Overview

Users (auctioneers) who are provided access to Forward Auction (FA) app and are authorized to initiate a forward auction can schedule the auction. The auction opens to the registered bidders (vendors) when the scheduled date and time is arrived. The auctioneer (org admin) can postpone a forward auction any time once it is published and before the auction closure time is reached. Once the FA is published, the listed bidders for the forward auction gets notification and bid(s) for the auction can be submitted.

The auctioneer who has the org admin role can view the response to the auction once the bidders start submitting their bids for the auction. The auctioneer will be able to view the lead bid value (bid with the highest price) and the corresponding bidder in real time based on the competitive bids being submitted during the auction. The bidders will also be able to see the ranking of their bid based on the response of other bidders and accordingly can submit fresh bid. The initiator of the forward auction has the ability to mask the name of the bidders during auction and in such case the bidder’s name is revealed only after the winner of the auction is selected.

To initiate a forward auction:

1. Log in to the IENT application.

   

2. On the homepage, click the Forward Auction app.
   The Forward Auction app list view screen is displayed along with all the existing auctions, if any.

   

3. Click + on the top right corner.
   The Create Forward Auction screen is displayed.

   

4. Enter details of the forward auction as following (mandatory fields are marked with * on the screen):

   • Title of the Forward Auction: Enter a title for the forward auction being created.

   • Next Status: From the dropdown list, select:

     • Save as Draft: If you wish to revisit and work later on.

     • Publish to Bidders: Auction will be scheduled and bidders will be notified.

   • Forward Auction Description: Enter a description for the forward auction.

   • Select supplier(s) By name: Select the bidders that can participate in the auction.

   • Attach Document(s): Attach document(s) applicable for the forward auction.

   • Forward Auction Start date & time: Select the date and time when the auction will be open to the bidders for bidding.

   • Forward Auction End date & time: Select the date and time when the auction will get closed to the bidders.

   • Show lead bid value: Select this checkbox, if the lead bid value (bid with the highest price) is to be displayed when the bids are submitted during the auction.

   • Show Individual bid rank: Select this checkbox, if the bidders can view their individual rank based on their bid value. The auctioneer can view the rank of all the bidders whereas the bidders will see only their rank with respect to other bidders. Bids with higher price will appear higher in the rank. For example, a bidder with bid rank 2 indicates that the price quoted in its bid is the second highest.

   • Hide Bidder name from the Auctioneer: Select this checkbox, if the bidder name is to be masked during the auction process. Only after the auction winner is selected, the bidder’s name is revealed.

   • Select Currency: From the dropdown list, select the applicable currency.

   • Starting Bid Value (Optional): Enter the amount which the vendor must match or exceed to submit a bid.

   • Minimum Bid Increment Value (Optional): Enter the amount by which the bidder must increase the bid value to submit the next bid. This field is available when Show lead bid value checkbox is selected.

   • Auction Time Extension Policy: Select this checkbox, if auction closing time is to be extended. When this checkbox is selected, the conditions required to increase the auction close time are displayed. Select the values as required.

     • Auction time will be extended by: From the dropdown, select the time interval by which the auction close time will increase. For example, if 10 minutes is selected here and auction close time is set at 4.55 PM then new auction close time will be 5.05 PM.

     • if the bidder responds: Select the time duration before the closure of an auction, during which if a bidder submits new bid, the auction closure time gets extended as set in the Auction time will be extended by field. For example, 04 Minutes is selected in the if the bidder responds field and 10 Minutes in the Auction time will be extended by field and suppose auction closure time is set at July 30, 2024 5.30 PM. In such a case, if a bidder submits bid at July 30, 2024 5.27 PM, then the Auction Time Extension Policy kicks in and the new auction closure time gets set at July 30, 2024 5.40 PM.

     • Set Repeat action: From the dropdown list, select the number of times the auction time can be extended due to this policy.

   • Forward Auction Line Item(s): Click + Add new line item and then add details of the items/service applicable for the auction.

5. Click Save (it is enabled when all the mandatory fields are selected/entered).
   The Forward Auction app list view screen is displayed with the status of the auction as Scheduled.

   

   When the auction has the Scheduled status, the bidders only get notified but cannot view the auction in the system.

   When the auction start date and time is reached, the status changes to Published and the bidders selected for the auction gets notified and can access the auction for bidding.

   

   Once the bidding end time is reached, the status changes to Closed and the winner is selected.