Overall Reduction% - How to participate in live negotiation in PRM360

Overall Reduction% Based Live Negotiation in PRM360 

Reverse Bid Process

Reverse bid process is a negotiation methodology helping both suppliers and buyers in negotiating online in a stipulated timeframe. In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins.

In Reverse bid process user can offer their best prices in Rev. Unit price column and click on Make a Bid option to submit their revised prices to the Buyer, there is no limit on number of bids to be submitted by user during the negotiation timelines.  You can review your position during the negotiation by referring the Rank on the screen. Ex: if the Rank is 2, the current bid amount by you stands in L2 position.

Its very important you thoroughly understand the fields which will be used at the time of Live Negotiation. Any confusion can lead to loss of time. Below is the Negotiation Details page  

Negotiation Starts in: The time left to begin the Live Negotiation

Current Price : Initial price quoted by you

Reduce Bid Amount by: Amount you enter to  further reduce the initial quoted price   

New Price to be Quoted : Final price after reducing the amount and before clicking Make a Bid

Step 1: When Negotiation has started 

In PRM360 always look for Pink Color box as this will be the editable filed. 

Overall % Reduction 

System would enable the Change Overall % filed for you to update the reduction % at overall quotation level. You will not be able to update prices at product level. It would be only at requirement level. After entering valid ‘Change Overall %’, you need to click on ‘Make a Bid’ option to submit the bid.

Min. reduction % below the Change Overall % indicates to user on minimum % reduction allowed per bid. User can enter the % number in the Change Overall % field equal or more than the value mentioned as minimum reduction amount. By default its is 0.5%

Error : Overall reduction should be greater or equal to: 0.5% (Check below image)

Solution : When you attempt to make the bid with lesser than the min. reduction allowed, then the system would throw an error.  

Error : Maximum Reduction Error! (Check below image) 

Solution: When you attempt to make a single bid with more than 25% min. reduction, then the system would throw an error. You can change the bid with more than 25%, but through multiple bids instead of single bid. Try using a less %

Step 2: Negotiation Ends in: Total time left for the negotiation process to complete. After set time Negotiation will be closed and you will get the below message. 

Step 3: Final View of Negotiation Page 

Congratulations you are are Rank 1. Please wait for an eMail communication from buyer

Note : Live negotiation is all about achieving Rank 1

Final Message : Negotiation is completed successfully. Now please wait for further communication from buyer.

Still have any question please contact, support@prm360.com or +917877360360 (09:00 am - 07:00 pm IST, Mon - Fri)