Working with RFQs

Automated RFQs with FMIS

You can now create RFQs quickly and easily in FMIS to effectively manage a Request for Quotes from multiple vendors and products. Using RFQ’s allows you to improve vendor communication, reduce procurement costs and ensure materials are available where and when they are needed.

You can now add RFQ to Quotes, Sales Orders, Requisitions and as a basis for raising Purchase Orders. The RFQ allows you to:

• Allocate multiple vendors
• Allocate multiple products
• Add new products
• Allocate RFQs to one or more project or project groups
• Use a workflow to agree on the scope of RFQ requests
• Send email requests to multiple vendors for relevant products
• Track individual vendor responses
• Compare responses and select the best price/delivery option
• Automatically create Purchase Orders and update Quotes, Sales Orders and Requisitions

Vendors

You can set up multiple vendors including default selections for individual products. With new suppliers, you can create temporary vendors for RFQ communications and add additional vendor contacts as you move through the RFQ.

Products

A wide range of product information is automatically available for RFQs including vendor part numbers and prices. You can add additional information or instructions for vendors as attachments emailed with your requests. Project groups or multiple projects can be allocated to separate product lines.

Responses

Specific products within the RFQ may be limited to specific vendors giving you the flexibility to tailor each RFQ document you send. Vendor responses are held against the RFQ history providing a full audit trail for each RFQ including any attachments received back from the vendor.

Vendor Selection

Aggregated responses can easily be compared allowing you to choose the best supplier for each product line to optimise cost and delivery. Once a vendor is selected buyers can automatically create a new Purchase Order, or update the original Sales Quote, Sales Order or Requisition. Specific workflows ensure that all necessary approvals are gained before an order can be placed.

Why automating RFQs makes sense

Call to Action

For more information on how to get started with RFQs on your FMIS solution, please contact us via email at support@fmis.co.uk or call us on +44 (0) 1227 773003.