What is public auction in SAP LOD-ESO - Sourcing OnDemand?

SAP Term: public auction

• Component: LOD-ESO

• Component Name: Sourcing OnDemand

• Description: An auction visible to all suppliers, even those not invited to participate.

Smart SAP Assistant

• Key Concepts: 
  Public auction is a feature of SAP LOD-ESO Sourcing OnDemand that allows buyers to solicit bids from multiple suppliers in a public forum. This type of auction is open to all suppliers, and the buyer can set parameters such as the duration of the auction, the number of bids allowed, and the criteria for selecting the winning bid. 
  
  How to use it: 
  To use public auction, buyers must first create an auction event in SAP LOD-ESO Sourcing OnDemand. This event will include all relevant information about the auction, such as the duration, number of bids allowed, and criteria for selecting the winning bid. Once the event is created, buyers can invite suppliers to participate in the auction. Suppliers can then submit bids according to the parameters set by the buyer. At the end of the auction, buyers can select a winning bid based on their criteria. 
  
  Tips & Tricks: 
  When setting up a public auction event in SAP LOD-ESO Sourcing OnDemand, it is important to set clear parameters for selecting a winning bid. This will ensure that all suppliers have an equal chance of winning and that the buyer is able to select a bid that meets their needs. Additionally, buyers should consider setting a minimum bid amount to ensure that all bids are competitive. 
  
  Related Information: 
  For more information on public auctions in SAP LOD-ESO Sourcing OnDemand, please refer to the official documentation here: https://help.sap.com/viewer/product/LOD_ESO_SOURCING_ONDEMAND/Cloud/en-US