What is request for quotation in SAP LOD-ESO - Sourcing OnDemand?

SAP Term: request for quotation

• Component: LOD-ESO

• Component Name: Sourcing OnDemand

• Description: A standard business process inviting suppliers into a bidding process for specific products or services. An RFQ typically involves price per item, payment terms, quality level per item, or contract length.

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• Key Concepts: 
  Request for Quotation (RFQ) is a feature of SAP LOD-ESO Sourcing OnDemand that allows buyers to solicit bids from suppliers for goods and services. The RFQ process involves creating a request for quotation document, which is then sent to potential suppliers. The suppliers can then submit their bids, which are then evaluated by the buyer. 
  
  How to use it: 
  To use the RFQ feature, buyers must first create a request for quotation 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 potential suppliers via email or other communication methods. 
  
  Once the bids are received, the buyer can evaluate them and select the best one. The selected supplier will then be notified and the order will be placed. 
  
  Tips & Tricks: 
  When creating an RFQ document, it is important to include all relevant information about the goods or services being requested. This will help ensure that suppliers are able to provide accurate bids and that the buyer is able to make an informed decision when selecting a supplier. 
  
  It is also important to provide clear instructions on how suppliers should submit their bids. This will help ensure that all bids are received in a timely manner and that they are easy to evaluate. 
  
  Related Information: 
  SAP LOD-ESO Sourcing OnDemand also includes features such as Request for Proposal (RFP) and Request for Information (RFI). These features allow buyers to solicit more detailed information from potential suppliers before making a purchase decision.