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

SAP Term: submission period

• Component: AP-RFQ

• Component Name: SRM RFQ Processing

• Description: The period of time set in a request for quote in which a supplier quote must be submitted.

Smart SAP Assistant

• Key Concepts: 
  Submission period is a term used in SAP SRM RFQ Processing. It is the time frame in which suppliers can submit their bids for a Request for Quotation (RFQ). The submission period is set by the buyer and can be adjusted to fit the buyer’s needs. 
  
  How to use it: 
  In order to use the submission period, the buyer must first create an RFQ. Once the RFQ is created, the buyer can set the submission period by entering a start date and an end date. The start date is when the submission period begins and the end date is when it ends. The buyer can also set a reminder for themselves to remind them when the submission period is about to end. 
  
  Tips & Tricks: 
  It is important to set a reasonable submission period that allows suppliers enough time to submit their bids. If the submission period is too short, suppliers may not have enough time to submit their bids and this could lead to fewer bids being submitted. 
  
  Related Information: 
  The submission period is just one part of SAP SRM RFQ Processing. Other components include creating an RFQ, sending out invitations, evaluating bids, and awarding contracts. All of these components must be completed in order for the RFQ process to be successful.