A Quotation is defined as a response to RFx, where a bidder confirms the selling of goods and services to buyers/purchasers as per specific criteria. As part of bid invitation process when an email is triggered, the supplier gets the information on the request for quotation. Suppliers start bidding as per the bid invitation and when they submit the bid in SAP Bidding Engine, the final price is shown. Suppliers can bid till the end date is reached and once bids are closed, purchasers can perform a price comparison to get the best supplier and to award the bid, and a purchase order can be raised for the best supplier.
In case, when the number of bidders is less or purchaser feels that there is not a best bid, he can always convert RFx to live auction.
Live Auction Cockpit allows purchasers to get a real-time environment for direct bidding on reverse live auctions. This provides an experience similar to a live auction by utilizing the technology to share the updated information.
Let us now understand how to create live auction.
To create a live auction, purchasers can use SAP Bidding engine and auction takes place in Live Auction cockpit. Purchasers can create live auction −
You can create different documents types under Auction, click on continue after selecting the document.
Enter the details under different tabs to create a new Auction.
Scroll down in the Header tab to define various roles for the auction like owner, collaborator, reviewer, etc. To add a user to auction, click on Add User.
When you enter all the details, click on Save → Done
You can create a live Auction from an RFx by choosing Convert to Auction button in RFx → Enter the Auction transaction type and bids to copy to the auction directly.
When you convert RFx to an auction, the RFx is set to the status Completed and you cannot make any changes to it.