NetSuite is a popular cloud-based enterprise resource planning (ERP) software that helps businesses manage their financials, operations, and customer relationship management (CRM). One of the features of NetSuite is its Request for Quote (RFQ) functionality, which allows businesses to manage the process of requesting and receiving quotes from vendors. In this guide, we will discuss everything you technically need to know before request for quote NetSuite
What is Request for Quote NetSuite?
In NetSuite, a Request for Quote (RFQ) is a feature that allows businesses to solicit quotes from vendors for goods or services. RFQs can be created and sent to specific vendors, and vendors can then submit their quotes. The RFQ process can be managed within the NetSuite platform, including tracking the status of quotes, comparing quotes from multiple vendors, and selecting a vendor to fulfill the request.
The RFQ feature can be used by businesses to streamline their procurement process and ensure they are getting the best prices for goods and services. Additionally, NetSuite RFQ process can be integrated with other features like purchase orders, bills and inventory management to create an end-to-end procurement process.
What is a Request for Quote (RFQ)?
A Request for Quote (RFQ) is a document that a buyer sends to a supplier, asking for a quote for a specific product or service. The RFQ typically includes detailed information about the product or service that the buyer is interested in, as well as any other requirements that the buyer may have. The supplier then responds with a quote that includes the price and delivery schedule for the product or service.
The RFQ process can be time-consuming and complex for businesses, especially for those that deal with multiple suppliers and large quantities of products or services. NetSuite’s RFQ functionality streamlines this process by automating many of the tasks involved, such as creating RFQs, tracking responses, and comparing quotes.
How to Request For Quote NetSuite?
Requesting a quote in NetSuite is a simple process that can be completed in a few steps. Here is an overview of the process:
- Create a purchase order: To request a quote in NetSuite, you will first need to create a purchase order for the product or service that you are interested in. This can be done by navigating to the “Purchases” menu and selecting “Create Purchase Order.”
- Add items to the purchase order: Once the purchase order is created, you can add the items that you are requesting a quote for. This can be done by entering the item name, quantity, and any other relevant information.
- Send the RFQ to suppliers: After the purchase order is created, you can send the Request for Quote (RFQ) to suppliers by clicking on the “Send RFQ” button. This will generate an email to the selected suppliers with the RFQ attached.
- Track responses: Once the RFQ is sent, you can track the responses from suppliers by navigating to the “RFQ Responses” tab in the purchase order. This will show you the status of the quotes, such as whether they have been received, approved, or rejected.
- Compare quotes: Once you have received quotes from multiple suppliers, you can compare them by reviewing the “RFQ Responses” tab. This will allow you to compare the prices, delivery schedules, and other information from each supplier.
- Select the best quote: After comparing the quotes, you can select the best option by clicking on the “Select Quote” button next to the preferred supplier’s response. This will convert the RFQ response into a purchase order.
It’s important to note that the RFQ functionality in NetSuite is a paid add-on and it may not be included in your subscription plan. Additionally, it may require some setup and configuration from your NetSuite administrator.
How RFQ works in NetSuite
NetSuite’s RFQ functionality allows businesses to create RFQs directly from their purchase orders. This eliminates the need to manually enter the same information multiple times, and ensures that the RFQs are accurate and up-to-date.
When a supplier receives an RFQ, they can respond with a quote directly in NetSuite. This allows businesses to easily compare quotes from multiple suppliers, and select the best option based on price, delivery schedule, and other factors.
NetSuite also includes features that allow businesses to track the status of RFQs and quotes, such as the ability to set reminders for when quotes are due, and the ability to view the history of RFQs and quotes.
Benefits of using RFQ in NetSuite
- Streamlined process: NetSuite’s RFQ functionality automates many of the tasks involved in the RFQ process, such as creating RFQs, tracking responses, and comparing quotes. This allows businesses to save time and reduce errors.
- Improved communication: NetSuite’s RFQ functionality allows businesses to communicate directly with suppliers through the RFQ process, which can help to improve the accuracy and timeliness of quotes.
- Better decision-making: NetSuite’s RFQ functionality allows businesses to easily compare quotes from multiple suppliers, which can help to ensure that they select the best option based on price, delivery schedule, and other factors.
- Increased visibility: NetSuite’s RFQ functionality provides businesses with a clear view of the RFQ process, including the status of RFQs and quotes, and the history of RFQs and quotes.
- Cost savings: By automating the RFQ process, businesses can reduce the costs associated with manually creating RFQs, tracking responses, and comparing quotes.
The Bottom Line
NetSuite’s Request for Quote (RFQ) functionality is a powerful tool that can help businesses to streamline their RFQ process, improve communication with suppliers, and make better purchasing decisions. The ability to create RFQs directly from purchase orders, track responses, and compare quotes from multiple suppliers can help businesses to save time and reduce errors, and allow for better cost savings. With the ability to set reminders for quotes due, and view the history of RFQs and quotes, NetSuite’s RFQ functionality can provide businesses with greater visibility of their purchasing process.