What is RFQ Processing with Purchasing Contract Integration in SAP (AP-RFQ - SRM RFQ Processing)?

SAP Term: RFQ Processing with Purchasing Contract Integration

• Component: AP-RFQ

• Component Name: SRM RFQ Processing

• Description: The processing of requests for quote and supplier quotes to negotiate and supplier quotes to negotiate and create new purchasing contracts or to renegotiate and update existing purchasing contracts based on winning quotes.

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• Key Concepts: 
  RFQ Processing with Purchasing Contract Integration is a component of SAP SRM (Supplier Relationship Management) that enables organizations to manage their purchasing contracts and Request for Quotation (RFQ) processes. It allows users to create, manage, and track RFQs and contracts in a single system. This component also provides the ability to compare different suppliers’ offers and select the best one. 
  
  How to use it: 
  To use RFQ Processing with Purchasing Contract Integration, users must first create an RFQ in the system. This can be done by entering the required information such as supplier details, product details, and pricing information. Once the RFQ is created, it can be sent to suppliers for their offers. The offers can then be compared and the best one can be selected. After selecting the offer, a purchasing contract can be created in the system. 
  
  Tips & Tricks: 
  When creating an RFQ, it is important to provide as much detail as possible so that suppliers can provide accurate offers. Additionally, it is important to ensure that all relevant stakeholders are involved in the process so that all requirements are taken into account when selecting an offer. 
  
  Related Information: 
  RFQ Processing with Purchasing Contract Integration is part of SAP SRM, which also includes other components such as Supplier Evaluation & Qualification, Supplier Collaboration, and Supplier Performance Management. Additionally, this component is closely related to SAP MM (Materials Management), which provides additional features such as inventory management and procurement processes.