Sentiss - SCHEDULING AN AUCTION

SCHEDULING AN AUCTION:

To schedule the negotiation, mentioning the auction purpose is mandatory, and entering the comments.

Once all the quotations are validated, the user can schedule the bidding process to initiate e-negotiation. Below are the steps that need to be done before initiating e-negotiation.

REQUIREMENT TYPE:

Users can set up the target price in the system by selecting the “Price Cap” option. This will enable the system to consider this as a pseudo vendor to push all the vendors to go beyond the target price configured. It is strongly recommended to the user to configure the target price more realistically to safeguard the negotiation process.

BIDDING TYPES: 

User can setup the target price to the system by selecting “Price Cap” option. This will enable system to consider this as a pseudo vendor to push all the vendors to quote below the target price configured. It is strongly recommended to the user to configure the target price more realistically to safeguard the negotiation process.

Bidding Type: User can select the following bidding types to initiate e-negotiation.

1. Reverse Bidding: User can setup this negotiation methodology to enable all vendors compete with each other in the time driven environment and submit their best prices based on the position they stand in.

2. Counter Bidding: In this setup you would be able to see the Target price of the buyer and vendors can offer the best prices in revised unit price column and submit the quotation.

3. No Regret: Vendors will have only one chance to give their best price in revised unit price column and click on make a bid.

CEILING PRICES: User can setup the ceiling limit to each item in the requirement. This would mandate vendors to accept the prices before participating in the negotiations. This would help user normalizing the quotations and push them for better price reduction. Ceiling price can be given to all vendors simultaneously or any specific vendor. 

Min Reduction Percentage: During auction vendor can bid by reducing the unit price or overall requirement amount based on the reduction amount which is fixed by the user. Where min reduction should be 0.01% and max reduction will be 25% for one single bid. 

Min Reduction Amount: It is the minimum amount the vendor has to reduce for every bid he makes. 

Negotiation Duration: It is the actual auction duration set by user.

Rank Level: User can decide which prices he wants to consider for ranking, Item level, Requirement level or Requirement & Item level.

Reduction Level: User can decide the amount reduction as on overall requirement level prices or item level prices.

(NOTE: Whatever changes are made needs to be saved then only vendors would be apply to do the bidding accordingly).

Negotiation Start time: The time when the actual bidding happens. Sync Currency factor: For cross currency transactions, to pull current currency factor this function is used.

REGULAR BIDDING

60 Sec (+): Add time during negotiation if there is more competition between vendors.

60 Sec (-): Reduce time if savings is achieved or no competition during negotiation. Stop Bids: Stop negotiation when prices received are no more negotiable. On clicking stop bids, Negotiation duration comes down to 1 min.

Refresh: Refresh the page in case of network issue. It would refresh all the pages of the Vendors including User screen.

Highlighter: During the bidding process the vendor who makes the latest bid would be marked in GREEN colour to help user quickly identity the last action performed by vendors.

Bid Price: During the bidding process, user can review the running bid prices of the vendors to understanding the price reduction pattern to strategize the negotiation more effectively.

(Total Savings = least price vendor quotation – least price during bidding).

COUNTER BIDDING: 

User can setup this negotiation methodology to transact with vendor individually by setting up counter offers. System will prompt vendors to submit their prices as per the counter offered by user during negotiation. While scheduling the negotiation user can select the counter by observing the bidding pattern being followed by the vendor.

Once the user saves the bidding type, the system will prompt for confirmation. Upon confirmation, the entire requirement would be flipped to counter bid interface as mentioned in the below screenshot.

User can setup the end timer for the vendors to submit their revised quotations. Upon successful updating the end time. The timer would be running both at the User end and Vendor end.

User can setup counter bid at the specific vendor level or entire requirement level by clicking on the CB action near a specific vendor in the requirement. User will be navigated to the below counter bid screen to configure the counter bid for the requirement.

User can view multiple vendors in the header section of the counter bid.

Radio button will be pointed to vendor to whom the user wanted to offer counter offer.

User can offer the revise unit price in the pink section of the table. User can also view the least price offered in the requirement by all the participating vendors. User can share their offer to vendor by entering the price user wanted to share.

Bid comments: User should update the comments user wanted to share with vendors. User can apply the same counter offer prices to all participating vendors who have already submitted their quotes.

User should click on “Save” to publish the counter offer to the vendors. If user clicks on the FREEZE button, then the quotations received from the vendors would be freeze and vendors cannot modify any quotation post user freezes the quotation of the vendor. When vendor submits their final price, the vendor freeze prices messages would be displayed.

After vendor submits their final price or user freeze the prices of the vendor, through unfreeze option user can unfreeze the bid and open the price fields for the vendors to resubmit their new prices. 

User can setup the end timer for the vendors to submit their revised quotations. Upon successful updating the end time. The timer would be running both at the User end and Vendor end.

Users can set up the end timer for the vendors to submit their revised quotations. Upon successfully updating the end time. The timer would be running on both the user end and the Vendor end.

Highlighter: During the bidding process the vendor who makes the latest bid would be marked in GREEN color to help users quickly identify the last action performed by vendors.

Bid Price: During the bidding process, users can review the running bid prices of the vendors to understand the price reduction pattern to strategize the negotiation more effectively.

NO REGRET BIDDING:

User can setup this negotiation methodology to communicate vendors to submit their no regret price.

Upon confirmation, the entire requirement would be flipped to the Counter Bid interface as mentioned below screenshot.

Users can set up the no-regret bid at the specific vendor level or the entire requirement level by clicking the CB action near a specific vendor in the requirement. Users will be navigated to the below counter Bid screen to configure the counter bid for the requirement.

Users can view multiple vendors in the header section of the counter bid. The radio button would be pointed to the vendor to whom the user wanted to offer a counter-offer.

Users can offer the revised counter unit price in the pink section of the table. Users can also view the least price offered in the requirement by all the participating vendors.

Users can share their offer to vendors by keying the price the user wanted to share.

Bid comments: User should update the comments user wants to share with vendors. Users can apply the same counter offer prices to all participating vendors who have already submitted their quotes. Users should click on “Save” to publish the counter offer to the vendors.

If a user clicks on the FREEZE button, then the quotations received from the vendors would be frozen and vendors cannot modify any quotation post user freezes the quotation of the vendor.

When the vendor submits their final price, the vendor frozen prices messages would be displayed. When the vendor submits their final price or user freezes the prices of the vendor, through the unfreeze option users can unfreeze the bid and open vendors to resubmit their quotations.

The below bid table would display the historical comments of the counter offer with respect to each vendor along with the historical prices submitted by the vendor with the respective RFQ ID.

Users can set up the end timer for the vendors to submit their revised quotations. Upon successfully updating the end time. The timer would be running both the user end and Vendor end.

Highlighter: During the bidding process the vendor who makes the latest bid would be marked in GREEN color to help users quickly identify the last action performed by vendors.

Bid Price: During the bidding process, users can review the running bid prices of the vendors to understand the price reduction pattern to strategize the negotiation more effectively.