Overview

This article outlines the steps to create a Request for Quotation (RFQ) in iVendNext to help retailers collect price quotes from suppliers.

1. What is a Request for Quotation (RFQ)?

An RFQ is a formal document sent to suppliers to request pricing for specific items or services. It includes details such as the items required, quantities, delivery dates, and any special terms or conditions. The RFQ process helps organizations compare prices and select the best supplier based on cost, quality, and delivery terms.

Key Features of RFQ in iVendNext:

• Supplier Comparison: Send RFQs to multiple suppliers and compare their quotes.

• Integration with Material Requests: RFQs can be created directly from Material Requests, ensuring alignment with internal procurement needs.

• Email Integration: Send RFQs to suppliers via email and track their responses.

• Supplier Portal: Suppliers can submit their quotes directly through the iVendNext supplier portal.

2. Prerequisites for Creating an RFQ

Before creating an RFQ in iVendNext, ensure that the following prerequisites are met:

2.1 Supplier Master

• You must have Suppliers created in the system. Supplier details, including contact information and email addresses, will be used to send the RFQ.

2.2 Item Master

• The Items you wish to request quotes for must be added to the Item Master. This includes details such as the item code, description, and unit of measurement (UOM).

2.3 Material Request (Optional)

• If you are creating an RFQ from a Material Request, ensure that the Material Request has been submitted and is available in the system.

3. How to Create an RFQ in iVendNext

Creating an RFQ in iVendNext is a simple and intuitive process. Follow these steps to create and manage an RFQ:

Step 1: Navigate to the RFQ Module

• Go to Home > Buying.

• Click on the Request for Quotation shortcut to access the RFQ List View Screen.

Step 2: Add a New RFQ

• Click on the Add Request for Quotation button to open the RFQ Creation Screen.

Step 3: Fill in the Required Information

• Required Date: Specify the date by which you need the items.

• Suppliers: Add the suppliers you want to send the RFQ to. You can manually enter suppliers or use the Get Suppliers button to fetch them based on tags or groups.

• Items Table: Enter the items you need quotes for, along with the quantity and target warehouse. You can also fetch items from a Material Request or Opportunity.

Step 4: Customize Email Templates (Optional)

• If you plan to send the RFQ via email, you can create an Email Template with placeholders for supplier-specific data, such as the supplier’s name, contact person, and RFQ details.

• Use the Preview Email button to see how the email will look for a specific supplier.

Step 5: Save and Submit

• Once all the details are filled in, click the Save button to create the RFQ.

• After reviewing, click Submit to send the RFQ to the selected suppliers.

4. Key Features of RFQ in iVendNext

4.1 Get Items from Material Requests

• You can fetch items directly from a Material Request, ensuring that the RFQ aligns with your internal procurement needs.

• This feature is particularly useful when you have a large number of items to request quotes for.

4.2 Supplier Management

• Get Suppliers: Instead of manually adding suppliers, you can fetch them based on tags or groups. For example, you can fetch all suppliers in the "Hardware" group with a single click.

• Supplier Portal: Suppliers can log in to the iVendNext portal to view and respond to RFQs.

4.3 Email Integration

• Send RFQs via Email: You can send RFQs to suppliers directly from iVendNext. The system supports customizable email templates, allowing you to include supplier-specific details.

• Attachments: You can attach files to the RFQ, which will be included in the email sent to suppliers.

4.4 Terms and Conditions

• You can add Terms and Conditions to the RFQ, which will be visible to suppliers when they view or print the document.

4.5 Print Settings

• Letterhead: You can print the RFQ on your company’s letterhead for a professional look.

• Group Same Items: If the same item appears multiple times in the RFQ, you can group them together in the print format.

5. Managing Supplier Responses

Once the RFQ is sent, suppliers can respond with their quotes. In iVendNext, there are two ways to manage supplier responses:

5.1 Supplier Quotation by User

• If a supplier submits a quote through the portal, a Supplier Quotation is automatically created in draft mode.

• You can review the quote, make any necessary adjustments, and submit it.

5.2 Supplier Quotation from Supplier

• Suppliers can log in to the iVendNext portal and submit their quotes directly.

• Once a quote is submitted, it is automatically linked to the RFQ, and the status is updated in the system.

6. Post-RFQ Actions

After receiving quotes from suppliers, you can take the following actions:

6.1 Compare Quotes

• Use the Procurement Tracker Report to compare quotes from different suppliers based on price, delivery terms, and other factors.

6.2 Create Purchase Orders

• Once you select a supplier, you can create a Purchase Order directly from the RFQ.

6.3 Update Material Requests

• If the RFQ was created from a Material Request, you can update the Material Request based on the quotes received.