What is 'Strategic Sourcing' in SAP AP-RFQ - SRM RFQ Processing?

Strategic Sourcing - Overview

• Component: AP-RFQ

• Component Name: SRM RFQ Processing

• Description: The management of strategic requirements followed by the creation or renegotiation of purchasing contracts based on the identification and evaluation of new and existing suppliers.

Strategic Sourcing - Details

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  Key Concepts: 
  Strategic Sourcing is a process used by organizations to identify and select suppliers for goods and services. It involves analyzing the current supplier base, researching potential new suppliers, and negotiating contracts with the most suitable suppliers. The SAP AP-RFQ SRM RFQ Processing component is a tool that helps organizations manage the Strategic Sourcing process. It provides features such as creating and managing requests for quotations (RFQs), evaluating supplier responses, and awarding contracts. 
  
  How to use it: 
  The SAP AP-RFQ SRM RFQ Processing component can be used to create and manage RFQs. It allows users to define the scope of the RFQ, specify the criteria for evaluating supplier responses, and set deadlines for submitting bids. The component also provides features for evaluating supplier responses, such as comparing bids on price, quality, delivery time, and other criteria. Finally, it allows users to award contracts to the most suitable suppliers. 
  
  Tips & Tricks: 
  When creating an RFQ, it is important to clearly define the scope of the request and provide detailed information about the goods or services being requested. This will help ensure that suppliers are able to accurately respond to the RFQ. Additionally, it is important to set realistic deadlines for submitting bids so that suppliers have enough time to prepare their responses. 
  
  Related Information: 
  The SAP AP-RFQ SRM RFQ Processing component is part of