What is the Current Price and how do I use it in both Simple and Advanced Lots?
What is the issue you're facing?
I would like to understand what the Current price is for and how to use it in both Simple and Advanced Lots.
Solution
The Current Price is an option available when setting up price lots for your events in Market Dojo used to compare supplier offers and calculate savings in Market Dojo.
The Current Price is for your internal use only and is not visible to suppliers.
You can enter any relevant amount for the Current Price, such as a budget, an expected price, or another figure that fits your needs.
When known, it is recommend to add a Current Price when you need to effectively track and monitor savings for each supplier offer in your events.
How the savings are calculated in Market Dojo using the Current Price
The Current Price represents the amount you are currently paying per Quantity of Unit of Measure (UoM) you have specified.
To calculate the Current Value, the system multiplies the Current Price per UoM by the total Quantity of UoMs.
You will be able to see the savings:
• In the analysis, for each lot you have entered the Current Price:
• In your Home Dashboard you will see a summary of your savings over time for the events you have entered the Current Price:
How to add the current price?
Tip: When you see the 'i' icon within the application 
, click it to access more information.
Simple lots
Add the Current Price when creating an event
You can add the Current Price in you Simple Lots via the settings when creating a new lot. You can also add the current price directly on you excel template. Please click here to access documentation on how to create a Simple Lot.
• Click on ‘New lot’
• A window opens to create your new simple lots with a range of settings. Enter you Current Price in the Current price section:
• Click ‘Save’
Tip: Difference between the Current Price and the Qualification Price:
Both options when creating lots and optional and hidden from event participants.
The Current Price is used for savings calculations, while the Qualification Price sets the maximum allowable offer from suppliers. If a supplier’s offer exceeds this limit, they’ll receive a message to reduce it.
The Qualification Price can be restrictive, so using it depends on your strategy for the event.
Add or modify the Current price for a closed event
• In your RFQ tab in the column Current Value, click on the pen to add the Current price:
Savings analysis
In your Market Dojo event:
• Once the suppliers have made their offers, you can now see your savings calculated automatically in the RFQ tab for the leading offers for each lot:
• You also have the possibility to see the calculated savings for each Participant. To do so go to the ‘Participants’ tab > click on the Participants you are interested in. A window opens and click on ‘RFQ bids’:
Download Report:
• Once your event is closed you can now click on ‘Download the report’ in the ‘RFQ tab’ to access to your excel reports including all the calculated savings per offer and per Participants.
Advanced lots settings
Add the Current Price when creating an event:
You can add the Current Price in your Advanced Lots settings. You can also add the Current Price directly on you excel template. Please click here to access documentation on how to create an Advanced Lot.
• Identify the column in your Advanced Lot where suppliers will enter their priced offers. This is the column that will be used to calculate savings.
• In this price column click on ‘enter Info’ for every line item you would like to enter the Current Price:
• A window opens with a range of settings. Enter you Current Price in the Current Price section:
• Click ‘Save’
• Follow the same process for each line item you need to enter the Current Price.
• The Current Prices are be now listed under the Price column to calculate your savings and it won’t be shown to the suppliers:
Tip: Difference between the Current Price and the Qualification Price:
Both options when creating lots and optional and hidden from event participants.
The Current Price is used for savings calculations, while the Qualification Price sets the maximum allowable offer from suppliers. If a supplier’s offer exceeds this limit, they’ll receive a message to reduce it.
The Qualification Price can be restrictive, so using it depends on your strategy for the event.
Add or modify the Current price for a closed event
• In your RFQ tab in the column Current Value, click on the pen to add the Current price:
Saving analysis
In your Market Dojo event:
• Once the suppliers have made their offers, you can now see your savings calculated automatically in the RFQ tab for the leading offers for each lot:
• You also have the possibility to see the calculated savings for each Participant offer. To do so go to the use the expend tab to see the value needed. A window opens where you can see the details:
Reporting
• Once your event is closed you can now click on ‘Download the report’ in the ‘RFQ tab’ to access to your excel reports including all the calculated savings per offer and per Participants.
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