What is RFQ Module?
The RFQ Module from TeroTAM is a web-based tool that helps businesses manage requests for quotations (RFQs) more effectively. Using an RFQ management platform enables businesses to maintain organization, keep track of requests, and even automate the procedure. You can also make requests straight from a browser or a mobile device. Additionally, it eliminates the need to intricate spreadsheets because all request-related data is maintained in a centralized platform that is available to all parties that need it, including those who are directly involved in the request itself.
Companies that engage with many suppliers of raw materials, sub-assemblies, or products for resale should use the Request for Quote module. Request for Quote streamlines the purchasing process by enabling businesses to send a single request for quotes to several potential and current suppliers. The chosen vendors can receive the request for quotation via normal email. The RFQ module records the returned bids and helps you review them. Post approval, the accepted bids are transformed into purchase orders or Purchase requisitions, and systematically handled by the purchase order module.
Simplify Your Bid Management
Utilize the robust RFQ module to handle the entire lifecycle of inviting suppliers or subcontractors to submit bids for projects or the provision of materials, machinery, manufacturing, etc.
Move away from using paper and Excel sheets in your sourcing process. Utilize real-time analytics to carry out online RFQs, bid analysis, supplier negotiations, and approval processes.
Create data inputs, outputs, reporting, and analytics configurations, and Utilize best practices and templates while comparing vendors side by side to improve the results of your negotiations.
Collaborate with Stakeholders and Suppliers
Invite your team members, assign them responsibilities, and review submissions with support from important business stakeholders. Using a systematic RFQ module, control user access, and authority during the procurement process.
A straight-forward and easy interface allows you to add suppliers, request for quotes, answer inquiries, monitor progress, and rate submissions. Add Remarks and share additional documents for better need explanations.
Give your suppliers access to a logical and user-friendly vendor portal. Use the vendor portal to manage the whole bidding process and stay away from extensive paperwork and emails and manual efforts.
Automated Process with Real-Time Data
Dynamic pricing updates based on supplier bids and market benchmarking for the Demand-driven procurement process. Configure award scenarios to evaluate bids and make the supplier selection on real-time analytics
Utilize the well-designed and structured dashboard that is built for data-centric Analytics at RFQ and portfolio level and keep an eagle eye on the supplier selection process.
Rate and Analyze the Supplier performance, rate and award them for future dealings and prioritize them based on ratings to expedite the future purchase process.
Benefits of RFQ Module
By ensuring that all requests are uniform and documented, RFQs can aid in streamlining the purchasing process. This makes it simpler for everyone to comprehend what is being purchased and how it was acquired.
RFQs assist in fostering better connections with suppliers. Suppliers can fully comprehend what the customer needs and why they need it by receiving requests that are made in a more professional manner.
You may quickly compare prices from many suppliers using the RFQ Module to obtain the best offer. The ability to compare estimates aids buyers in avoiding poor decisions and lowers the likelihood that they will choose the more expensive source.
It is simpler for suppliers to comprehend the requirements thanks to the clearer instructions and remarks in RFQs. It also allows for internal discussion and document sharing through the in-built Chat and Document sharing system.
Industries We Serve
Oil & Gas
Food & Beverage
Frequently Asked Questions
Why is an RFQ Needed?
An RFQ is a form that asks for quotes from vendors for the cost of their goods or services, to put it simply. You may compare the deliverability, value, and costs that various businesses offer. Businesses that are clear on their needs and comparison criteria will find this document to be useful.
How RFQ Solution is Beneficial for Businesses?
Using RFQ software is a terrific approach to help you save money, which is one of the key advantages. With RFQ, you can organize and logically assess the pros and cons of each choice when comparing product pricing from different vendors to discover the best deal. Additionally, RFQ software aids suppliers in understanding that, despite competition for your business, your decision-making is not skewed or unfairly prejudiced if you choose not to select them.
Can you Negotiate/Renegotiate an RFQ?
The buyer selects the negotiation order based on the responses to the request for quotes (RFQ) before engaging in negotiations with the suppliers. The buyer has two options: accept the offer and renegotiate the conditions of a quantity-dependent procurement contract with exclusions, or reject the quote and renegotiate all of the contract’s provisions.
What are the Four Components of Contract Management?
Contract management is a very wide entity that comprises many components but there are some which have distinctive importance. The Four main components of Contract management are:
Contract Management Plan
Supplier Relationship Management
Variation in Contracts
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