What is sealed bidding in SAP LOD-ESO - Sourcing OnDemand?

SAP Term: sealed bidding

• Component: LOD-ESO

• Component Name: Sourcing OnDemand

• Description: A type of auction bidding in which bidders can see only their own bids. The competing suppliers' bid history is hidden.

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• Key Concepts: 
  Sealed bidding is a type of procurement process used in SAP LOD-ESO Sourcing OnDemand. It is a process in which suppliers submit bids for a particular product or service, and the buyer evaluates the bids and awards the contract to the supplier with the best offer. The bids are sealed, meaning that the buyer does not know what other suppliers have offered until after the bidding process is complete. 
  
  How to use it: 
  In SAP LOD-ESO Sourcing OnDemand, sealed bidding can be used to solicit bids from multiple suppliers for a particular product or service. The buyer will create a request for proposal (RFP) that outlines the requirements of the product or service and will then send it out to potential suppliers. The suppliers will then submit their bids, which are sealed and kept confidential until after the bidding process is complete. 
  
  Tips & Tricks: 
  When using sealed bidding, it is important to ensure that all potential suppliers have access to the same information about the product or service being requested. This will ensure that all suppliers have an equal opportunity to submit competitive bids. Additionally, it is important to set a timeline for when bids must be submitted in order to ensure that all suppliers have enough time to prepare their bids. 
  
  Related Information: 
  Sealed bidding is just one of many procurement processes available in SAP LOD-ESO Sourcing OnDemand. Other processes include reverse auctions, request for quotations (RFQs), and request for information (RFIs). Each of these processes has its own advantages and disadvantages, so it is important to consider which one best fits your needs before selecting a procurement process.