7. What is Formula Bidding and how to operate?


We know that in the real world procurement project, the supplier's bid may not be just a simple price, but calculated by a complex formula. The buyer wants to know how the price is obtained while collecting the bid. The so-called Formula Bid is based on the price breakdown entered by the supplier into the Excel worksheet, and the bid price is calculated by the formula defined in the Excel worksheet by the buyer.

Buyer Configuration

• Buyers can make use of their frequently used Excel price templates to collect supplier price data. The buyer simply selects those important cells (such as subtotals) in each Excel table to display on the bid summary page (for example, the LOT1 bid is extracted from the LOT1 table data)

 Buyers can further customize the system bid page by adding a formula (for example, in this case all LOTS)

Supplier Bidding

• The supplier just needs to download and complete the item information form in Excel and upload it back to the system.


Customer Success Portal

 TACTICA eSourcing Platform
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