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RFQ Mechanism in Merciglobal Cloud ERP

Introduction

The Request for Quotation (RFQ) process is a critical component of procurement management in Merciglobal Cloud ERP. It facilitates streamlined communication between businesses and their suppliers, ensuring efficient and transparent procurement operations.

Key Features

  • Automated RFQ Generation: Initiate RFQs directly from purchase requisitions or inventory thresholds.
  • Vendor Management: Maintain a centralized database of vendors with performance metrics.
  • Quotation Comparison: Analyze and compare received quotations based on price, delivery time, and vendor ratings.
  • Approval Workflows: Implement multi-level approval processes for RFQs to ensure compliance and control.
  • Integration with Purchase Orders: Convert approved quotations into purchase orders seamlessly.

RFQ Workflow

  1. Initiation: A department raises a purchase requisition based on requirements.
  2. RFQ Creation: The procurement team generates an RFQ, selecting relevant vendors from the database.
  3. Vendor Response: Vendors submit their quotations through the vendor portal or via email.
  4. Evaluation: Quotations are evaluated based on predefined criteria.
  5. Approval: Selected quotations undergo an approval process as per organizational policies.
  6. Purchase Order Generation: Approved quotations are converted into purchase orders for procurement.

Benefits

  • Efficiency: Reduces manual efforts and accelerates the procurement cycle.
  • Transparency: Ensures clear communication and documentation with vendors.
  • Cost Savings: Enables competitive pricing through multiple vendor quotations.
  • Compliance: Adheres to organizational procurement policies and audit requirements.

Integration with Other Modules

  • Inventory Management: Triggers RFQs based on stock levels and reorder points.
  • Finance & Accounting: Links procurement costs directly to financial records.
  • Vendor Management: Updates vendor performance data based on RFQ outcomes.

For more detailed information, refer to the Merciglobal Cloud ERP Documentation.