Missed Savings Opportunities
The Missed Savings Opportunities section contains reports outlining why the lowest bid wasn't awarded to an event and a summary of missed savings opportunities by month.
Reasons for Awarding for Non-lowest Bid
The Reasons for Awarding for Non-lowest Bid report outlines why request for quote events were not awarded to the lowest supplier response. The list is organized by the most selected reason. For each reason, there is a summary of the identified, awarded, and missed savings.
Reason for Awarding to Non-Lowest Bid
Displays the reason for awarding to a non-lowest bid.
Awarded RFQs
Displays the number of awarded request for quote events that selected the reason when awarding to a non-lowest bid.
If you drill into this value, you can review and download a list of events. This includes a breakdown for each event, including the RFQ ID (with a link), Request ID, Created at Date, Status, Title, Requester Title, and Full Name.
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. 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
---
---
$325
$325
$0
If you drill into this value, you can review and download a list of events included in the calculation. This includes a breakdown for each event, including the RFQ ID, Request ID, Status, Created at Date, Title, Identified Savings, and Awarded Savings.
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 list of events included in the calculation. This includes a breakdown for each event, including the RFQ ID, Request ID, Status, Created at Date, Title, Identified Savings, and Awarded Savings.
Missed Savings Opportunity
Displays the amount of missed savings. This value is calculated as Identified Savings - Awarded Savings.
If you drill into this value, you can review and download a list of events included in the calculation. This includes a breakdown for each event, including the RFQ ID Link, Request ID, Status, Created at Date, Title, Non-lowest Bid Awarding Reason, Awarding Note, Identified Savings, Awarded Savings, and Missed Savings (USD).
Missed Savings Opportunities by Month
The Missed Savings Opportunities by Month report shows the number of awarded request for quote events that were not awarded to the lowest supplier response. The chart is segmented by month and includes the number of awarded events and a summary of missed savings across events.
# of Awarded RFQs
Displays the number of awarded request for quote events.
If you drill into this value, you can review and download a list of events. This includes a breakdown for each event, including the RFQ ID (with a link), Request ID, Created at Date, Status, Title, Requester Title, and Full Name.
Missed Savings
Displays the amount of missed savings. This value is calculated as Identified Savings - Awarded Savings.
If you drill into this value, you can review and download a list of events included in the calculation. This includes a breakdown for each event, including the RFQ ID Link, Request ID, Status, Created at Date, Title, Non-lowest Bid Awarding Reason, Awarding Note, Identified Savings, Awarded Savings, and Missed Savings (USD).
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