What is public bid invitation in SAP SRM-EBP-BID - RFx?

SAP Term: public bid invitation

• Component: SRM-EBP-BID

• Component Name: RFx

• Description: Bid invitation that is published, for example on a portal, such that any interested company can take part as a bidder.

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• Key Concepts: 
  Public bid invitation is a process in SAP SRM-EBP-BID RFx that allows buyers to invite suppliers to submit bids for goods and services. The process involves creating a request for quotation (RFQ) and sending it out to potential suppliers. The suppliers then submit their bids, which are evaluated by the buyer. The buyer then selects the winning bid and awards the contract to the successful supplier. 
  
  How to use it: 
  To use public bid invitation in SAP SRM-EBP-BID RFx, buyers must first create an RFQ. This can be done by entering the details of the goods or services required, including quantity, delivery date, payment terms, and any other relevant information. Once the RFQ is created, it can be sent out to potential suppliers via email or other communication channels. Suppliers can then submit their bids, which are evaluated by the buyer. The buyer then selects the winning bid and awards the contract to the successful supplier. 
  
  Tips & Tricks: 
  When creating an RFQ for public bid invitation in SAP SRM-EBP-BID RFx, it is important to provide as much detail as possible about the goods or services required. This will help ensure that suppliers are able to accurately assess their costs and submit competitive bids. It is also important to provide clear instructions on how bids should be submitted and when they should be received by. 
  
  Related Information: 
  Public bid invitation is just one of many processes available in SAP SRM-EBP-BID RFx. Other processes include request for proposal (RFP), request for information (RFI), and reverse auction. Each of these processes has its own set of features and benefits that can help buyers find the best supplier for their needs.