Request For Quotation

Request for Quotation (RFQ) option facilitates an Organization Unit (OU) to inform the selected suppliers regarding the requirement of parts/goods, schedule details, quality details, payment terms and the date by which the supplier has to respond. This component will be interacting mainly with Part details, Supplier details, Pay mode and Pay terms.

An RFQ is used to inform the supplier of the requirements of materials/goods. RFQ can be created either based on Purchase Requisition (PR) or without reference to PR. If it is based on PR the quantity can be modified from that given in PR.

This component can be visualized as having two main functions, first to create a request for quotation and second to process the quotations received from the suppliers. The basic purpose of this component is to automate the process of quotations, i.e., starting from sending RFQs to selected suppliers, which are defaulted by the system from the Supplier part mapping, collecting the information received from these suppliers and then compiling this information. The selection of supplier to place order on will still be a managerial decision, but with this component the process of selecting the supplier would be eased and automated.

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