Event types

You can create three different types of events in Sourcing Optimizer.

• RFQ: A round-based event where feedback is provided after each round.
• Auction: A continuous event where feedback is provided as soon as a bid is received.
• Purchaser-only RFQ: A single-round event where bids are collected outside of Sourcing Optimizer and uploaded for analysis.

The primary difference between a request for quotation (RFQ) event and an auction event is that during an auction, all participating bidders are typically online at the same time. For an auction event, Sourcing Optimizer can therefore provide bidders with real-time feedback as bids are received.

Auction events in Sourcing Optimizer are in Reverse English format as standard. If your event requires a different auction format, contact your Keelvar Customer Success Manager to see if it can be accommodated.

RFQ events can last for weeks, and bidders are not typically all bidding at the same time. For an RFQ event, Sourcing Optimizer provides bidders with round feedback during the subsequent round.

For purchaser-only RFQ events, bidders are not invited to participate using Sourcing Optimizer and therefore do not receive feedback through the system. The purchaser uses Sourcing Optimizer to upload and analyze the bids that they received for the sourcing event.

Table 1 provides a summary of the differences between RFQ events and auction events.