What is RFQ type in SAP (SRD-SRM-SC - SRM-Sourcing and Contracting)?

SAP Term: RFQ type

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: An attribute that specifies for which purpose follow-up document an RFQ is created, for example, RFQ for Purchase Order, RFQ for Contract, Purchasing Contract Renewal.

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• Key Concepts: 
  RFQ type is a feature of SAP SRM-Sourcing and Contracting that allows users to create and manage requests for quotations (RFQs). RFQs are used to solicit bids from suppliers for goods or services. The RFQ type defines the type of RFQ, such as a public or private RFQ, and the associated rules and processes. 
  
  How to use it: 
  To create an RFQ type, go to the Sourcing and Contracting work center in SAP SRM. Select the RFQ Types view and click on the New button. Enter the name of the RFQ type and select the appropriate settings. Once you have saved the RFQ type, you can use it to create an RFQ. 
  
  Tips & Tricks: 
  When creating an RFQ type, make sure to select the appropriate settings for your needs. For example, if you are creating a public RFQ, make sure to select the “Public” option in the “Type” field. This will ensure that all suppliers can view and respond to your RFQ. 
  
  Related Information: 
  For more information on creating and managing RFQ types in SAP SRM-Sourcing and Contracting, please refer to the SAP Help documentation.