Request for Quotations application

You use the Request for Quotations application to create and manage request for quotations (RFQ) for configuration-managed parts. Based on the quotations, you can assess the vendor who best meets your needs.

An RFQ is a request that you send out to one or more potential vendors. To list a vendor on the Request for Quotations application, the vendor must have a record in the Companies application. In the Request for Quotations application, you can specify line items, required delivery dates, and other conditions that vendor needs to meet for the delivery of a part or a service.

You can create an RFQ for any of the following conditions:
  • The stock count of a part is less than a certain level, and you must place another bulk order.
  • A requisition is received for a part or for a service that requires a quotation each time because of price or other requirements.
  • Someone at your site requests a quotation for a part or for a service. It can be for a stocked part or for a nonstocked part, such as a special order.
  • You need to do commodity bulk buying for a certain period. This period is typically for many parts with common commodity codes. The quotation might not be copied to a purchase order immediately, but the pricing is set.
When you receive the quotations from the vendors, you insert them into the Request for Quotations record one line at a time. At the end of the process, you review the quotations and award one quotation for each line. The quotations are then converted to one or more purchase orders or contracts, depending on the procurement flow within your organization.