Simple Lots Vs Advanced Lots, What is best for me and my event?

Simple Lots Vs Advanced Lots, What is best for me and my event?

What is the difference between "Simple" and "Advanced" Lots?

Simple Lots

- Simple lots are a basic lot structure that can be used to divide a procurement requirements into smaller, more manageable parts.

- Simple lots are often used when the requirement is straightforward and can be easily divided into discrete parts.

- When creating Simple lots, it is important to consider the size and scope of the requirement, as well as any potential constraints or challenges you may face when adding line items and their variables.

- Simple lots can be created based on a variety of criteria, including product type, location, supplier etc.

- Simple lots can help to increase competition among suppliers, as well as improve the efficiency and effectiveness of your "Event".

Overall, simple lots are a useful way of dividing your requirements into smaller, more manageable parts. They can help to increase competition among suppliers and improve the efficiency of the procurement process. However, it is important to carefully plan and manage the creation and management of simple lots to ensure that the "Event" is successful. We would recommend trialling your event yourself from the Participant and Host view in the "Sandpit" environment first before creating the event in live with your suppliers.

Advanced Lots

- Advanced lots allow for greater flexibility in procurement "Events" by breaking down a larger requirement into smaller, more specific lots.

- Advanced lots can help to encourage more competition among suppliers and reduce the risk of a single supplier monopolizing the whole "Event".

- When creating Advanced lots, it is important to consider the specific needs and requirements of the procurement event, as well as any potential challenges or constraints you may face. Be wary of the size of your event. If you are planning an "Event" which is of importance and you are thinking of using advanced lots for the first time we would recommend that you speak to your account manager or our Customer Success team for further guidance on how to best manage that "Event". 

- Advanced lots can be created in a variety of ways, including by product type, location, delivery date, etc.

Overall, creating advanced lots can be a useful strategy for optimizing your "Events" and increasing competition among suppliers in the Auction and RFQ phase. However, it requires careful planning and management to ensure that the lots are structured effectively and that the "Event" is successful. We would always recommend trialling your event yourself from the Participant and Host view in the "Sandpit" environment first before cloning the event in live with your suppliers.

What would work best for my "Event"?

- Flexibility : Advanced lots offer greater flexibility in procurement events by allowing for more specific and complex lot structures. Simple lots, on the other hand, offer less flexibility but are easier to create and manage.
- Complexity : Advanced lots are better suited for more complex procurement requirements that can be broken down into smaller parts, while simple lots are better suited for more straightforward requirements.
- Competition : Advanced lots can help to increase competition among suppliers and reduce the risk of a single supplier monopolizing the contract. Simple lots can also help to increase competition among suppliers but may be less effective in preventing monopolization.
- Efficiency : Simple lots are generally easier and quicker to create and manage than advanced lots, which may require more planning and resources.
- Precision : Advanced lots allow for more precise evaluation of bids, while simple lots may be more difficult to evaluate with precision.

Overall, both Advanced lots and Simple lots have their own unique benefits and limitations depending on the specific needs and requirements of the procurement event.

Advanced lots are best suited for complex requirements that require more specific and precise lot structures, while Simple lots are best suited for more straightforward requirements.

Ultimately, the choice between Advanced lots and Simple lots will depend on the nature of your event, the level of competition desired, and the resources you have available to create and manage the lots.

If you are still unsure as to what might work best for you we would recommend that you have an attempt at both on an "Event" in the "Sandpit" before creating a live Event.

If you are still concerned about what would be best for an important "Event" you have coming up, raise this with your account manager or a member of our Customer Success team and based on your requirements and their understanding of the tool, we should then be able to guide you through.
Below are some links to relevant resources.

Creating Lots

Best Practice

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