What is RFQ Processing in SAP AP-RFQ - SRM RFQ Processing?

SAP Term: RFQ Processing

• Component: AP-RFQ

• Component Name: SRM RFQ Processing

• Description: The processing of requests for quotes and supplier quotes for strategic as well as operational negotiation purposes.

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  Key Concepts: 
  RFQ Processing is a component of SAP SRM (Supplier Relationship Management) that enables organizations to manage their Request for Quotation (RFQ) process. It allows users to create, manage, and track RFQs from suppliers, as well as compare and evaluate supplier responses. It also provides the ability to generate purchase orders and contracts based on the results of the RFQ process. 
  
  How to use it: 
  RFQ Processing can be used to create RFQs for suppliers, which can include detailed information such as item descriptions, delivery dates, and payment terms. Once the RFQ is sent out, suppliers can respond with their own quotes. The user can then compare and evaluate the responses and select the best one. Finally, the user can generate a purchase order or contract based on the selected quote. 
  
  Tips & Tricks: 
  When creating an RFQ, it is important to provide as much detail as possible in order to ensure that suppliers are able to provide accurate quotes. Additionally, it is important to set a reasonable timeline for suppliers to respond in order to ensure that the process is completed in a timely manner. 
  
  Related Information: 
  RFQ Processing is part of SAP SRM, which also includes other components such as Contract Management and Supplier Evaluation & Performance Management. Additionally, RFQ Processing is closely related to Purchasing, which is another component of SAP