Quotes
Learn how to effectively manage and track Request for Quotations (RFQs) to optimize your procurement process and supplier relationships.
Summary
The Quotes feature enables buyers to request quotes for products not currently available in the store. This feature also provides procurement teams with oversight of quotation activities and helps implement consistent pricing practices.
Key Benefits
- Centralized Control: Unified quote handling and tracking
- Process Standardization: Consistent request procedures
- Complete Visibility: Comprehensive activity monitoring
- Enhanced Communication: Streamlined supplier interaction
- Efficient Comparison: Structured quote evaluation
Understanding Quote Management
Quote Lifecycle
- Creation: Strategic initiation of quote requests
- Distribution: Targeted supplier engagement
- Response: Structured quote collection
- Evaluation: Systematic review process
- Award: Merit-based selection
- Closure: Proper process completion
Quote Statuses
- Open: Active requests accepting quotes
- Awarded: Successfully completed RFQs
- Ended: Expired without award
Viewing All Quotes
- Direct Navigation: Products → Quotes
- Quick Search: Global search bar access
Quote Search and Filtering
TIP
Optimize your workflow by using status filters to identify priority quotes, especially those approaching deadlines.
Detailed Quote Analysis
Accessing Quote Details
- Real-time status updates
- Complete specifications
- Response tracking
- Decision records
Currency Management
- Currency Preferences: Personalized viewing
- Dynamic Conversion: Real-time updates
- Multiple Currencies: Global transaction support
- Consistent Display: Standardized presentation
Understanding Field Requirements
RFQ Core Information
| Field | Description | Required |
|---|---|---|
| Title | A descriptive or identifiable title for the RFQ. | 👍 |
| Requestor | The buyer that created the request for quotation. | 👍 |
| Close by date & time | When the request for quotation will automatically end. | 👍 |
| Delivered by | When the requested items are needed by | 👍 |
| Urgency | How urgent the RFQ is (Normal, Rush or Emergency), with a greater urgency suggesting faster quotes/responses may be awarded sooner by the buyer | 👍 |
| External ID | An optional ID that may be needed for internal usage with a different program or system. | ❌ |
| Attributes (Metadata) | Any additional attribute names and values that the buyer wishes to include. | ❌ |
Item Specifications
| Field | Description | Required |
|---|---|---|
| Name | The name of the desired item. | 👍 |
| Category | The appropriate store category for the item (initially auto-selected based on the query, but can be changed). | 👍 |
| Quantity | The quantity needed. | 👍 |
| Benchmark Price | A desired price per unit of quantity for guidance to suppliers (along with accompanying currency). | ❌ |
| Suppliers | The suppliers that this RFQ will be sent to. Mandatory suppliers for the selected category will be pre-selected and cannot be removed. | 👍 |
Advanced Item Details
| Field | Description | Required |
|---|---|---|
| Attributes (Metadata) | Any additional item attribute names and values that the buyer wishes to include. | ❌ |
| MPN | Manufacturer Part Number. | ❌ |
| Manufacturer | The name of the manufacturer of the desired item. | ❌ |
| Internal Part # | An internally used part number for the desired item. | ❌ |
| Comments | A message that can be read by the selected suppliers. | ❌ |
Quote Response Details
| Field | Description | Required |
|---|---|---|
| SKU | A stock keeping unit code. | 👍 |
| UNSPSC | United Nations Standard Products and Services Code. | 👍 |
| Internal Part # | A part number used internally. | ❌ |
| Currency | The currency of the unit price. | 👍 |
| Unit Price | The quoted price per unit of quantity. | 👍 |
| Min. Quantity | The minimum quantity that must be awarded for the quote to apply. | 👍 |
| Delivery Days | Time in days to deliver the item. | 👍 |
Extended Quote Information
| Field | Description | Required |
|---|---|---|
| Attributes (Metadata) | Any additional item attribute names and values that the supplier wishes to include. | ❌ |
| Comments | A message that can be read by the buyer. | ❌ |
| Reference | A supplier provided reference. | ❌ |
| Attachments | Up to 10 files that can be attached for the buyer to view. | ❌ |
Risk and Compliance Considerations
- Documentation: Maintain clear records of all quote activities
- Transparency: Ensure fair treatment of all suppliers
- Audit Trail: Keep track of decisions and approvals for compliance
- Summary
- Key Benefits
- Understanding Quote Management
- Quote Lifecycle
- Quote Statuses
- Viewing All Quotes
- Quote Search and Filtering
- Detailed Quote Analysis
- Accessing Quote Details
- Currency Management
- Understanding Field Requirements
- RFQ Core Information
- Item Specifications
- Advanced Item Details
- Quote Response Details
- Extended Quote Information
- Risk and Compliance Considerations