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Run an RFQ and Award the Winner

A request for quotation (RFQ) is how you shop a requirement around before you buy. You send the same list of items to several suppliers, each one sends back a priced quotation (their offer — a unit price per item, a lead time, and how long the price is valid), you compare the offers side by side, and you award the one you want. Awarding raises a purchase order (PO) — the formal order to that supplier. Like the requisition before it, an RFQ and a PO move no money; the ledger waits for the goods to arrive.

Who / when: the procurement officer runs an RFQ whenever a purchase is worth competing — a sizeable order, a new supplier, or anything where price matters. A procurement manager (the role that holds the award permission) makes the award decision. We will follow Ngozi the procurement officer, who sources the requirement and captures the quotes.

  1. Procurement officer — open Procurement → RFQs and press “New RFQ”. This is the list of enquiries you have out to suppliers, with how many quotes each has back.
  2. Procurement officer — give the RFQ a Title (what you are sourcing), pick the Currency the quotes should be in, and optionally a Response By date.
  3. Procurement officer — under Items to Source, press “Add Item” for each item and set the Qty (no prices — those come from the suppliers). Under Invite Suppliers, pick a supplier and press “Add”; repeat for each one you want to compete. Press “Send RFQ” — the enquiry goes out to the invited suppliers and opens on its compare view.
  4. Procurement officer — as each supplier responds, find their row under Quotations and press “Enter Quote”. Record their Lead Time (days to deliver), the Valid Until date, their own Supplier Quote Ref, and a Unit Price for every line. Press “Submit Quotation”. Repeat for each supplier who replies.
  5. Procurement officer — read the Item Comparison grid. Each row is an item; each column is a supplier; each cell is their unit price. For every item, Veona highlights the cheapest price in green, so the best offer per line is obvious at a glance even when one supplier is not best on everything.
  6. Procurement manager — decide the winner. On the chosen supplier’s quotation row press “Award”, set the Payment Terms and confirm the Currency, then press “Award & Raise PO”. Veona raises a purchase order against that supplier for the quoted items and prices, and the RFQ is marked Awarded with the PO number recorded on it.

What happens next

Section titled “What happens next”

The award has produced a purchase order — exactly the same kind of PO you would get by converting a requisition directly. That PO lives in the Stock module, where it is received against. The next event that touches money is the goods receipt; until the goods arrive, the PO is just a commitment on the supplier. Continue with Receive the Goods Against the Order.

Follow the trail

Section titled “Follow the trail”