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Workday User Guide
Last Updated: 2024-05-31
Steps: Create an Auction

Steps: Create an Auction

You can create a reverse auction to achieve savings and gain better insight to the market price of each line item in an auction. With multi-lot auctions, you can group line items into different lots and add suppliers to lots that are relevant to them. Multi-lots enable you to manage an auction with multiple lots scheduled to start sequentially.
  1. Select
    Navigate
    Events
     and click
    Create Auction
    .
    You can also start an auction:
    • From a project. In the
      Auctions
       section of the
      Sourcing
       tab, click
      Create New Auction
      .
    • From a closed sourcing event. In the
      Dashboard
       of your closed event, select
      Build Auction
       from the
      Download
       drop-down menu.
  2. Enter your auction details.
  3. Configure your auction settings. As you complete this step, consider:
    Option Description
    Auction Start
    When left blank, your auction starts as soon as you click
    Publish
    . Workday recommends scheduling auctions for future dates to ensure your suppliers have time to sign up for Strategic Sourcing and prepare for the auction.
    Auction End
    Set the amount of time each lot in your auction will run for. The estimated end time updates when you add lots. Example: When you set this field to 15 minutes and enter a start time at 11:30 AM, the estimated end time displays 12:15 PM for an auction with 3 lots.
    Auction Extension
    Enter time extension parameters for your auction so that the auction stays open if suppliers continue to lower their bids. This prevents bid sniping and drives further savings.
    Currency
    Select the currency that you want the auction to be in.
    Minimum Bid Decrement
    Enter an amount that the suppliers have to decrease their total bid by each time to update their current bid.
  5. Add suppliers in the
    Invited Suppliers
     section.
    You can add new suppliers in the
    Supplier Directory
     side panel.
  6. Configure your auction lots.
    1. Click
      Edit Items
      .
    2. Add rows and enter item information for each item in the lot.
    3. (Optional) Click
      Edit Lot Details
       to rename the title of the lot or select to include a starting price.
      When you include a starting price, a new
      Starting Price
       column is added.
    4. (Optional) Click
      New
       in the
      Auction Lot
       tab to add a new lot.
    5. In the
      Auction Lots
       section on the
      Build Auction
       page, use the
      Suppliers Invited to This Lot
       prompt to assign specific suppliers to a lot.
  7. Add suppliers on the
    Invite Stakeholders
     section.
    You can add new stakeholders in the
    Stakeholder Director
    y side panel.
  8. Click
    Publish
    .
    When you publish your auction, you can’t add or remove suppliers, or edit the lot worksheets.
Suppliers receive an invitation to the auction. A countdown and the list of your lots displays if you publish a scheduled auction.
(Optional) You can pause an auction when it’s live.
(Optional) You can end an auction when it’s paused.

This content is not part of the Workday Administrator Guide.