What is Processing Requests for Quotation in SAP SRD-SRM-SC - SRM-Sourcing and Contracting?

SAP Term: Processing Requests for Quotation

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: A process that enables the purchasing department to bundle a company's purchasing requirements and to find appropriate sources of supply for materials and services required.

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• Key Concepts: 
  Processing Requests for Quotation (RFQ) is a feature of SAP SRM-Sourcing and Contracting that allows users to create and manage requests for quotations from vendors. The RFQ process includes creating a request, sending it to vendors, receiving responses, and evaluating the responses. The RFQ process can be used to compare vendor prices and terms in order to select the best offer. 
  
  How to use it: 
  To use the RFQ process, users must first create a request for quotation. This can be done by entering the details of the request into the system, such as the item or service being requested, the quantity needed, and any other relevant information. Once the request is created, it can be sent to vendors via email or other communication methods. Vendors can then respond with their offers, which can be evaluated by the user. 
  
  Tips & Tricks: 
  When creating an RFQ, it is important to provide as much detail as possible in order to ensure that vendors are able to provide accurate offers. Additionally, it is important to set a deadline for responses in order to ensure that vendors are able to respond in a timely manner. 
  
  Related Information: 
  The RFQ process is closely related to the Request for Proposal (RFP) process, which is used for more complex procurement processes. Additionally, the RFQ process is often used in conjunction with other features of SAP SRM-Sourcing and Contracting such as contract management and supplier evaluation.