What is savings in SAP SRM-LA - Live Auction?

SAP Term: savings

• Component: SRM-LA

• Component Name: Live Auction

• Description: Difference between the reference price and the bid price, displayed as either an absolute amount or a percentage.

Smart SAP Assistant

• Key Concepts: 
  Savings in SAP SRM-LA Live Auction is the difference between the expected cost of a purchase and the actual cost of a purchase. It is calculated by subtracting the expected cost from the actual cost. Savings can be achieved through competitive bidding, negotiation, and other methods. 
  
  How to use it: 
  In SAP SRM-LA Live Auction, savings can be achieved by setting up competitive bidding and negotiation processes. The system allows users to set up rules for bidding and negotiation, such as minimum bid amounts, maximum bid amounts, and time limits. The system also allows users to track savings achieved through these processes. 
  
  Tips & Tricks: 
  When setting up competitive bidding and negotiation processes in SAP SRM-LA Live Auction, it is important to consider the expected cost of a purchase before setting up rules. This will help ensure that the rules are set up in a way that will maximize savings. Additionally, it is important to track savings achieved through these processes in order to measure the success of the process. 
  
  Related Information: 
  SAP SRM-LA Live Auction is part of SAP's Supplier Relationship Management (SRM) suite of products. It is designed to help organizations manage their supplier relationships and optimize their procurement processes. Other products in the SRM suite include SAP SRM-EBP Electronic Bidding Platform and SAP SRM-CAT Contract Award Tool.