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

SAP Term: Requests for Quotation

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: A work center view that uses requests for quotation to find and negotiate new sources of supply. It also enables the buyer to enter quote data on behalf of a supplier and to compare quotes from different bidders. In this view, already existing requests for quotation are listed. They can be edited further, and quote comparison can be done for quotes that have already been received for a request for quotation.

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• Key Concepts: 
  Requests for Quotation (RFQ) is a feature of SAP SRM-Sourcing and Contracting that allows buyers to solicit bids from suppliers for goods and services. The RFQ process allows buyers to create a request for quotation, specify the desired goods or services, and send the request to multiple suppliers. Suppliers can then respond with their bids, which the buyer can compare and select from. 
  
  How to Use It: 
  To use the RFQ feature in SAP SRM-Sourcing and Contracting, buyers must first create a request for quotation. This can be done by entering the desired goods or services into the system, specifying any additional requirements, and setting a deadline for responses. Once the RFQ is created, it can be sent to multiple suppliers. Suppliers can then respond with their bids, which the buyer can compare and select from. 
  
  Tips & Tricks: 
  When creating an RFQ in SAP SRM-Sourcing and Contracting, it is important to provide as much detail as possible about the desired goods or services. This will help ensure that suppliers are able to provide accurate bids that meet the buyer’s needs. Additionally, it is important to set a reasonable deadline for responses so that suppliers have enough time to submit their bids. 
  
  Related Information: 
  For more information about using the RFQ feature in SAP SRM-Sourcing and Contracting, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SRM/7.0/en-US/f9f8d3a2b6c14e8a9f3d7c2b5f9e4d1a.html