What is external price request in SAP (MM-PUR - Purchasing)?

SAP Term: external price request

• Component: MM-PUR

• Component Name: Purchasing

• Description: A request for quotation RFQ type. The RFQ of this type is sent to the external system, where the bidders can add pricing information. This pricing information is returned to the SAP S/4HANA Cloud or SAP S/4HANA system.

Smart SAP Assistant

• Key Concepts: 
  External price request is a feature in SAP MM-PUR Purchasing that allows users to request prices from external vendors for goods and services. This feature enables users to compare prices from different vendors and select the best option for their organization. 
  
  How to use it: 
  To use the external price request feature, users must first create a purchase requisition in SAP MM-PUR Purchasing. Once the purchase requisition is created, users can select the “External Price Request” option from the menu. This will open a window where users can enter the details of the goods or services they are requesting a price for, as well as the contact information of the vendor they are requesting a price from. Once all the details are entered, users can submit the request and wait for a response from the vendor. 
  
  Tips & Tricks: 
  When using the external price request feature, it is important to provide as much detail as possible about the goods or services being requested. This will help ensure that vendors are able to provide accurate and competitive prices. Additionally, it is important to provide accurate contact information for each vendor so that they can respond quickly and efficiently. 
  
  Related Information: 
  For more information on using the external price request feature in SAP MM-PUR Purchasing, please refer to SAP’s official documentation on the topic. Additionally, there are many online resources available that provide step-by-step instructions on how to use this feature.