What is close RFQ in SAP SRD-SRM-SC - SRM-Sourcing and Contracting?

SAP Term: close RFQ

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: To permanently close a request for quotation RFQ to indicate that the bidding process is complete.

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• Key Concepts: 
  Close RFQ stands for Close Request for Quotation. It is a process in SAP SRM-Sourcing and Contracting that allows a buyer to close an open RFQ (Request for Quotation) and prevent any further responses from suppliers. This process is used when the buyer has received all the necessary responses from suppliers and is ready to move on to the next step in the procurement process. 
  
  How to use it: 
  To close an RFQ in SAP SRM-Sourcing and Contracting, the buyer must first select the RFQ they wish to close. Then, they must click on the “Close RFQ” button in the toolbar. This will bring up a confirmation window, where the buyer can confirm that they wish to close the RFQ. Once confirmed, the RFQ will be closed and no further responses from suppliers will be accepted. 
  
  Tips & Tricks: 
  When closing an RFQ, it is important to make sure that all necessary responses have been received from suppliers before proceeding. If any responses are missing, it may be necessary to contact suppliers directly or re-open the RFQ before closing it. 
  
  Related Information: 
  For more information on closing an RFQ in SAP SRM-Sourcing and Contracting, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SRM/7.0/en-US/f9f8d3a2b6c14e8f9a7d3c2b5f9e4d1a.html