as bids arrive - for auction events. RFQ events typically last for weeks and, therefore, bidders aren't bidding at the same time. This means that any feedback from the round, such as the rank or the 'Winning' status for a lot, will be displayed during the next round.

The following table summarizes the difference between RFQ and auction events.

FeatureRFQAuction
Feedback During the Next Round Real-Time
'Evaluate' Step (Scenario Analysis) Yes No
'Award' Step Yes No
Bid Decrement Based on bidder's own lot bid Based on bidder's own lot bid, next ranked lot bid, or first ranked lot bid
Support for:    
Bundle Bidding Yes No
Capacity Limits Yes No
Activity Point Tracking Yes No
Evaluation Frequency No Yes
Bidding Extensions No Yes
Global Rank-Based Allocation No Yes

Currency Selection

Select the RFQ currency (‘USA, Dollar’). By default, it will display the currency selected at the organization level.

In the drop-down box start typing the first few letters of a country name to quickly find the right currency (e.g., “Unit” will filter on United Kingdom).

Timezone Selection

Select the RFQ time zone; by default, it will be the time zone selected at the organization level.

In the drop-down box start typing the first few letters of a major city in the time zone you’d like to use (e.g., “chi” for America/Chicago).

Rounds Option (RFQ Only)

As the name implies, ‘Multi-Round’ allows you to invite bidders for further rounds of bidding after the initial round (how many is up to you; it can even just be one).

A single-round event allows the buyer to set an event open date and time and close date and time. Bids cannot be collected or adjusted after the close date and time.

Bidding Option (RFQ Single Round Only)

The ‘Online Bidding’ option means that bidders are required to log-in to place bids and enter RFI responses. ‘Offline Bidding’ means that the tool will generate an Excel bid sheet that you’ll distribute to bidders. Once you’ve received the completed bid sheets, you can upload them into Sourcing Optimizer for evaluation.

Parametric Bidding Option

To enable parametric bidding (discussed in a future article), click the gear icon at the bottom left of the pop-up window. Then, check the box for 'Enable Parametric Bidding'. 

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