Finance & Accounting

What Is RFQ Software?

RFQ or request for quote software is an online solution that allows businesses to manage and organize their RFQs. At SourceDay, our solution can offers robust RFQ collaboration. Here is what you should know about RFQ software:

What Is an RFQ? 

An RFQ means a request for a quote. Those who have been in the buyer/supplier industry may already understand the importance of RFQs. An RFQ can be a key factor in creating a budget and maintaining one. RFQs can make a difference in the success of your business. 

How Is RFQ Software Helpful? 

RFQ software can be helpful in many different ways. If you are considering it, here are some key components: 

Request Quotes Easily

With SourceDay’s solution, you can send new and existing RFQs to your suppliers easily and quickly. Once they have responded to your RFQ, you can view responses in the same place. Our collaborative solutions gives you the ability to see all responses and choose the best offer for your quote. Then you can respond to all your suppliers at once, letting them know you have made a decision. 

View RFQs More Simply

SourceDay gives a simple online dashboard view of all of your RFQs. You can filter them by whatever you are looking for, and you are able to see how many submissions have been made. Then you are able to compare each section of the RFQ. 

Compare and Contrast 

Choosing the right quote can be key to your business’s success.Easily compare and contrast different RFQs with SourceDay. Our solutions assists you in viewing all RFQs so you are able to choose the best one. 

These are just a few different ways that RFQ software can be helpful. At SourceDay, we want our customers to understand how our RFQ collaboration software can change their day-to-day tasks. 

Day-to-Day Assistance 

Through SourceDay, our customers can receive day-to-day benefits with our RFQ software. Here are some ways that our software may be helpful in streamlining your operations: 

Saving Time

When you choose our solution for your RFQs, you are choosing to save time. By being able to see all of your RFQs in one place, you can minimize your searching time. With the view to compare your RFQs from all of your suppliers in one place, it can be more simple to choose. By choosing our RFQ software, you can save time to spend in other places that may need it. 

Saving Money

RFQ collaboration software can assist in saving money in the long run. It does this by allowing you to see all of your RFQs in a timely manner and all at once. By sending all of your RFQs to your suppliers at once, you make little room for error. It also allows you to see which suppliers are giving you the best price. This can assist in saving money by choosing the best supplier. 

Choosing the Right Supplier 

RFQ software can give you all the information for a supplier in one place. You can choose the right supplier by price as well as by their supplier scorecard rating. This grade may be helpful when choosing suppliers for your particular order. Most scorecards include scores on response time, delivery time, and price variance You may want to use this score as well as the best price to streamline your purchasing process. 

Splitting Bids Made Easier

At SourceDay, our solution makes it easier to split bids by line. This means that you can choose the best bid for each line of your order. RFQ software can be used to split a bid between several suppliers to make sure that you are getting the best price. This saves you the time and effort it may take to split bids manually. By splitting a big by the best price or supplier, you can save money, too. 

Managing More Organized

SourceDay creates more organized RFQ management. When you have everything in one place, evaluating quotes can be a more efficient process. An organized RFQ system can allow for a more streamlined day-to-day process. You can find RFQs, suppliers, and more all in one location. 

SourceDay for Streamlined RFQ Processes

RFQs are a key component of your business operations. At SourceDay, we want to enhance these operations with our RFQ collaboration solution. Our solution is free for suppliers to use, which allows you to have a variety of suppliers to choose from. We simplify your day-to-day operations while enhancing them at the same time. Learn more about how our RFQ software can be helpful to your business today.