SIMMS 2015’s Request for Quote (RFQ) Module allows for one-step translation of a requisition into a paperless RFQ document that can be emailed to selected vendors for competitive pricing via a buyer and supplier accessible system (portal) for managing requests for quotes (and other kinds of supplier requests).
Once responses to the RFQ are received, the information found there can be used to easily edit the requisition which can then be routed for additional approvals, or posted into a purchase order. The responses can also be attached as documents to any line item in the requisition so approvers can view them in a centralized location.
RFQ is used in the preparation of tender documentation or for a simple price gathering exercise. The RFQ is a formal invitation sent to one or more suppliers for the cost and availability of goods or services.
RFQ is a particularly important strategic sourcing product, which automatically generates a purchase request for each successful supplier.
- Award items to one supplier or split them between several suppliers.
- Create an RFQ from an existing requisition, or simply enter your bid items and selected vendors.
- Create unique vendor access through a web portal with username and password for immediate responses.
- Determine the lowest cost and terms for an order.
- Generate a bid analysis sheet to assist in supplier appraisal.
- Generate RFQ requests direct from the Item Replenishment Module.
- Input manually or generate from existing order or remote request.
- Manage highly complex non-commodity buying, as well as easier to manage commodity buying.
- Manually input goods or services required or select from an item file.
- Print, fax or email completed Request for Quotations to selected vendors. Then enter the vendors quotes into the system as you receive them or have the vendors submit bids using the SIMMS RFQ Portal, along with discounts, terms, shipping charges and lead times. All Purchase Order information can be reviewed and modified before launching the actual order.
- Produce pick lists of relevant suppliers based upon cross-referenced criteria.
- Record suppliers’ responses including price and lead times.
- Show a supplier’s performance statistics from previous RFQs.
Like requisitions, RFQs are easily modified until they are converted to purchase orders. Amended RFQs can also be transmitted directly to vendors.