Both Buyers and Suppliers have spent too much time in RFQ processes. Communication gaps have led to inefficient processes and ineffective quotes. In an attempt to lessen this gap, there’s often some back-and-forth between the two parties to really figure out what the other party wants.However, time does not permit such an exchange. Buyers sometimes rush through the information gathering part of the RFQ process so that they have extra time to analyze and review proposals. Suppliers want to limit the time they spend on a proposal in order to reduce their response expense.
The problem with this approach is that if the same information isn’t gathered from each Supplier, it becomes very difficult for the Buyer to do an apples-to-apples comparison of the Suppliers’ proposals. This can lead to the Buyer taking too long to determine the right Supplier or worse, selecting the wrong Supplier. One way to solve this problem is through Commodity-specific RFQ templates. With QLM Sourcing software, Buyers have the ability to create RFQs that identify the requirements that are specific to a product type.
RFQ templates to save Buyers and Suppliers time
Using the capabilities of Adobe® forms, Buyers can create unique RFQ templates for different commodities. This saves the Buyer time because they can easily capture the key criteria required to make an award decision. Whether it’s plastics, castings, stampings, tooling or assemblies, custom RFQ templates allow buyers to reduce the time spent on supplier communications and clarifications. Buyers can now designate certain data elements as mandatory, so suppliers must provide the required response. Buyers can also determine the order in which they compare supplier response data during the evaluation process. This allows buyers to decide quickly on the best Supplier bid. Suppliers see great benefit in an RFQ that is tailored to the commodity or product type that they sell. It reduces their expense in responding. Suppliers can now see the key requirements of the customer in a clear fashion. Commodity based RFQs work. Get in touch with us for more information information.