Top Savings
The Top Savings by RFQ report summarizes the amount of savings on your request for quote events. The events are ranked by the event's identified savings (USD).
Suggestion: If you believe that the identified or awarded savings for a particular event is overstated due to an error with a particular supplier bid or an incorrect benchmark, please contact [email protected] to request the event or bid be marked as an outlier. Include the ID of the event and the erroneous supplier bid, if applicable.
Request ID
Displays the customer's identification number for the event.
Title
Displays the event Title.
Identified Savings
Displays the sum of identified, potential savings for your opened events. Identified savings is calculated at the line item level as Baseline - Lowest Bid. This value doesn't include alternative items.
If you drill into this value, you can review and download a summary of the event. This includes the RFQ ID, Request ID, Status, Created at Date, Title, Identified Savings, and Awarded Savings. Identified savings example
Item
Supplier 1
Supplier 2
Supplier 3
Average proposal (baseline spend)
Lowest
Identified Savings
#123
$100
$75
$200
$125
$75
$50
#456
$225
$230
$205
$220
$205
$15
#789
$325
---
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$325
$325
$0
Awarded Savings
Displays the sum of awarded savings for your request for quote events. This value is calculated at the event level as baseline spend - awarded bid. This calculation only includes values where you saved money.
Awarded savings example
For the following example event, there are three awarded line items. The awarded savings calculation highlights saving. When an item is equal to or more than the baseline spend, it is zeroed in the calculation; we don't include negative values. Because awarded savings is calculated on the event level, there is a negative savings and the event does not include savings overall (zeroed).
1
Monitor
$500
$500
$0
$0
2
Laptop
$1500
$2500
-$1000
$0
3
Keyboard
$150
$50
$100
$100
Event total:
$2150
$3050
-$900
$0
Event vs. line item savings
While savings can be calculated on the event or line item level, the Fairmarkit standard dashboards use the event level calculation, which means we look at the lowest total response from a single supplier to find savings.
For comparison, line item level savings are calculated for each line item and typically show higher savings. However, this method doesn't allow you to see how the lowest full supplier response compares to other responses.
1
$100
$80
$90
$110
$20
2
$100
$110
$100
$50
$50
3
$100
$50
$90
$75
$50
Total Bid Amount
$300
$240
$280
$235
Event level savings
$65
Line level savings
$120
If you drill into this value, you can review and download a summary of the event. This includes the RFQ ID, Request ID, Status, Created at Date, Title, Identified Savings, and Awarded Savings.
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