Request for Quote Collaboration
Strategic sourcing of materials to optimize delivery date, quantity and price is a critical procurement task. Quickly changing business needs require agile purchasing to get parts and materials on-time and on-quality, at the lowest overall cost. Request for Quotation (RFQ) is a standard business process to invite competitive bids for specific products or services from qualified suppliers – with a view to ensure material availability and reduce direct spend.
Why Request for Quote Collaboration?
Today’s trading environment requires that purchasing personnel leverage a variety of methods to source materials. RFQ process is one approach to procure standard and commoditized items. The goal of the solicitation and evaluation process is to find the best-qualified supplier that meets a variety of technical and non-technical needs at the right price. Like any other business process, orchestrating this process manually is fraught with challenges of scale and risk of errors - especially when multiple overlapping purchase requisitions need to be consolidated and prioritized by the procurement staff, then published out to the extended network of vendors and trading partners. Online RFQ processing not only simplifies execution but also shrinks process cycle-times.
How Can TAKE Solutions Help?
TAKE Solutions provides you a collaboration solution that allows your organization to create RFQ’s for standard and commoditized products, select desired vendors for inclusion, distribute the RFQ’s, collect and evaluate vendor responses, and electronically send vendor award notifications.
Extending existing procurement systems to the collaborative environment reduces latency. Buyer and suppliers log into an authenticated self-service web portal, minimizing technology requirements for sharing business data. Specifications, quality and compliance documents can be attached to the RFQ. Workflows route responses for approval. The information on the RFQ is used to create purchasing documents, reducing time, effort, and errors.
Response times and procurement costs go down, and the quality of inbound deliveries goes up.
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