Scout provides you with two options to start Auctions:
- Run a Sourcing Event (i.e. RFP), then go to Auction with the Suppliers and price sheets run through that event
- Go direct to auction with your Suppliers
Here, we'll discuss how to run Auctions from RFPs: how to create them, map them, build them, and invite teammates (a.k.a. "Stakeholders") to assist with them.
Start Auctions from RFPs
Auctions can be created from previously run Sourcing Events (i.e. RFPs), or what we call "closed events," in Scout. You can start an Auction from a closed event if:
- Your RFP included a price sheet
- 2+ suppliers submitted bids to your RFP
- Bid submissions included completed price sheets
- Your RFP has been run and is now closed (i.e. the Bid Submission Deadline has passed)
Generate the Auction
If your event meets these criteria, you can generate an auction based on the event. To do so:
- Open the event from your Events Dashboard page
- Click the "Start Auction" button from the Event's Dashboard
- Make sure worksheets are mapped before creating auction
- Build the Auction that you would like to run!
Mapping Your Auction Worksheet
Before you start your Auction, you will need to be sure your RFx Worksheet is mapped correctly. Each Worksheet must include the following:
- Unit of Measure
- Extended Price
Build Auctions from RFPs
Once you have mapped your Worksheet you are now able to click the "Start Auction" button, the Auction will be generated and you will be taken to the Auction edit page where you can begin building the Auction you'd like to run.
Basic Setup Options
The Auction edit page will automatically pull the Supplier and price sheet data from the Auction, so your edit page will look something like this:
Here's a breakdown of the page shown above:
- Title - Name your Auction.
- Notes - Enter any information you'd like to share with your Suppliers about the Auction, such as guidelines for them to follow or details about the items that they're bidding on.
- Auction Start - This field is not required; if left blank, your Auction will start as soon as you publish it. You can select a date/time in the future to schedule the Auction ahead of time.
- Auction Ends - This field must be set, but there is no time limit; let your Auction run as long as you need it to go.
- Auction Extension - Select time extension parameters for your Auction so the Auction will extend if Suppliers continue to lower their bids.
- Minimum Bid Decrement - Set the minimum decrement by which Suppliers can lower their bids, and decide if that minimum decrement is a dollar amount or a percentage. Suppliers are unable to increase their bids.
Supplier View Options
There are four view options for you to adjust what suppliers are allowed to see during the auction:
Choose Available Suppliers
All invited Suppliers from the RFx will transfer over to the build page. You are able to delete or add Suppliers during this time.
Edit Auction Lots
In this section, you can edit the worksheet for each lot, then assign which Suppliers will participate in which lots.
The final part of building an Auction is inviting any of your teammates who you would like to have access to the Auction.
Stakeholders will be able to view suppliers bids. When a stakeholder is added, an email notification will be sent. They will also receive weekly status updates if enabled.
Stakeholders added to the event will also be automatically added to the projects and will subsequently have access to project level details and other events linked to the project.
Read our Stakeholder Permissions article to ensure you are providing your Stakeholders with the intended level of access to the Auction.
Once you've built your Auction and you're ready to go, click the "Publish" button at the bottom of the page:
**Once your Auction is published you can not make any changes!