In continuation the process of Converting a Quote into a PO or an RC, there are some other features that the customers can use in the process of picking the best quote. In an RFQ view page, go to the quote summary tab and you will see the list of received quotes against the line items.
While rolling out an RFQ, there is always a case where the customer needs to negotiate with the supplier to bring the price down within their budget. To do so, there are two ways the customer can achieve this:
- Sending Feedback
- Send Negotiation
Before, doing any of the two tasks, there are some features in the Quote summary page that needs to be understood. At the start of the 'QUOTE COMPARISION' section, towards the right you can see some options which as explained below.
Normalized Pricing
This is a toggle button and by switching this 'on' you will see that all the prices mentioned will turn into the exact numbers instead of rounding it off.
Feedback Settings
You can define the pricing stages where a quote will be marked as high, slightly high, very high, etc. by defining the feedback settings.
As shown in the image above, you can define by percentages if the price is high, slightly high, or very high, click on apply. Later, whatever quote you received if the price falls under these three categories, they will be highlighted in their respective color which is shown in the legend to the top right.
Scenarios
There are three scenarios you can filter the quotes by clicking on the drop down beside the normalized pricing button.
- Best Quote: Selecting this will show the best quotes among all the suppliers
- Best Supplier: This will display quotes from suppliers having the best feedback
- Incumbent Supplier: This will display the quotes from suppliers who have done any recent business with
Transaction Currency
Quite often, there are cases where the company runs on a single currency (Ex Rupees)but their suppliers may operate in different currency. While submitting a quote, the vendor might submit in their desired currency such as dollars. For customer, it might be difficult to compare quotes with different currencies. There are two options that you can select:
- Transaction Currency: Displays the currency that the quote was submitted in originally
- Base Currency: All the quotes will be converted into the base currency that the customer operates in by default
Baseline/Target Price
This is a toggle button that is used to hard-negotiate with the supplier to procure at the desired price. Toggling this will enable the field and you can enter the desired price and negotiate with the supplier.
Negotiating with the Supplier against the Quotes
As mentioned in the above, there are two ways the negotiation with suppliers can be done:
- Feedback: As defined in the feedback settings, the prices will fall under the high, very high, or slightly high level and beside each supplier avatar there are two buttons click on the send feedback to supplier.
- Send negotiation for Supplier: As mentioned earlier, if you toggle the target price and enter the value, you can click on the send negotiation button
With respect to Price, doing any of the two actions will notify the supplier via email and in-app prompting them to submit a new quote or stick with the existing one.