The technical team have been extremely busy of late, upgrading and maintaining our 4 distinct products covering category planning, innovation, eSourcing and supplier information management.
This week was the turn of our flagship eSourcing tool, Market Dojo, to receive a new feature: multi-currency.
By this, we don’t mean simply the ability for clients to run their sourcing events in a currency of their choice – we’ve had that since the beginning. This actually refers to enabling participants to select their own preferred currency from a pre-defined list. Hosts can pick which are available to participants and what the corresponding exchange rate is to convert back to the Host’s own currency for bid comparison purposes.
The exchange rates are established per sourcing event, so you don’t need to fear an accidental change in the future that would distort your past results. You can even change the exchange rates during your sourcing event, up until participants submit their bids.
The multi-currency feature is only available as part of our Advanced Lots setup, given the few extra steps that are required. However this also means that you can combine Lots, or even Line Items, of different currencies, which is very neat.
For example your Lot may consist of a UK tariff, an EU tariff and a US tariff. You can stipulate that each element has it’s own currency that you want to see the bid in. No problem!
Should you then have an event total that needs to sum up the various elements, all in their own respective currencies, again no problem. You can even decide what currency you wish the total to appear in.
The same applies to the participants as well, even during the course of a live eAuction where all this maths is running behind the scenes to present everyone with the latest converted results.
So the next time you run a sourcing event using spreadsheets to convert bids into a single currency, know now that there’s a better way to do it by using Market Dojo.
Market Dojo helps procurement professionals negotiate better with our on-demand eSourcing tools. If you’d like to find out more, get in touch or register for free and play around with our software for yourself!
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