What is bid in SAP LOD-ESO - Sourcing OnDemand?

SAP Term: bid

• Component: LOD-ESO

• Component Name: Sourcing OnDemand

• Description: An offer to buy at a specific price in a forward auction or trade, or an offer to sell at a specific price in a reverse auction or RFQ.

Smart SAP Assistant

• Key Concepts: 
  A bid in SAP LOD-ESO Sourcing OnDemand is an offer made by a supplier to provide goods or services at a certain price. It is the supplier's response to a request for quotation (RFQ) or request for proposal (RFP) issued by the buyer. The bid includes the supplier's proposed price, delivery terms, and other relevant information. 
  
  How to use it: 
  In SAP LOD-ESO Sourcing OnDemand, buyers can create an RFQ or RFP and send it to multiple suppliers. The suppliers can then submit bids in response to the RFQ or RFP. The buyer can review the bids and select the one that best meets their needs. 
  
  Tips & Tricks: 
  When creating an RFQ or RFP, be sure to include all relevant information so that suppliers can submit accurate bids. This includes details such as delivery terms, payment terms, and any special requirements. 
  
  Related Information: 
  SAP LOD-ESO Sourcing OnDemand also allows buyers to create auctions, which are similar to bids but involve multiple rounds of bidding from multiple suppliers. Buyers can also use SAP LOD-ESO Sourcing OnDemand to manage contracts with suppliers and track supplier performance.