What is Request for Quote in SAP AP-RFQ - SRM RFQ Processing?

SAP Term: Request for Quote

• Component: AP-RFQ

• Component Name: SRM RFQ Processing

• Description: A request from a buyer to a bidder to submit a quote for goods or services according to specified criteria.

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• Key Concepts: 
  Request for Quote (RFQ) is a feature of SAP SRM that allows buyers to request quotes from suppliers for goods and services. The RFQ process is initiated by the buyer, who creates a request for quote document and sends it to the supplier. The supplier then responds with a quote, which the buyer can accept or reject. 
  
  How to use it: 
  To use the Request for Quote feature in SAP SRM, the buyer must first create a request for quote document. This document should include all relevant information about the goods or services being requested, such as quantity, delivery date, and payment terms. Once the document is created, it can be sent to the supplier via email or other communication methods. The supplier will then respond with a quote, which the buyer can accept or reject. 
  
  Tips & Tricks: 
  When creating a request for quote document, it is important to include all relevant information about the goods or services being requested. This will help ensure that the supplier provides an accurate quote and that there are no misunderstandings between the buyer and supplier. Additionally, it is important to clearly communicate any deadlines or other requirements that must be met in order for the quote to be accepted. 
  
  Related Information: 
  For more information on using SAP SRM’s Request for Quote feature, please refer to SAP’s official documentation on RFQ processing. Additionally, there are many online resources available that provide tips and tricks for using this feature more effectively.