What is blockchain-verified RFQ processing in SAP MM-PUR - Purchasing?

SAP Term: blockchain-verified RFQ processing

• Component: MM-PUR

• Component Name: Purchasing

• Description: A bidding process where requests for quotations as well as supplier quotations are saved to blockchain.

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• Key Concepts: 
  Blockchain-verified RFQ processing is a feature of the SAP MM-PUR Purchasing component that allows for the secure and transparent exchange of information between buyers and suppliers. It uses blockchain technology to ensure that all data is securely stored and tracked, providing an immutable record of all transactions. This helps to reduce fraud and increase trust between buyers and suppliers. 
  
  How to use it: 
  To use blockchain-verified RFQ processing, buyers and suppliers must first register with the SAP MM-PUR Purchasing component. Once registered, buyers can create an RFQ (Request for Quotation) which is then sent to suppliers. Suppliers can then respond with their own quotations, which are securely stored on the blockchain. Buyers can then review the quotations and select the one they prefer. 
  
  Tips & Tricks: 
  When creating an RFQ, make sure to include all relevant information such as product specifications, delivery times, payment terms, etc. This will help ensure that suppliers are able to provide accurate quotations. Additionally, it is important to keep track of all transactions on the blockchain in order to ensure that all data is secure and up-to-date. 
  
  Related Information: 
  For more information about blockchain-verified RFQ processing, please refer to the SAP MM-PUR Purchasing documentation or contact your local SAP representative. Additionally, there are many online resources available that provide more detailed information about blockchain technology and its applications in business.