What is RFQs and Quotes in SAP (SRD-SRM-SC - SRM-Sourcing and Contracting)?

SAP Term: RFQs and Quotes

• 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.

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• Key Concepts: 
  RFQs (Request for Quotations) and Quotes are two important components of SAP SRM-Sourcing and Contracting. An RFQ is a request sent to suppliers to provide a quote for goods or services. A quote is the response from the supplier that includes pricing, delivery terms, and other details. 
  
  How to use it: 
  In SAP SRM-Sourcing and Contracting, RFQs and Quotes are used to initiate the procurement process. The buyer will create an RFQ and send it to potential suppliers. The suppliers will then respond with a quote that includes pricing, delivery terms, and other details. Once the buyer has received all the quotes, they can compare them and select the best one. 
  
  Tips & Tricks: 
  When creating an RFQ, make sure to include all relevant information such as product specifications, delivery terms, payment terms, etc. This will ensure that suppliers can provide accurate quotes. Additionally, make sure to include a deadline for when quotes must be submitted in order to ensure timely responses from suppliers. 
  
  Related Information: 
  RFQs and Quotes are just one part of the procurement process in SAP SRM-Sourcing and Contracting. Other components include creating contracts, managing supplier relationships, and monitoring performance. Additionally, SAP SRM-Sourcing and Contracting can be integrated with other SAP modules such as Materials Management (MM) and Financial Accounting (FI).