What is RFQ in SAP MP-APP-DPE - Dynamic Pricing Engine?

SAP Term: RFQ

• Component: MP-APP-DPE

• Component Name: Dynamic Pricing Engine

• Description: Request for quotation. A request by initiators for price quotes from suppliers pertaining to specified goods and services. RFQs can also be converted to reverse auctions in SAP DA/DB in order to further reduce prices.

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• Key Concepts: 
  RFQ stands for Request for Quotation. It is a process used by companies to solicit bids from suppliers for goods and services. The Dynamic Pricing Engine (DPE) component of the MP-APP application in SAP allows companies to automate the RFQ process, streamlining the process and reducing manual effort. 
  
  How to use it: 
  The DPE component of MP-APP allows companies to create RFQs and send them out to suppliers. The suppliers can then respond with their bids, which are then evaluated by the company. The company can then select the best bid and award the contract to the supplier. 
  
  Tips & Tricks: 
  When creating an RFQ, it is important to provide as much detail as possible about the goods or services being requested. This will help ensure that suppliers are able to provide accurate bids and that the company is able to select the best bid. 
  
  Related Information: 
  The DPE component of MP-APP is also used for other processes such as price optimization, contract management, and supplier management. For more information on these processes, please refer to the SAP documentation.