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Create RFI, RFP or RFQ including reverse auction in a matter of minutes without the need of “screens navigation”. Follow a logical step-by-step guidance to input the RFX title, description, one or several bidding items (or lots), invited suppliers, timing parameters, prerequisites, delivery instructions and terms and conditions.
In addition, when creating a reverse auction, additional parameters are available that support the online bidding event including bid decrement, supplier bid visibility rules and bid time extension parameters. To make life easier, buyers can simply use the default values for the parameterswhich are based on the best practices. Documents may be attached to the RFX and made available to suppliers.
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In TacticSource, there are several simple system RFX templates that you can use to set up RFXs in minutes. This is another quick and easy way to set up RFXs with many configurations pre-defined for you. Make use of these templates if you don't need to implement advanced bidding strategies. |
| Clone existing RFXs to quickly create similar RFXs with the flexibility to choose specific details to be copied such as suppliers, bidding items, settings, terms, rule of engagement etc. |
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Bidding item definition can be product or service. On the same bidding page, you can set up multiple bidding items. Each bidding item can represent a single product or service, e.g. a forklifter or a janitorial service contract. Bidding item can also be one lot of items such as one lot of capacitors of various specifications and quantities. In this case, suppliers are requested to bid on the total price of the whole lot of capacitors and then fill in the breakdown price of each capacitor in the online bidding worksheet in the post-bid stage. |
| This is intended to collect the total supplier cost so that a decision can be made based on total value instead of unit price. Examples of price factors include switching costs, tolling charges, payment terms, delivery charges, duty based on country of origin, or materials concentration etc. The factors are configured to adjust a supplier’s bid up or down by a percentage or dollar amount. |
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Bid Decrement Flexibility |
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Bid decrement is the difference in amount that each new bid will be compared against, according to the Bid Decrement Policy you define. This bid decrement policy can be set to apply to the current winning bid, the bidder’s own bid or the bids of the first three leading bidders. This empowers you to establish different bidding strategy for each bidding item. |
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Minimum and Maximum Prices |
| Establish minimum and maximum prices for each bidding item on the RFx. Bids outside of this range will be rejected. Rejected bids are logged in the system for review. |
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When constructing an RFx, you may enter a historic price for each bidding item. During the bidding process, this historic price will display within buyer’s bid review screen along with the difference between the suppliers bids and the historic price. This enables the buyer to see the estimated savings in real-time as bids come in. |
| To make the reverse auction process fair and increase the competition, the suppliers are given a chance to respond to bids that are submitted close to the event closing time with the automatic event extension. You can configure the extension to be triggered by any new incoming bid or new best bid. |
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You can collaborate with suppliers using the built-in email function in the communication center in which all email messages are kept and sorted according to RFXs. This allows buyers and suppliers quickly search and retrieve at all times. During the bidding event, buyers and suppliers can also use the Instant Messaging function if immediate response is needed. System alert emails will also be sent out automatically at specific stages of the bidding process. |
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| As buyer, you can monitor and manage the bidding process through the Command Center. You can see which suppliers are online and their submitted bids nearly in real time. You can pause, resume, extend, close or reopen the bidding event. If a supplier has problem submitting bids for whatever reasons, you can do a proxy bidding on behalf of that supplier. You can delete the bids if suppliers make typing mistakes. |
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Both buyer and supplier users can choose their preferred time zone in their own user profile and the system will automatically display all time related information such as publish time, open time and close time in their selected time zone. |
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Definable User Access Rights |
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If you have multiple users for your company, you can have a master user and assign different access rights for other users in your company. This allows the master user to control which RFXs can be viewed by other buyers.
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Best Total Value Evaluation |
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You make sourcing decisions on the basis of best total value offered for the goods and services to be purchased. Best total value includes a number of components such as total cost of ownership, quality of goods or services performed, supplier stability etc. By defining your own scoring formula, combined with the bidding price and score you assigned to each bidding supplier, the system will automatically calculate the total score for each supplier to help you make award decision. |
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Supplier Screen Bid Visibility |
| You can control what bidding information to be displayed on bidder’s screen. You can show rank only, winning bidding price, all bidders’ prices or a combination of them. This allows you to establish different bidding strategies for different market situations. |
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You can award business to the suppliers for each bidding item by using the built-in bids awarding function to send notifications to winners. |
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TS Features