Automated Request for Quotation

The Request for Quotation (RFQ) process is essential in procuring goods or services from a supplier. Here are some features that I would expect to see in an RFQ process:

OneBusiness ERP Request for Quotation

1. Clarity of Requirements: The request for quotation should clearly state the goods or services’ specifications. This process includes quantity, quality, delivery requirements, and other essential details.
2. Competitiveness: The RFQ process should encourage competition among suppliers, ensuring the customer receives the best value for their money.
3. Timeliness: The RFQ process should be time-bound, with clear deadlines for submitting supplier proposals.
4. Confidentiality: The customer’s information should be kept confidential throughout the RFQ process to ensure the privacy and security of their business operations.
5. Evaluation Criteria: The Request for quotation process should include well-defined evaluation criteria for selecting the most suitable supplier. This process may have a price, quality, delivery time, and supplier experience.
6. Communication: The RFQ process should provide an efficient communication channel for suppliers to seek clarification or provide additional information. The customer should also provide timely feedback to suppliers to ensure transparency and fairness.
7. Negotiation: The RFQ process should allow negotiation with the selected supplier on price and other terms and conditions before finalizing the contract.
8. Documentation: We should document the request for quotation process appropriately, including all correspondence, proposals, evaluations, and contract terms and conditions.

Overall, the RFQ process is critical in ensuring that the customer receives the best possible value for their money while maintaining transparency and fairness throughout the procurement process. Please take a look at our YouTube Channel to discover more fascinating videos.